Verification: What it is & why you need to do it

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So you’ve registered with The Property Crowd. Great! You’re one step closer to enhancing your property portfolio. But … have you verified your account? No? Then you’re no better off than before you created your account.

Here’s why. Verification is a vital part of the registration process. With more and more businesses operating online, verification is becoming an increasingly important step when it comes to creating an online account. The reason? Businesses, especially those that deal with the transfer of money between parties, need to be able to trust that the people using their services are 100% legit.

Jim Janse, CEO of the Property Crowd, explaining why verification adds more security to investors.

If you haven’t verified your Property Crowd account yet, you can’t start buying PropertyShares. Not sure what it all means and why you need to do it? Read on!

Kicking Cybercrime to the Curb

Combating cybercrime is an important responsibility for every online company. Cybercriminals steal the online identities of other people and use them for bad. For example, they might mask their own identities and make it look like you’ve done something bad when actually it was them, or steal your identity in order to access your bank accounts then wipe them clean.

Know Your Customers

Thanks to account verification, cybercrime is not a common occurrence. ‘Knowing Your Customer’ or KYC is what businesses do in order to verify the identity of their clients, either before or during the time they start doing business with them. Part of this is asking potential customers for detailed information before they successfully sign up. It’s becoming more and more common for banks, credit companies and other financial institutions to require new customers to undergo stringent verification processes so they can make sure they’re not involved with corruption, bribery or money laundering.

This might all sound a bit confronting and perhaps frightening but in reality it’s all about ensuring the safety and security of customers and their money. KYC policies are always evolving in order to combat illegal transactions in the international finance field, which protects companies by making sure they continue to do business legally and their customers who might be targeted by financial crime.

Collecting Verification Data

Many online companies who require new customers to verify their accounts start the KYC process by asking for basic data, like full names, birth dates, IRD numbers and addresses. Before you can verify your account with The Property Crowd, we’ll ask you for your IRD number and either your New Zealand driver’s licence or New Zealand passport details. Once collected, this data is compared against a list of known individuals who are known for corruption, suspected of being involved with a crime or likely to get involved in bribery or money laundering. The company than figures out how much of a risk you might be. If there’s no risk, your account will be verified and approved.

Verifying Your Property Crowd Account

So what do you need to do to verify your account with The Property Crowd?

  • When you first create an account, you’ll enter an email address and set up a password. From there, a sequence of emails instructing you what to do next will be sent to your inbox. Follow the instructions and click on the links, and you’ll find it easy to verify your account.
  • You can also log into your Property Crowd account to complete the verification process. Simply log in and follow the instructions.
  • You will need to have your IRD number and either your New Zealand driver’s licence or New Zealand passport handy.
  • You must be a New Zealand citizen or New Zealand resident in order to qualify and invest with The Property Crowd.

In most cases, account verification is automatic so it’ll only take a few minutes. In some cases, though, you might have to manually verify your account. This could be because you’ve incorrectly entered your details. Manual verification usually takes one day to sort out and requires you to upload a copy of some photo ID and proof of address.

If you haven’t already verified your account with The Property Crowd but want to start investing in property from as little as $100, make sure you complete the verification process today. Contact us if you’re having problems.

Erin Reilly

Copywriter & Content Creator at Lingo
Copywriting, digital content & general word mastery

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