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Using KYC Video Verification for Safe and reliable onboarding

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The evolving technology has also pushed businesses to go for optimal and advanced solutions for better customer experience and smooth business processes. The digitization era has also enhanced the potential risk for businesses. The most affected business is finance institutions because of the involvement of money in it. More money attracts more criminals to attack the system. Now criminals use digital ways for scamming like account takeover and identity theft.

 

Identity Verification or Know Your Customer (KYC) is the best solution against most scam attempts. Identity verification means verifying the user before onboarding. KYC and Anti-money laundering screening prevent a business from illegal activities like money laundering and terror financing. By adopting KYC/AML solution a business complies with the international law enforcement guidelines which are obligatory for every business. A business that is not implementing guidelines can face sanctions and penalties from global watchdogs.

The most convenient and advanced way of verifying a user is through the KYC video verified service.

What is KYC Video Verification:

Shufti Pro Video KYC is the modern way of online verification in which a user gets on a live video call with a KYC expert for ID verification. This method is empowered with advanced to know more about Artificial Intelligence, refer to Artificial Intelligence Course by uCertify,
Human Intelligence (HI) to verify a user more accurately.

Steps of KYC Video Verification

  • User fills the online bioform on the website of the business on which he wants to get onboard
  • The user gets on a live video call with a KYC expert
  • KYC expert is allowed by the user to record the video
  • To verify the face of the user, AI technology is used
  • The documents are also scanned and verified by AI
  • KYC expert checks against previously recorded videos and holographic images
  • At the final step, the results (verified or not verified) are sent to the back office of the website

 

Only authentic government-issued documents are accepted for verification like ID card, passport, and driving license. The AI also checks the authenticity of the document against forged, tempered, or photoshopped documents.

Industries that need KYC Video Verification

Banking Sector

Most of the financial transaction proceeds through banking channels. Although banks have taken measures to fight cybercrime attempts on their channels. Cybercriminals have found a way to trick them to use more sophisticated ways to cyberattacks. The traditional KYC methods or manual verifications are not much good to prevent the latest cybercrimes. KYC video verification will enable banks to enhance the account holder’s security while giving the best customer experience. By adopting KYC/AML solution a business complies with the international law enforcement guidelines which are obligatory for every business. A business that is not implementing guidelines can face sanctions and penalties from global watchdogs.

The most convenient and advanced way of verifying a user is through the KYC video verified service.

Insurance Corporations

Insurance corporations face false insurance claims from fraudsters. They try to make fake health certificates to enjoy health insurance or life insurance. One of the refined attempts is by stealing some authentic customer’s identity, modifying the health credentials, and claim insurance benefits on that. By applying document verification insurance corporations can decrease the chances of false health claims. KYC verification will verify documents to fight identity theft problems in insurance corporations.

E-commerce Businesses

Cybercriminals steal some customer’s debit or credit card information and then order online products through that. It does not affect the customer as much it affects the e-commerce business because the customer will issue a chargeback on any fraudulent attempt through his card. Another type of problem involving e-commerce is age verification, minors use their parents’ credit or debit card for online shopping without their parents’ consent. Parents can issue chargeback in this case also. The chargeback requests can cost millions and the e-commerce website will lose its reputation among customers. For battling the above problems e-commerce needs to apply video verification. A KYC video verified customer is more trustable than a non-KYC video verified one.

Wrapping it Up

Businesses have to adopt KYC video verification to faster and secure the onboarding and screening of the customers. This method saves the time of business and customer whale diving the best convenience for customers. There is no need to have special hardware for video verification, a customer can get him verified through his mobile phone or computer’s webcam. Businesses should adopt video verification for KYC to kill the risks of identity theft and take over while giving comfort and saving the time of the customer.

 

 

 

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