eRICA, or electronic RICA, is a paperless and contactless customer verification process, aimed at streamlining customer vetting and reducing a business’ risk of exposure to fraudulency through secure onboarding.
The customer or business captures their personal information including their name, address, and contact information. This will then be cross-referenced against data obtained from a range of reliable sources, including the Department of Home Affairs and various credit bureaus, while facial verification software is used for liveness detection.
This integrated approach quickly determines the authenticity of the documents and contact details logged by the individual or business, refining the verification process and offering real-time protection against fraud.