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Why do I need to do a biometric ID check?
Why do I need to do a biometric ID check?

We sometimes require a biometric identification check for security or compliance purposes

Support avatar
Written by Support
Updated over a week ago

There are two main reasons we might ask you to complete a biometric ID check:

  1. To verify you are who you say you are before you deposit money with us - part of our Customer Due Diligence process.

  2. To ensure we are dealing with the real you before taking action on, or discussing your account.

Pre-deposit checks

Before you can put money in your Hatch account and get investing, we need to complete a couple of checks to make sure;

  • The details you’ve provided us match up with government records.

  • That you are who you say you are.

Some industry lingo for these processes is “Know Your Customer” (KYC) or “Customer Due Diligence” (CDD).

We collect the details of your ID (passport or Driver Licence) when you verify your account. We then need to confirm that you ‘own’ that ID - e.g. that someone’s not trying to pretend to be you. To do this we usually ask you to make your first deposit from a bank account in your name, this allows us to match the bank account name to the details you’ve given us.

However in some cases this isn’t possible and we’ll ask for a biometric check instead. This includes scenarios such as:

  • If you use BNZ for your first deposit: BNZ allows some customers to change the name on their bank account, as such our regulator has stipulated we cannot use BNZ account names for verification purposes.

  • Name mismatch: If your bank account details show a name which doesn’t sufficiently match the name on your ID.

What is a biometric check?

We use a partner service (Cloudcheck) to capture images of you and your ID. These images are then compared to make sure you’re the person on the ID. Finally, we check that the details on your ID match what you provided to us earlier. It sounds like a lot, but it only takes a minute or two for you!

What if I’m having problems with the biometric check?

If you’re having issues with the biometric check you can try:

  • Opening Hatch on your phone and doing the check there - phone cameras often work better!

  • Try using a different photo ID (e.g. if your Driver Licence doesn’t work try your NZ Passport if you have one).

  • Putting your ID document on a flat, stable, surface when taking the picture - make sure it’s not blurry or obscured by any fingers.

  • Taking the selfie and ID pictures in a well-lit place with a plain background.

If you’ve tried everything above and you still can’t get through the process please contact our team and we’ll help get you sorted!

I’m already investing, why do I need to do a biometric now?

Hatch uses the name on the bank account your first deposit comes from to confirm you are who you say you are. An update to regulatory guidelines removed BNZ from the list of banks that we could use for this purpose.

As you made your first deposit from a BNZ account we need to use a biometric ID check to confirm your identity and fulfil our regulatory obligations.

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