Video KYC Services – Helping Businesses Prevent Identity Scams

Video KYC Services – Helping Businesses Prevent Identity Scams

Meta Description: Video KYC services verify clients on a live call. They are indeed a great option to deter fraudulent activities and make businesses compliant with regulations. 

The corporate landscape has transformed significantly in the last two years, and video KYC servicesdigitization is by far the biggest development. In order to benefit from the advantages of the global market during COVID-19, businesses have switched to an online method of operation. The process of onboarding consumers has advanced significantly in financial institutions.

Companies must balance privacy and consumer satisfaction as more clients use online services. But which strategy should be used to more closely follow AML regulations without endangering the customer experiences? Thus, video KYC services are an excellent substitute in this scenario. It not only provides real-time consumer enrollment but also optimally satisfies changing regulatory requirements.

Difference Between Video KYC and Traditional KYC

The procedure of authenticating a customer’s identity and detecting any potential dangers associated with that person is known as “know your customer.” Previously, businesses used a manual identification process to confirm a person’s authenticity during the induction phase. Customers leave the process considering how long it requires.

Video KYC verification is the traditional KYC procedure in digital form, however, it is more efficient, trustworthy, and affordable. The entire verification process is sped up by video KYC service, which offers significant benefits over paper-based verification. As a result, customers can open new accounts without submitting their documentation to the business. It’s all done online, including registering and signing up.

How Do Video KYC Services Function?

Video validation is comparable to conventional KYC because it confirms verification through a video chat as well. Using the necessary ID document as proof, users must confirm their identities during the video call. Instead of using multiple platforms to complete the verification, KYC video identification provides omnichannel customer connection, enabling face and document validation to happen while the client remains on the video call.

Increasing Need for Video KYC Services

It isn’t an overstatement to say that video identification is now a hot topic and is the industry’s main driver of change. Businesses are shifting to video authentication because it is not only quick and cost-effective but it also offers top-notch security services as the frequency of identity thefts as well as other crimes rises. Security is among the top concerns for enterprises in this age. The e-KYC video identification service is a useful technique to combat the sophisticated strategies used by fraudsters in this digital age. Video KYC services help deter the below-mentioned crimes:

  • Spoof Attacks

Because of the digital era, scammers are becoming more adept at deploying spoofing assaults to expose their ulterior motives. Fraudsters trick and outsmart verification systems by using stolen or fraudulent credentials. It is not advisable to solely rely on the service’s judgment due to the difficulty in identifying this kind of document as well as face spoofing assault. Thus, video KYC services deter spoofing attempts in real time.

  • Synthetic Identities

Because the fraud is so blatantly clear, synthetic identity fraud is among the trickiest kinds of scams to detect. For the purpose of creating a fake identity, counterfeiters combine authentic information, such as security numbers, with fake information. Despite the fact that these individuals are challenging to verify in the early phases of crime, businesses can swiftly identify these individuals by using video verification services to protect them from financial fraud.

  • Deep Fakes

Videos made with deep learning are referred to as “deep fakes.” Scammers made them with the goal of using the system’s vulnerabilities to get unauthorized access. For example, they use deep fakes in face detection to get over security measures. These films are quite difficult to distinguish because they virtually sound like actual recordings. Because of this, creating a more reliable video based KYC system is now very essential.

Final Thoughts

The Video KYC process is undoubtedly the projected trend in the verification sector. In order to fulfill changing client expectations and thrive in this digital age, businesses are working toward improved online services. Utilizing video KYC technology, businesses may speed up the induction process and reduce the turnover time for KYC.

In reality, many firms have already started using video KYC services for onboarding. When combined with the digital document verification service, video authentication ensures a customer onboarding procedure free of scams. Additionally, it can identify any spoof attempts against the customer, making it a perfect option for any industry dealing with money, including banking and e-commerce.

»Video KYC Services – Helping Businesses Prevent Identity Scams«

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