Why does Halocard require identity verification?

Identity verification is required to prevent fraud, money-laundering and comply with the FinCEN Customer Identification Program (CIP) Requirements for Banks regulation in the United States. These rules require financial institutions to collect and verify enough information to have a reasonable belief that each customer is who they claim to be before opening an account.

Why did we choose Sumsub for our identity checks?

We evaluated several verification providers before choosing Sumsub. The decision came down to three things:

• Transparent data handling - Of the providers we assessed, Sumsub had the most transparent data retention and deletion terms. Knowing exactly what happens to your information, how long it is held, and when it is removed mattered to us more than any other single factor. You can read their complete privacy policy here. Once your verification is complete, Halocard removes the personal information used for identity verification from our platform. For more details see: What happens to my personal data after verification?

• Reusable verification - Sumsub is one of the most widely used verification providers in the world. The benefit of this, is that if you have already completed an identity verification / KYC check with Sumsub via another service, your existing verification can often be re-used, which means you don't have to start from scratch.

• A standard and evolving approach - AI-assisted fraud detection, matching your selfie against your government ID, and a liveness check where you blink or smile appear in every provider's privacy policy in some form, because that is how modern identity verification works. There is simply no other way to confirm someone is who they say they are, or that the system is not being fed a static photo, mask, or deepfake, and these checks have to keep evolving as the techniques used to defeat them grow more sophisticated.

We know that verifying your identity means sharing sensitive information, and we do not take that lightly. Within the rules of operating on the Visa network and meeting fraud and anti-money-laundering obligations set by the US government, our goal is to give people the chance to participate in the simplest way possible and with the best privacy posture we can offer.

Updated on: 05/07/2026