The most important step in creating a streamlined business
procedure is customer verification. Online platforms can only continue to
compete if they take specific security precautions. They deploy several checks
to verify that an individual is who they claim to be. Let's take the example of
validating clients based on their identity cards. Any government-issued
identity document, such as a passport, driver's license, or ID card, can be
used by businesses to identify specific persons. It is a reliable method that
many organizations use to validate any incoming user.
The companies adopted improved verification techniques in
response to the rising ID document fraud. Businesses can use a video KYC solution to authenticate their consumers using liveness detection.
Video KYC Verification
Consider the use of IDs as an example; it is undoubtedly one
of the most efficient methods for consumer authentication. When someone
presents their ID, the system confirms their identification. Fraudsters steal
records and subsequently use them and take ownership of them.
The aforementioned circumstance necessitates organizations
to implement a strategy that prevents cybercriminals from making fools of them.
One of these techniques is a video KYC solution. It recognizes clients in a
manner that eliminates the possibility of fraud.
Video KYC vendors verify a customer's request to use a
company's services. Identifying clients online and verifying customer onboarding
videos can be a great method to be sure that only real people use the company™s
services.
How Does Video KYC Solution Work?
KYC verification means verifying clients depending on their provided videos and comparing their faces with the picture on the document. The possibility of mistakes occurring in any other authentication measures will be decreased by liveness detection. In addition to the live video chat, ID documents can add extra protection to the verification processes.
While undergoing video verification, users must handle a few
technical requirements. When undergoing KYC through video call authentication,
it is crucial to consider the right lighting, a functioning internet
connection, and other variables to minimize the possibility of blurriness.
The procedure of verification also requires the use of
qualified professionals. Video KYC verification is a sophisticated technology to
deter the cunning and advanced tactics used by scammers.
Any alternative verification technique is not good if it is
not deterring fraudulent activities in real-time. Thus, selfie-based
verification solutions came to the rescue. They provide additional security for
preventing scams in this age of digitization.
Online KYC Verification - Automating Businesses in the Digital Era
Video KYC solution is undoubtedly a digital procedure but is
not yet fully automated. Businesses choose digital verification methods to
expand their validation efforts and optimize workflow. However, the firm needs
a specialist to review a customer's documents manually. Companies are hesitant
to use this procedure because of this query. However, technological
advancements aim to automate digital identification via video chat fully.
Video KYC Solution in Real Estate
Several real estate portals are strengthening their AML/KYC
regulations to deter fraud efficiently. Money laundering and other crimes are
common in real estate. To stop cybercrimes, the industry is now working to make
its AML and KYC rule more stringent.
The company has security services that send out an alert
whenever it sees any unusual transaction. When organizations want to reduce
money laundering risks, they need to maintain their transactional record.
Therefore, maintaining strict regulations for onboarding is acceptable. Still,
organizations never want to subject their clients to demanding procedures that
aren't necessary, so a video KYC solution simplifies the process for firms.
Benefits of Video KYC Solution
End-to-end video identity authentication is a practical
method for both users and companies. Users can verify themselves while at home.
Customers receive step-by-step instructions from video specialists when linked
to live interactions. Liveness detection recognizes users by analyzing their
faces.
Final Thoughts
Businesses must now implement verification procedures that
have the power to deter fraudsters in an era where data breaches are growing at
an alarming rate. On a live call, clients are verified via a video KYC solution.
The process is more precise, and the person's authenticity is verified due to
the detection of liveness. The necessity to onboard clients through face
identification videos is crucial in sectors that are more susceptible to
increasing internet fraud.
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