Due to the rapid growth in digitization in the 21st century, the traditional lengthy procedures regarding identity verification are not in use. The COVID-19 pandemic provided a landscape to practice remote businesses. Many sectors moved toward the use of remote Know Your Customer (KYC) practices regarding identity verification to have authentic clients onboard. Criminals employ various sophisticated techniques to penetrate data and perform illegal activities.
The ratio of damage with cyber crimes has reached from 6.9 to 10.3 billion dollars from 2001-2022. Companies require reliable technology to overcome fraud attempts. The use of KYC video identification enables organizations to have their clients real-time face verification and overcome spoofing attacks and other criminal activities. This blog post will explore the role of the video KYC identification process to overcome every possible risk and financial loss with the help of a digital automated process.
What Is KYC Video Identification?
As per the requirement of digital onboarding and remote business processing companies conduct video interviews and meetings with their clients regarding various operations. Many criminals present fake entities for video interviews to access companies and execute their illegal plans. KYC video identification provides oversight over clients’ documents with real-time face verification to identify their legitimacy. It enables organizations to conduct an online identification process for all the provided information for successful business relationships. KYC video identification is a face-to-face identity-deriving method that is performed with the help of KYC agent assistance. On video calls, customers submit their documents and verify themselves through the live detection process employed in KYC techniques.
Why Do Businesses Use the KYC Video Identification Process?
Although remote onboarding can be done through KYC processing, video KYC Verification provides an additional security layer to verify clients during live face-to-face interaction The cybercrimes ratio is increasing day by day, and imposters use various digital techniques to access onboard for criminal activities such as data and transactional breaches. The process of KYC video identification enables organizations to reach every possible risk profile and have a successful Customer Due diligence experience to overcome every fraud. Businesses use KYC video identification checks to identify their clients while remote onboarding as per the following benefits;
- Many companies suffer heavy losses as a result of falling prey to imposters who utilize Artificial intelligence (AI) and Machine Learning (ML) technology and bypass security with stolen identities and fake documents. Many imposters bypass facial verification systems by presenting digitally manufactured face images or videos that utilize 3D models and masks. Many organizations fail to identify spoofing attacks due to weak identity verification processes. Video KYC identification combines artificial intelligence and humans in the form of live video calls and automatic KYC procedures and identifies clients. It helps organizations to overcome face spoofing attacks.
- The KYC video identification process following all the video kyc guidelines helps organizations to have an in-depth analysis of their clients’ profiles for their identity verification process. It involves the use of automatic biometric scanning and AI-powered algorithms that provide instant identity verification results to acknowledge clients’ authenticity. It allows organizations to have successful frictionless KYC onboarding with the help of an automatic digital identity verification technology. Hassle-free remote onboarding allows more clients from all over the globe to customer satisfaction and enhanced company revenues.
- In this era of technological advancement, businesses can only progress with the integration of digital technology such as biometric facial recognition, online document verification, AI, and ML methods, etc. The video KYC identification process harnesses the power of cutting-edge technology which enables organizations to cope with this digital era of technological advancement. Additionally, KYC video identification facilitates real-time identity verification to combat prevailing crimes. Digital technology allows organizations to have KYC through video calls and identify fair customers to deal with.
- Many imposters use deep fakes where fake videos are made and provided for developing business relationships. Deep fakes include falsified videos that are made with deep learning technology to bypass security measures. These deepfakes are used to have unauthorized access to companies onboard for various kinds of illegal activities. The process of KYC video identification enables organizations to identify every kind of fraud attempt made by criminals and has real-time face identification with Know Your Customer video identification.
- Video KYC Identification provides a digital solution to mitigate the risk of identity theft, fraudsters, spoofing, fake documents, and financial terrorism. It helps organizations to have advanced development with authentic clients from all over the world.
Conclusion
Companies require a digital solution to identify clients while having them onboard. KYC video identification provides a reliable key to overcome spoofing attacks, fraud, and financial terrorism. It enables firms to have real-time face verification along with document identification to check the authenticity of clients in remote business relationships. KYC verification provides an in-depth analysis of clients’ risk profiles to forecast every kind of possible future risk and financial loss.
