Video verification helps organizations streamline the process of customer Identity validation accurately while ensuring compliance with KYC standards.
Fraud Detection is now a must for companies as the number of fraud cases has increased significantly after the advancement in technology worldwide. Fraudsters are now manipulating systems through different techniques as they are also getting access to modern technologies. Digitization has proven to be very beneficial for businesses, but there are still some loopholes that involve outdated security devices and poor customer support.
Companies must not neglect the increase in fraud to maintain or increase their reputation in the industry. These video checks are essential and can efficiently discourage fraudulent activities which will obviously improve the business workflow. Implementation of KYC video verification allows corporations to provide overall better customer support or experience.
3D Face Liveness Detection
It is a risk-free method to streamline the customer registration procedure. 3D detection is used to discourage fraudsters from breaching corporations’ data servers. This advanced technology is rapidly spreading worldwide, especially in smartphones.
Many people are aware of this advancement and use 3D facial liveness detection to unlock their devices such as iPhones. Face liveness detection uses dot projectors to verify users’ faces. With the help of AI, businesses can meet AML/KYC guidelines and can avoid hefty financial fines. Fingerprinting, eye detection, and facial recognition gaining more popularity than ever before. These detection methods allow enhanced and reliable security and raise credibility in the industry.
Working of KYC Video Solution
Modern technologies like KYC video has raised the security level in the authentication of customers’ identities. It works in a sequence starting from
- The process of registration after which a KYC expert and a customer get in touch for an interview
- The customer is then asked a few questions to detect and verify his liveness and monitor if there is any fraudulent or suspicious activity
- After these procedures, the customer is asked to provide his government-based Identity (ID)
- When the procedures are finalized, the customer receives his final results
Artificial intelligence integration is mandatory to ensure high accuracy and reduce the chance of human errors to zero percent. These procedures are also cost and time-saving as everything is done remotely.
Traditional vs KYC Video authentication
KYC checks are superior in almost every way as compared to the traditional KYC, for instance,
- Video KYC checks can perform real-time authentication
- The submission of documents is made through the online method
- The inclusion of ML and artificial intelligence means zero human error
- Documented verification evidence
- Zero chance of having an error in the legitimacy
Perks of having KYC Video Identification
Fraudsters are not yet skilled enough to copy bodily features and are not having the equipment or technology. Due to these limitations, online video verification services are still safe and can properly scan the facial features of a customer. These KYC solutions have proven to be beneficial for businesses in many ways, let’s discuss some of them.
Better Time Management
Video authentication allows the customer and the agent to get in touch in real-time and remove the drop-offs of customers. In contrast to this, a traditional know-your-customer request takes several days.
Improved B2B relationship
The integration of AI and machine learning-based online video verification systems improves the connection between industries. These modern and up-to-date technologies help in increasing corporations’ credibility in the market as it communicates progress.
Video-based identity verification solutions improve data security, discourage fraudsters, and help organizations to gain their customer’s trust.
Prevents Money Laundering
Fraudsters are always finding a way to exploit or breach systems with weak security mechanisms in order to achieve their evil goals. Organizations running on traditional security procedures give fraudsters easy access to hide their source of income or money. But, with the help of KYC video identification companies can easily monitor and prevent terrorist financing and money laundering.
Customer’s Location Verification
The video KYC checks help companies to know the location of their customer or use via IP addresses ensuring high-level security measurements for industries.
Smartphones are the most used electronic devices nowadays. For the protection of users’ data and information, fingerprinting and facial authentication have been integrated into these devices. So, organizations must choose a modern and advanced customer identity verification system that will help them prevent fraud attempts and protect them from suspicious activities.
As mentioned before, video checks integration streamlines the process of customer onboarding and attracts genuine customers to the organization. Modern techniques use the capabilities of 3D face liveness detection anti-spoofing to prevent cyberattacks. So, the application of KYC video verification is a practical approach for modern companies to have enhanced and effective fraud prevention.
With the use of KYC authentication, financial organizations can significantly reduce the number of customer complaints and provide security to their onboarding process. As a result, it will improve their customers’ experience.