Any business can incorporate KYC solutions into their procedures if they wish to successfully onboard their customers. The effectiveness of the solution is a result of its gradual evolution in response to changing consumer demands. Did you know that video identification is the newest method for effectively completing KYC formalities?
Many developments in the business world changed in 2022, including the digitization of daily tasks. Companies effectively moved from a physical working culture to online workspaces within the global backdrop of the COVID-19 epidemic. The banking industry and other financial organizations are benefiting themselves with video verification for onboarding customers.
What is KYC Video Verification?
A KYC process specialist facilitates a video call for video verification, a digital method of in-person customer authentication. The user must present ID documents throughout the digital call process as proof of identity.
Finding a balance between official security protocols and upholding a positive customer experience are industries’ biggest challenges as digitization continues. The key question is what strategies work best for implementing KYC/AML regulations while also providing a satisfying user experience. The real-time KYC video identification process with the customers turns out to be the answer. By offering an onboarding experience and updating regulations over time, the solution helps in compliance.
The Difference Between KYC Video Verification and Conventional KYC Process:
Any time there is significant doubt about the risk associated with a client’s profile, KYC verification is used to verify the client’s identity. Banking, financial, and finance-related businesses must comply with KYC and AML rules and regulations to comply with set standards. In a more traditional sense, organizations have manual methods available for confirming the identity of customers during the onboarding process. It takes a long time to complete the verification process manually.
The e-KYC video verification is the online equivalent of the standard KYC process with increased security, speed, and cost savings. The video version requires less paperwork and streamlines the entire procedure with real-time results. Customers can complete their submission process in this way without having to be physically present. Due to the availability of digital services, the procedure has become stress-free and time-efficient.
Why is There a Need to Implement KYC Video Verification?
The corporate world’s verification process has changed as a result of the KYC video verification trend that is currently prevalent. The authentication procedure is now more time and money-efficient, secure, and reliable than before. Security threats are widely acknowledged to be the main problem with most digital businesses. Liveness detection is necessary for KYC video verification, which effectively lowers the likelihood of fraud. In order to protect minors from fraudulent attempts, KYC video verification functions in a number of ways.
Spoof Attacks:
Due to the development of new technologies, fraudsters can now use intricate and cunning deception techniques. They do this to carry out their evil schemes, such as spoof attacks. By creating fraudulent identities and documents, they may mislead authentication systems and get around them by employing AI and other cutting-edge technology. Such spoof attacks are challenging to identify, making it difficult to trust the system while making crucial judgments. Utilizing the liveness detection process, the KYC video verification procedure uses human and AI resources to counter spoof attacks.
Forged or Tempered Identity Theft:
As a result of the fact that thieves combine fake information with real data, it is one of the hardest types of theft to identify. For instance, utilizing a fake Social Security Number (SSN) with a fake photo ID. KYC video verification is the answer, even though it can be difficult to pinpoint in the beginning. It might be able to stop these types of scam attempts.
The Use of Deep Fakes:
Deep fakes are frequently referred to as fabricated videos produced with the help of deep learning software. By obtaining unique access to the systems, they are able to trick any security measures. For instance, con artists can get around the certification process using this technology. It is because the videos mimic the original videos. So, in such cases, better KYC video verification solutions are required.
Any organization using the technology can make use of the many useful features that the video authentication process offers in accordance with their needs. Utilizing technology that allows for flexibility and satisfying business needs is preferable in this situation.
Wrapping it Up:
In the tech industry today, using KYC video verification for the authentication process is becoming the new norm. It streamlines and accelerates the customer onboarding procedure. Higher accuracy rates accompany higher productivity levels. It gives them peace of mind since there is no possibility of fraud occurring during the customer onboarding process. Additionally, businesses can choose from various KYC video verification procedure options based on their specific requirements.
