The only way for digital platforms to stay afloat in the market is to implement security measures. The first step towards a smooth business operation is to identify users. Many checks can be used to validate a customer’s identity. Let’s talk about identifying users based on the verification of documents. Businesses can authenticate users using government-issued identification documents such as driving licenses, ID cards, and passports. A Video KYC solution is a digital means of verifying an individual via video chat with a KYC agent. When compared with conventional KYC verification, this solution is quicker, more secure, and less expensive. It also optimizes the verification procedure by providing real-time results. Clients don’t need to go to the banks and they can open their bank accounts with just one click. Everything is done digitally from customer onboarding to the registration process.
It is a cost-effective technique of verifying clients that are widely used in enterprises. The rise in identity document fraud prompted businesses to implement more stringent verification procedures. Businesses can utilize KYC video identification to identify their users by detecting whether or not they are alive. The ban on staying indoors imposed during the Covid-19 crisis has prompted people all around the world to communicate online through various digital platforms.
During this period, businesses began using video calls with their clients to run their operations. While businesses transition to digital, one of the most difficult challenges they face is striking a balance between improving security and providing a positive consumer experience. Traditional verification methods have been abandoned in favor of users’ need to receive their work in a timely and efficient manner. As a result, there has been a demand for more trustworthy solutions for authenticating identification before it is linked to a commercial corporation.
The What And How of e-KYC Video Verification
As a result of the aforementioned predicament, organizations must deploy a system that prevents scammers from making a fool of them. One of the methods is video-based KYC. It checks users in a way that reduces the likelihood of human error. When a client uses a company’s services, they are identified via a live video call. Video KYC verification can be an effective way to ensure that only legitimate users joined the firms.
Video call for KYC verification identifies persons based on videos provided by clients and compares their faces to the images on the document. The likelihood of falsification in any other authentication protocol can be reduced by using liveness detection. Identifying documents in conjunction with a live video conference can add an added layer of security to the identification process.
Clients must take care of a few technicalities while getting themselves verified through end-to-end video identity verification. When choosing the video check KYC, and make sure that there is proper lighting and a stable internet connection that will further reduce the risk of blurriness and other issues. Video verification experts are also required to execute the process on the verification site. Given the sophistication of fraudsters’ tools, video KYC must become more in-depth. When the account is of essential importance as well as identification is required, any other technique might not work properly. As a result, image video verification services are deployed as an extra layer of safety and security.
The Automated System of Video Verification System
Although the video KYC verification process is an online process, it is not yet totally computerized. To improve their productivity and scale their identity systems, businesses choose video verification security processes. However, when it comes to video KYC, an expert is required to validate the video call. Does it help businesses as it should if human participation is still a part of the KYC digital identification process? This is the concern that keeps businesses from adopting this technology. Nonetheless, technology has entirely digitized online video verification via video chat.
The organization has safety procedures in place that trigger an alarm after suspecting a questionable transaction. When it comes to reducing the potential of money laundering, transaction monitoring is critical. Thus, while strict enrollment laws are understandable, businesses do not want to burden their users with unnecessary steps. So, video KYC identification makes the entire process easy and simple for them.
In a Nutshell
In this day and age, when the ratio of digital scams is on the rise, businesses must implement identification methods that deter scammers. On a live video call, customers are being verified via video KYC identification. It has become simple to validate and identify customers thanks to liveness detection. Businesses that are vulnerable enough to suffer should integrate video KYC identification in their systems as soon as possible.