What is Identity Verification?
Penny Pinch uses Identity Verification in order to comply with KYC (Know Your Customer) regulations. KYC is a way of identifying and confirming that a customer is who they say they are. It’s a multi-step process that helps to prevent the creation and use of fraudulent accounts.
What if I’m having trouble verifying my identity?
If you are having trouble verifying your account or have been declined, please contact via our 'Help' section to speak with a support representative.
Why am I being asked to go through Identity Verification?
As a regulated financial services company, Penny Pinch is required to identify the users on our platform. Per Penny Pinch, we require all customers to verify their identity to get access to our services.
How do I get started with Identity Verification?
To get started with verification, visit the 'Home' section in your app and tap on the 'Add Funds' icon. If you have not completed your KYC verification, you will be guided to with in-app tutorials.
What if I don’t complete Identity Verification?
If you don’t verify your identity, your account will be restricted. Penny Pinch will help you in any way that we can to ensure you can verify your identity.
What does Penny Pinch do with my information?
We collect the necessary information to allow our customers to use our products and services. This primarily includes data collection that is mandated by law—such as when we must comply with anti-money laundering laws, or to verify your identity and protect you from potential fraudulent activity. We may also collect your data to enable certain services, improve our products, and keep you notified of new developments (based on your preferences). We do not, and will not, sell your data to third parties without your consent.