In this era of rapid advancement, companies are moving toward the digital landscape. Every business is using digital means to cope with this digital era and facilitate users with electronic solutions. For example, companies use online systems regarding payments, registration, onboarding, and verification processes. Online business operations come into practice, particularly as a result of digital practices involved during COVID-19.
Although the pandemic is over, companies still use online processing and methods due to its digital frictionless facilitating methodologies. Although it is a great revolution regarding business development and processing, a huge ratio of cyber crimes is also the result of the digital revolution.
Imposters use various techniques to perform illegal activities such as payment and data breaches, identity theft, and financial terrorism. KYC video verification is the best solution to identify clients’ identities while remote onboarding. This process utilizes the power of artificial intelligence (AI) and provides highly efficient and reliable results.
This blog post will explore the process and strength of the KYC video process regarding security threat prevention.
How Does KYC Video Process Enhance Business Security?
Companies conduct video interviews with clients all over the globe. It may lead to high risks with clients’ remote onboarding. Video interviews can combat several threats, such as the following;
Fake Identities
Imposters generate fake IDs with highly sophisticated AI and other advanced technological techniques. They try to reach companies with fake, fabricated, and stolen IDs, which are harder to detect without appropriate digital solutions. The process of video KYC provides an effective method for eliminating the risk of criminal penetration and fraudster attacks with fake IDs.
Spoofing Attacks
Many companies suffer from heavy financial losses due to fraud attacks. Criminals use spoofed images and videos which they generate with highly complicated advanced technologies, They try to bypass facial verification systems and reach firms illegally. The process of KYC video overcomes all such fraud attempts and makes organizations aware of every possible security threat. The video KYC process uses both artificial intelligence and human efforts to identify clients during the remote onboarding process.
Deep Fakes
Many criminals generate fake videos and use them to reach a company to execute their illicit plans. They use these deep fakes to bypass security measures and to have unauthorized business access. The video KYC process offers real-time identity verification and unveils every kind of fraudster attempt. It enhances business security and prevents the organization from every possible fraud attempt.
Process Of KYC Video
Organisations use digital solutions where Clients’ identity is verified through KYC video identification checks. The KYC video process involves the following three stages;
Sign Up
First of all, a specific guide is provided to clients through automatically generated tutorials regarding sign-up. Sign-up is mandatory for clients to access companies onboard. Then the client is accessible to join a video call. After the successful completion of the sign-up process, the customer joins a live KYC video call.
Liveness detection
After joining the video call, the KYC experts were hired for identity verification to interview the client. The automatic AI and ML algorithms employed in the KYC process execute facial verification with the help of biometric face scanners. Various documents are collected to match the information provided with real-time face verification.
Verification
Information on various documents, such as face images on ID cards or passports, is automatically analyzed and stored in the form of face prints with robust internal mechanisms. Real-time face verification results are matched with pre-stored facial points, and the client’s identity is verified.
Strength Of KYC Video Identification Process
This process works automatically with the help of artificial intelligence and machine learning models. Although lengthy, automatic AI technology has made it highly efficient as per the reliable results and instant identity verification services. Companies have replaced traditional manual ID verification methods with KYC video identification to have multilayer security.
The process of KYC video verification involves the whole document verification, biometric facial recognition, and electronic identity authentication processes. The process of KYC on video calls protects businesses from every fraud attack that leads to business decline.
Final Words
Companies must use KYC Video identification to have authentic clients all over the world. This process utilizes the power of AI and ML mechanisms and enables organizations to have automatic solutions. It enhances businesses’ security and productivity and eliminates the cost of multiple hirings for a lengthy identity verification process. Additionally, it enhances business revenue with multiple customer onboardings over the globe.
The whole process is performed digitally and enables organizations to verify clients with frictionless, reliable methods. The process of KYC video enables colonies to detect every kind of spoofing attack and overcome prevailing frauds with fake and stolen IDs.
