Customer verification plays video KYC services an important role in creating a streamlined business procedure. Specific security precautions and several checks are necessary to verify whether the customer or individual is authentic or not. Customer identification can be done using any government-issued identity document such as an Identity (ID) card, driving license, or passport. It is a risk-free method, used by organizations in order to validate incoming customers.
The number of ID theft has increased quite a bit. So, companies have integrated enhanced verification techniques to discourage and prevent them and are making efforts in order to counter these problems efficiently. It will allow them to make the experience of their customers better. Organizations must utilize liveness detection to authenticate their customers using Video KYC Services.
Video Identity Verification
With an evolving regulatory landscape, it is very hard for companies to stay put with Know Your Customer (KYC) regulations. Financial institutions also need to upgrade their working while making online transactions and digital onboarding common for customers.
Therefore, video identification solution providers are upgrading and stabilizing the financial institutions’ systems. The integration of Machine Learning (ML) and Artificial Intelligence (AI) based identity verification tools will allow financial organizations to reduce customer hassle and can also help to enhance security.
Video KYC services have revolutionized the financial institution as now they can deal with present criminal threats, and suspicious activities, and combat fraud risks more efficiently without having any chance of error. Following are some criminal attempts that can be countere by financial institutions using video KYC services.
1. Deepfakes Attack
2. Synthetic Identity Fraud
3. Spoofing Attacks
What is Video KYC Verification?
Video KYC verification involves real-time verification, in which the customers’ identity is established by a verification specialist. This validation process is done on the basis of documents through which customers identify themselves. It helps organizations to make their security better and allows them to know their potential customers.
Video KYC services also help organizations to work without worrying about fraudsters and will provide a positive customer experience.
The Working of Video KYC Services
The purpose of KYC verification is to validate the customers as per their provided videos and compare their faces with the pictures present on documents. Liveness detection will reduce the chances of mistakes that can occur in other authentication measures.
While undergoingKYC videos callverification, customers must take care of a few technical requirements such as the right lighting and a good internet connection in order to reduce the possibility of poor-quality images or blurriness.
Qualify professionals are require for the verification procedure. It is very harmful to organizations if verification techniques are not working properly and are unable to detect suspicious activities. It can also lead to bankruptcy. Therefore, a video identification solution is a sophisticated technology used to discourage fraudsters and their evil tactics.
Thus, selfie-based authentication solutions are helpful as they provide foolproof security and prevent fraud without any human error.
Video KYC Services in Real Estate
In order to prevent fraud efficiently, several real estate companies have started to improve their AML/KYC regulations as money laundering and other evil activities are very common in it. It will also help them to stop cyberattacks.
There are security services that notify the organization in case of a suspicious activity or any unusual transaction. Companies must maintain their transactional record to reduce the risk of money laundering. So, companies must implement video KYC verification to simplify the process for them.
Steps of Video KYC Procedure
Video KYC services help financial institutions to validate customers’ identities efficiently. It reduces the pressure on employees and eliminates manual verification methods. Following are the steps of the video KYC procedure.
1.Registration
2. Liveness Detection
3. Document Verification
4. Facial recognition
Benefits of Video KYC Services
End-to-end video ID verification is an important and practical method for both customers and organizations. The verification of customers done remotely. Customers guide step-by-step by video specialists after that you link to live interaction and the authentication of customers is done using liveness detection.
Conclusion
For financial institutions, video verification services are the ideal customer verification solutions. The implementation of these solutions is a must to discourage fraudsters and prevent data breaches. Using liveness detection, biometrics, and automated authentication the process gets more precise.
Video KYC services are becoming an efficient and security-driven way to perform identity verification checks. Customers’ verification are done on a live call via video KYC services. Hence, financial institutions can ensure more speed, stability, convenience, and accuracy.
