The identity verification process has been authenticating the customer’s identity for a long time. Previously, companies used manual techniques to validate the customer’s legitimacy. However, these methods were very time-consuming and inaccurate, leading imposters to easily breach the customer’s credentials and misuse them to commit impersonation attacks. According to a 2022 report, imposters impersonated approximately 84% of online payment financial services. Organizations must implement an electronic identity verification solution to overcome these manual flaws. E-KYC video verification is an automated online authentication service that extensively analyzes a customer’s identity profiles and histories.
Video KYC Solution – An Effective Indicator of Impersonation Attacks
E-KYC video verification is an online solution for validating a customer’s identity through digital video call platforms. It is an effective indicator of various impersonation attacks, such as phishing, spoofing, deep fakes, and synthetic identities. Electronic video KYC solutions automate verification using deep learning and artificial intelligence technologies. It ensures contactless and remote verification for customers who belong to a distant location, providing convenience for such entities. Automated machine learning technologies allow KYC examiners to detect alterations and forgery in the underlying document information. This minimizes the presence of spoofs and impersonation attacks.
Video KYC services utilize geolocation technology that detects the customer’s IP address to compare their live location with the address available on the documents. The examiners use OCR services that extract the information from the documents and store them in digital databases to provide real-time identity authentication. Video verification solutions use encrypted protocols and codes in their systems to protect customers’ confidential information from unauthorized external reach. It prevents impersonators from breaching their credentials and protects them from the harms of identity theft and illicit monetary transactions.
Video Verification – A Digital Alternative of Manual Verification Method
Electronic video verification solutions have revolutionized conventional authentication methods. In the past, companies used multiple paper documents for a single identity verification, which was harmful to the ecosystem. Digital advancements have mitigated this issue because they accumulate customers’ documents through digital platforms, making them more eco-friendly. The manual identity authentication processes require customers to travel long distances multiple times for identity verification. Electronic verification solutions provide remote verification for the comfort of customers so that they can conveniently get their documents verified from their homes. Electronic KYC video authentication incorporates machine learning, biometrics, and AI technologies, providing effective and accurate findings and preventing fraudulent attempts.
Video e-KYC – A Cutting-Edge Identity Authentication Process
The e-KYC video verification process uses advanced artificial intelligence assistance and an optical character recognition process to collect the customer’s identity documents. These services detect alterations and substitutions to screen out the risky entities. These services compare customer information across various directories and watchlists to accurately examine their risk profiles. After the collection of documents, the examiners conduct a live video call session with the customers where they examine their facial characteristics using digital liveness detection services. They check the customer’s financial histories and activities to assess their risk profiles and prevent high-profile customers from being validated.
Video Identification – Ways to Ensure a Successful Identity Authentication
Companies can ensure a successful identity verification process if they provide user-friendly technology. They must ensure that they acquire KYC video verification vendors who are aware of the underlying business ideas. They must use those servers that are encrypted and can efficiently protect customer’s confidential information. Electronic video verification solutions use biometric and artificial intelligence solutions to eliminate the risk of human-made errors. They ensure accurate results and prevent risky entities’ involvement in business operations. Organizations must hire trained and professional identity verification examiners who can understand the customer’s behaviors and provide a user-friendly experience for them.
Video KYC Verification – A Seamless Solution for Improving the Financial Sector
The financial institutions are the most sensitive sectors in regards to fraudulent activities. Imposters use financial institutions to disguise their money laundering proceeds by breaching the authentic account holder’s bank accounts. Extensive identity verification is necessary for this sector. Financial institutions must utilize video KYC solutions as KYC compliance prevents money laundering attempts and provides a thorough identity verification process. Video verification detects the identities of each customer to screen out risky entities through analysis of international watchlists and customer due diligence. Through video identification, customers are required to perform certain tasks to validate their realness. The impersonated and spoofed entities cannot perform these tasks, which highlights the inconsistencies in their behaviors.
Summing It Up
E-KYC video verification is a revolutionary attempt to streamline the customer’s identity authentication process. Video verification uses advanced machine learning and biometric technologies that detect the presence of impersonation attacks accurately. Companies must validate their customer’s risk profiles through customer due diligence programs that analyze their activities. Video KYC provides additional security from money laundering attempts and prevents illicit entities from involving in terrorist financing and identity theft. Overall, video verification is a user-friendly approach that provides accurate results.
