Exam CAS-004 topic 1 question 95 discussion

The questions states for a new bank account, this means new customers that need to be verified.

In this scenario: Customers are providing various identity documents such as passports and driver's licenses, which serve as proof of their identity. The requirement for customers to take a current photo of themselves is likely used for facial recognition or biometric verification purposes. This step is to verify that the person presenting the identification documents matches the person depicted in the current photo. The overall process of collecting multiple identity documents and a current photo for verification aligns with the concept of identity proofing, which aims to ensure the legitimacy of a person's identity during account registration or access to sensitive services.

KYC and it's not even close

Both B and C are technically correct, but I would go with C, Identity Proofing, based on the fact that there is no mention of KYC in the All-in-One CASP+ Exam Guide I read (McGraw Hill publication, 2nd Ed., Lane/Conklin/White/Williams). "Identity Proofing verifies people's identities before an organization issues them accounts and credentials... this involves either submitting proofs in person or remotely... like a social security card, birth certificate, drivers license, passport, and proof of address."

[B] and [C] are similar; however, KYC deals directly with customer onboarding.

CompTIA CertMaster: Identity Proofing A concept related to authentication is identity proofing. In authentication, a user's identity is already in place; the authentication mechanism verifies the user's existing credentials. However, before this, the system first had to construct the user's identity and attach various characteristics and credentials to it. Identity proofing verifies that these characteristics and credentials are accurate and unique to the individual—in other words, that the user truly is who they claim to be.

CompTIA CertMaster: Identity Proofing A concept related to authentication is identity proofing. In authentication, a user's identity is already in place; the authentication mechanism verifies the user's existing credentials. However, before this, the system first had to construct the user's identity and attach various characteristics and credentials to it. Identity proofing verifies that these characteristics and credentials are accurate and unique to the individual—in other words, that the user truly is who they claim to be.

KYC is a more specific process used in industries, particularly financial institutions, to verify and understand the identities of their customers. The purpose of KYC is to prevent money laundering, fraud, and other illegal activities by ensuring that financial institutions have accurate information about their customers and their financial activities.

Source: Verifying each answer against Chat GPT, my experience, other test banks, a written book, and weighing in the discussion from all users to create a 100% accurate guide for myself before I take the exam. (It isn't easy because of the time needed, but it is doing my diligence)

Identify proofing, also called identity verification, is as simple as it sounds: verifying the user's identity as being legitimate. For example, let's say that a certification candidate is ready to take a proctored exam. Being proctored means that a trusted authority will oversee the exam and verify that each person coming in to take the exam is indeed the same registered person who paid for it and who will receive the credential upon passing. The authority will greet the candidate at the entrance and ask for an ID. The next step is identity proofing or verifying that the person is who they say they are.

C - Identify proofing, also called identity verification, is as simple as it sounds: verifying the user's identity as being legitimate. For example, let's say that a certification candidate is ready to take a proctored exam. Being proctored means that a trusted authority will oversee the exam and verify that each person coming in to take the exam is indeed the same registered person who paid for it and who will receive the credential upon passing. The authority will greet the candidate at the entrance and ask for an ID. The next step is identity proofing or verifying that the person is who they say they are.

The BEST description of the process of uploading customer documents, providing a photo of themselves, and verifying their identity against the uploaded documents is 'Know your customer' or KYC. KYC is a process designed to verify the identity of individuals and organizations, and to ensure that they are not involved in fraudulent or malicious activity. In this case, the bank is asking its customers to provide proof of identity documents as part of the registration process to create a bank account. By checking the documents provided against real-time photos, the bank can be sure that the person registering is the same person in the photo.

C is the better answer. Below is talking about getting certain information, not showing your identity. A major element of the onboarding process for banks is verifying the identity of customers using KYC (Know Your Customer) to gather information about the potential customer. This process usually takes place online; it is comprehensive and vital in banking compliance checks. Customers wanting to open a bank account are obliged to fulfill the KYC requirements in order to be accepted as a new banking customer.

Its ( B )

This is a tough one as both B and C are correct. I guess (C) is the name of the process for the purpose of KYC (B) when getting a new bank account. For "BEST describes this process", the answer should be C.

The correct answer is 'C'. ------------------------------------------ Identity proofing is the process of verifying a user's identity: confirming that they are who they say they are. This may sound like ordinary authentication, the kind based on a username/password combination, but identity proofing actually comes into play before users get their credentials to access an application or alongside the traditional authentication process. Identity proofing allows you to verify a user's identity based on life history (a credit report), biometrics (a facial scan), and other factors before granting them access to your system. Of course, you can manually verify your users' identities by requiring them to provide paper documentation (a copy of their passport) or performing an interactive check via online meeting tools like Zoom. As you might expect, these time-consuming manual processes don't scale effectively, and they inevitably detract from your user experience. ------------------------------------------ Source: https://auth0.com/blog/what-is-identity-proofing-and-why-does-it-matter/

Because this is a bank account, I believe this would be considered KYC: https://www.thalesgroup.com/en/markets/digital-identity-and-security/banking-payment/issuance/id-verification/know-your-customer