The Money Shop

About the Money Shop

The Money Shop is the UK's number one instant cash provider. In the last year it has helped its customers cash over one million cheques.

The nature of the business made The Money Shop a prime target for fraudsters and money launderers. Initially it used ID verification techniques that, although compliant and robust, took too long to be viable and threatened the business’ competitiveness. Time is of the essence to a business and the longer you keep a customer during the transaction process, the less likely they are to come back.

The Challenge

1. Traditionally, The Money Shop would check identification in store, using BT phone directories, third party calls (such as to a utility company), as well as checking photographic ID in store.
2. Its challenge was to remain compliant, while providing users with a fast, accurate and simple service. Some of The Money Shop’s customers are not UK residents and are therefore not present on the Electoral Roll, which made checking their identity even more challenging.
3. The Money Shop also required a verification process that could be fully integrated into its existing verification system and was simple enough for staff to use throughout all its 200 stores.
4. It was also important that the solution was scaleable, so that as the company expanded the ID checking solution could manage the increased number of customer checks.

Therefore, The Money Shop’s key challenges were to find an ID verification service that could:

• Reduce fraud
• Help the company remain compliant with Anti-Money Laundering (AML) legislation
• Be simple for staff to use
• The solution needed to be able to check IDs globally
• Scale and grow to meet demand as the business expands

The Solution

The Money Shop decided to complement its existing ID verification processes with 192 Prove-ID. By using this service, it was able to ensure that customers and the business were protected.

The main benefit to the business was the ability to conduct a more robust check than basic verification against the Electoral Roll.

192 Prove-ID allowed The Money Shop staff to find names and contact phone numbers instantly as well as cross check names, addresses, dates of birth and other personal information. This allowed them to verify customers who were not on the Electoral Roll and could not produce photographic identification.

Choosing a system that was highly scalable and simple for staff to use also proved invaluable as the business has nearly doubled in size over the last few years.

Conclusion

Andy Wilson, Operations manager at The Money Shop

To download The Money Shop Case Study, please click here.