During COVID-19, businesses have greatly shifted towards digitization to attract customers and enjoy the benefits. As consumers become more digital, businesses must find a balance between protection and user experience. The question is which strategy to be used that complies with KYC/AML regulations while also offering a great client experience? One good option is the video KYC verification. It not only enables real-time client onboarding but also modifies according to the changing regulatory landscape.
The Increasing Need for Video KYC Verification
Video authentication is a widely discussed topic, and labeling it the motivating factor behind the developing identity verification market isn’t an understatement. Besides having a verification system that is secure and cost-efficient, the high proportion of identity scams necessitates the use of a robust verification service like video verification. In this modern age, safety is one of the most important concerns for businesses, and a video identification option is an excellent way to mitigate fraudsters’ advanced tactics.
Video KYC of your client prevents a range of identity scams, such as:
With the digital revolution, scammers have become more proficient in spoof attacks to accomplish their nefarious intentions. Fraudsters are fooling and outplaying verification systems through counterfeit or hacked identities. This form of document and visual spoofing assault is difficult to detect, hence relying solely on the platform’s choice is not encouraged. To spot spoof attempts promptly, video kyc verification is a great solution.
By its nature, synthetic identity fraud is among the most tricky scams to catch. Scammers merge valid pieces of info, like social security numbers (short for SSN), with counterfeit information to produce a genuine identity. Manufactured identities are hard to identify in the early phases of scams, but video authentication systems can effectively spot synthetic identities, stopping possible fraud in the future.
Completely fabricated videos created with a deep learning model are referred to as “deep fakes.” They’re meant to deceive the host and get unauthorized entry. Identity thieves can, for example, escape identification screenings by using deep fakes in the face authentication process. Since these movies are so similar to the actual films and are hard to identify, a rather more secure solution is required and the video KYC verification is a great bet in this regard.
Process of Video KYC
Video verification is comparable to conventional KYC which pertains to a “face-to-face video call” as a route for completing the KYC verification method. During a video call, users need to validate their identities by providing authentic ID document evidence. Rather than just depending on multiple networks to finish the KYC process, video-CIP provides omnichannel user engagement, enabling face, as well as document verification or authentication, to proceed while the user is still on the video call.
Checklist for an Efficient Video KYC
How can firms be convinced that the Video KYC service they’ve picked is the right choice? It’s important to complete the research on the service’s features and capabilities before registering for it. Only then the companies can be certain that the service they’ve picked is valuable to the company. The below-mentioned is a checklist for a better video KYC service.
Consumers can now reach from anywhere in the world due to digitalization. It’s vital to get a solution that supports global coverage as well as adequate document and language support.
A good video identifying service enables the firm to cut the costs of its KYC procedure without sacrificing the user experience. ” Pay as you go” pricing is the ideal option for every firm.
Every firm has various KPIs and customer requirements, which is a well-known reality. The video verification system provides a variety of capabilities, and not every business requires all of them. The greatest solution provider is one who offers a customized solution based on the demands of the company.
The video KYC procedure entails managing user data that must be kept secure by international data management standards. To avoid data theft and protect customers’ privacy, the firm will need to have a solution provider with the best encryption methods.
Omnichannel User Engagement
The satisfaction of the client is one of the most important factors in a company’s growth. Since the client doesn’t have to change channels to have the identification done, a video KYC service that offers omnichannel for user interaction and verification improves the user experience.
Regulatory bodies have always kept a close eye on banking and other financial entities. Client verification throughout the recruitment process is required by all financial firms due to stringent AML/KYC laws. Traditional identification is no longer a choice; instead, each bank requires online onboarding. Video KYC verification can be a valuable tool for validating clients in real-time and to ensure compliance with KYC/AML laws.