A streamlined company process gets relief using online customer verification. It is vital to take specific security measures and do several checks to determine whether the customer or person is genuine. Any government-issued identity document, such as an ID card, driver’s licence, or passport, may be used for customer identification. Organisations use it as a risk-free approach to verify incoming clients.
The amount of ID thefts has significantly grown. Companies are working to combat these issues, using more robust verification mechanisms. When employing video KYC for customer authentication, businesses must use liveness detection.
Video Identity Verification – An Overview
It is challenging for companies to adhere to Know Your Customer (KYC) laws, given the constantly changing regulatory environment. Financial institutions must improve their operations while enabling customers to transact online and sign up for digital services.
To upgrade and stabilise the financial institutions’ systems, video KYC vendors are doing so. Financial institutions can lessen customer frustration and improve security by integrating identity verification systems based on machine learning and artificial intelligence.
Moreover, financial institutions can now deal with current criminal risks and suspicious activity and combat fraud risks more effectively and without any potential error, thanks to video KYC services. Here are various illicit tries that banking institutions can thwart by using video chat ID verification.
- Deepfakes Attack
- Synthetic Identity Fraud
- Spoofing Attacks
What is Video KYC Verification?
Real-time verification via video entails confirming the clients’ identities, which a verification specialist does. The cornerstone for this validation process is the documentation used by consumers to prove their identity. It enables businesses to identify their prospective clients and aids in improving security.
Additionally, video chat ID verification allows businesses to operate without being concerned about fraudsters and will enhance customer satisfaction.
How KYC Video Authentication Works?
The goal of KYC verification is to authenticate consumers based on the videos they have provided and to contrast their faces with the images on their documents. Moreover, liveness detection will lessen the possibility of errors in other authentication procedures.
They must take care of a few technological criteria, such as the proper lighting and a strong internet connection while going through the customer onboarding video process in order to minimise the likelihood of blurry or low-quality photographs.
The verification process requires qualified professionals. If verification methods are ineffective, it’s destructive to organisations. A video identification solution is an advanced technology to deter fraudsters.
Therefore, selfie-based authentication systems are helpful since they offer human error-free security and stop fraud.
Steps of KYC Video Procedure
Financial organisations can quickly verify customers’ identities with the aid of KYC video services. Moreover, it eliminates manual verification techniques and lessens the workload for personnel. The steps of the KYC video process are listed below.
- Registration
- Liveness Check
- Document Authentication
- Facial recognition
KYC Video Verification in Real Estate
Many real estate companies have started to improve their AML/KYC laws in order to combat fraud effectively because money laundering and other illegal actions are quite prevalent in the industry. Additionally, it will aid in preventing cyberattacks.
Security services are available to alert the company to any suspicious behavior or odd transaction. To limit the risk of money laundering, businesses must keep track of their transactional history. Therefore, businesses must use video checks to make the process simpler for them.
Benefits of KYC Customer Onboarding Video
A crucial and valuable tool for customers and enterprises alike. Customers can be independently verified online, following their connection to living interaction and the use of liveness detection for customer verification. Moreover, users are instructed step-by-step by video specialists. Following are some more perks of video checks.
- Fully KYC Compliant
- Enhanced Customer Experience
- Customer Base Scaling
- Accurate, Reliable, and Secure
- Bottom-line impact
- Better Turnaround Time (TAT)
- Time & Resources Savings
- Seamless Customer Onboarding
Conclusion
The best client verification options for financial companies are video KYC services. To deter scammers and stop data breaches, these measures must be put into practice. The method becomes more precise by utilising liveness detection, biometrics, and automated authentication.
These services are developing into a quick and secure method of doing identity verification checks. Video checks verify customers during a live call. Therefore, financial institutions can guarantee increased speed, stability, comfort, and accuracy.