Digital platforms can only survive in the market by putting security procedures into practice. To have a smooth company operation, user identification comes first. Numerous checks can be used to confirm an identity. Let’s talk about recognizing users from their identity documents. A govt identity document, such as a driver’s license, passport, or identity card, can be used by businesses to authenticate users.
Companies use it widely since it is an effective method of identifying clients. Businesses adopted stronger verification measures in response to the rise in identity card scams. The video KYC verification helps organizations identify their consumers with liveness detection.
Let’s use ID documents as an illustration; they are in reality one of the greatest ways to identify a customer. When someone presents their identification documents, the system confirms their authenticity. What if someone had their legitimate papers stolen? What should trustworthy customers and businesses do in the event that fraudsters take ID documents and later claim ownership of them?
What is a Verification Video?
Businesses must adopt a strategy in light of the aforementioned scenario that prevents con artists from making a fool of themselves. One of the techniques is video KYC verification. It checks users in a manner that eliminates the possibility of error.
A user is recognized via a live video conversation when they need to use any company’s services. Knowing the customer’s digital identification through video chat might prove to be an effective way to guarantee that only real people join the business.
Basic Guidelines for Video Verification
Businesses are required to follow several guidelines while using a video KYC procedure.
- Capture live photos or record customer onboarding video
- Capture a picture of the identification document
- Compare the picture of the customer with one on the identity document
- Match information on the ID document with one on the form
- Employ AI and face verification technology
- The recorded video is saved with a stamp
How Does Video KYC Verification Work?
In the video KYC verification, people are recognized based on customer-provided videos, and the faces are compared to the picture on the document. The likelihood of deception in any other authentication protocol will be reduced by liveness detection. The identity documents used in conjunction with a live video conference can add an additional layer of security to the identification processes.
Customers must take care of a few technical details while using end-to-end video authentication protocol to identify themselves. The right lighting conditions and a functioning internet connection are essential factors to take into account when using video KYC verification.
The expertise of the video KYC vendors is also needed to carry out the process from an identifying perspective. KYC through a video call needs to be more analytical given that fraudsters employ sophisticated technologies. Any alternative identifying procedure cannot result in positive outcomes when the account is of vital importance and in-person authentication is not feasible. In order to defend against scams, additional layers of security are implemented, including selfie-based video authentication services.
Automated Video Verification Solutions
Although video KYC authentication is an online process, it has not yet been entirely digital. To improve efficiency and scale their identity systems, businesses choose video validation security processes.
However, in terms of video KYC, a specialist is usually required to confirm the video call. Does online video KYC verification that includes human participation still support businesses as it should? Companies are unable to choose this process because of this concern. However, technology has entirely digitized online verification using video chat.
Remote Video Verification in Real Estate
Several websites are strengthening their AML/KYC standards because the real estate industry is prone to scams. Fraud like ML is common in real estate. To prevent internet scams, the firm under discussion is working to make existing KYC and AML regulations safer.
The business has safety controls in place that generate an alert for every questionable transaction. When businesses want to lessen the risks of money laundering, transactional monitoring is essential. It makes sense to maintain rigorous restrictions for enrollment, but companies never want to overburden their users with complicated procedures, therefore video KYC authentication makes the whole process simple for them.
Everything comes down to the fact that the fast digitization of the world is bringing about a change. The COVID-19 pandemic also prompted the adoption of digital technologies for business sectors. However, given the rising digitization, the frequency of criminal activity is probably going to rise. Modern technology is not just beneficial for companies; fraudsters are also ready to attack them for their illicit advantages. The digital revolution calls for a cutting-edge, AI-based solution that can quickly and accurately validate identities. A reliable video KYC verification is indeed a great solution that confirms identities in just a few moments, and the results of the remote confirmation are also extremely accurate.