With the growing number of online scams in Australia, PetsForHomes announced the launch of its biometric KYC verification last July to ensure buyer and breeder protection in the pet marketplace. PetsForHomes is a Sydney-based site where people can post pets for sale.
Because creating an account in an online pet community is often free and does not usually require user verification, it is easy for scammers to steal the identity of a reputable breeder and use the latter’s information to transact with potential buyers. What scammers usually do is ask for an online deposit and then abandon the fraudulent account once the deposit has been sent. They not only steal a buyer’s money but also tarnish the reputation of a legitimate seller.
To make transactions safer for both buyers and breeders, PetsForHomes recently implemented the biometric KYC verification technology into its process. Also called “Know Your Customer,” KYC verification authenticates the identity of a client through biometric checks such as facial recognitions, fingerprints, voice prints, and written signatures. In simple words, it ensures that the individual an organisation is transacting with is who they say they are.
While more commonly used by institutions in the financial sector, KYC verification has spread to other industries in order to verify a client as a real person before they are allowed full access to the products and services offered by a business or organisation. Many governments, including Australia, have required institutions to abide by the regulatory standards of their country. KYC verification is one of the preventive measures that is legally mandated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) today.
By making use of biometric KYC verification, PetsForHomes aims to gain the trust of animal lovers and let them know that the site does not tolerate unethical breeding practices. It hopes to increase buyer confidence so that every pet breeder can have a customer base large enough to expand their business. Finally, the site wants to be known as a trusted name in the pet marketplace.
PetsForHomes PR Manager Kate Teng said that the site’s goal from the very beginning was to increase transparency within the pet marketplace. This was why it put out breeder reviews earlier on to give accountability to sellers. With the recent implementation of KYC verification into its process, the site is taking another step toward the same goal with hopes of puppy farms and identity thieves being completely stamped out one day.
How the Verification Process Works
If you are looking to become a pet breeder or want to sell your pet on the PetsForHomes website, simply upload your identification for $29. The site’s KYC verification tool will then carefully authenticate your photo and details. Once your identity has been checked, the site will introduce you to users as an ethical pet breeder.
Authenticated breeders will receive a Breeder Verification Badge that they can display on each one of their advertisements. This special badge is what will let potential buyers know that the breeder’s identity has been authenticated.
