Onboarding genuine clients have been and will continue to be crucial for starting a small or big business. Due to the rapid growth of technology, customers now expect businesses to provide them with online services that do not compromise their experience. Any purchase or process that takes a little too long sets them off and causes them to choose the rival company.
What exactly is a video for verification? All kinds of businesses can test and determine the legitimacy of their clients using video KYC of your client without upsetting them by consuming too much time.
What is Video KYC Verification?
A verification specialist interviews the other party as part of the procedure. And the person is require to show identification documents, including a driver’s license, passport, or national ID card with a photo. As well as proof of address and other relevant items. The end-user is examine by the video KYC specialist along with the provided documents.
Process of Video KYC
This is typically the final stage of the verification process; after verifying the user’s basic identification documents and evidence of address, the agent organizes a video KYC of your client for final, complete verification and double-checks the data the user initially gave, such as embassy and visa applications.
The user must carry out a number of basic steps:
- The person fills out the required info, including name, age, birthdate, full address, and pertinent data, to register themselves on a certain site.
- In this setting during a video call conversation, the agent confirms the user’s authenticity by looking at certain facial characteristics and other details. This stage often verifies the user’s country of origin by observing appearance and accent.
- The accessible information on identity documents is digitally capture by the OCR. In this video identification for ID, and it is then compared to regional as well as national records. Validating the provided information in just a few seconds.
- The platform’s back office generates and stores the validation results.
Models of Video Verification
Video KYC of your client offers the following options:
- Local KYC Expert: To help clients feel at ease during the video KYC, companies can hire a variety of KYC experts from various nationalities and geographic areas by focusing on their target audience and already-associated profiles.
- KYC Expert in the Organisation: For a faster and more economical method, the business or institutions can also hire suitable individuals from among them for authentication purposes. This facilitates building the operations for Customer Due Diligence (CDD).
- Self-acting Video Verification: The online video identity verification procedure is more precise and reliable. An automated artificial intelligence-based authentication procedure can develop by the company. Whereby a person’s identification is confirm via chat with the aid of the AI model. Implemented in the solution, and their documents and records are swiftly authorize.
Video KYC of Your Client in AML screening
A case involving certain well-known worldwide banks including Standard Chartered was publicly disclose in 2020. It involved allegations that these institutions sanctioned terrorists and criminal organizations. For an extremely long period with a staggering sum of approximately $2 trillion. All of this damage their confidence and reputation in the financial industry. Which is a tragedy for every organization out there that can simply avoid by video remote verification.
Synthetic ID Frauds
A maximum of 1.8 billion dollars was lost to identity fraud in the United States in 2020. And if it continues at the same rate, the value is expect to approximately $2.42 billion after 3 years. Because of a lack of effective end-to-end video identity verification. With the development of the internet and sophisticating technology. Skill fraudsters and cybercriminals have been given a certain amount of simplicity as they are now making some pretty significant numbers.
Deep Fake Technology
Nowadays, fraudsters and hackers frequently exploit this technology to gain access to a computer or database. It was first made popular by the entertainment sector, as production companies employed it to imitate real people on screen. By tricking the security mechanisms, it now has the ability to steal vital information from secure databases. It gives con artists the ability to produce convincingly realistic-looking phony videos. The combination of AI and human validation in video security identity close all gaps since both make up for one other’s limitations and guarantee a quick and flawless end-user experience.
Since internet scammers and crooks are becoming more well-equipped and skilled in their work, practically every sector is in dire need of effective video KYC for your client. Without a video verification system, businesses cannot enhance client onboarding, adhere to KYC/AML regulations, eliminate risk, or leave their customers unhappy. It promotes corporate growth and serves as a safeguard for them.