Video Liveness Detection Technology Ensuring Safety & Seamless User Experience

Not so long ago, industry experts and government have been on the constant lookout to finding the methods to counter the threat of online frauds. As a consequence of this, many different methods and Detect Video Liveliness have come up.

No wonders, the cases of online frauds and identity thefts are increasing in India and showing no clear signs of slowing down anytime soon. By having such great methods and innovations at a place, financial institutions and banks can now minimize these online fraud cases within a fraction of second. This liveness detection technology has come up as a key for frictionless user experience and digital onboarding process.

Liveness detection

Today, this video liveliness has become one of the most vital parts of the digital onboarding process for fraud prevention, biometric authentication, and onboarding. In fact, integration of such smart technologies can ensure that your services are not in danger, and customers are at a safe end. Although following KYC (Know Your Customer) guidelines is mandatory, but today liveness detection is necessary too for all the likely unsupervised authentication cases. The best part about integrating this smart technology is that it increases the security level of online transactions and exposes if there is any swindler and catfish. Therefore, having this technology at place is important for eKYC and online banking transactions too.

Today, there are so many leading players in marketing, offering these effective solutions that often work really great in raising the assurance level of all your customers. With one of the most effective and custom video liveness software, you can reliably expose a fraudster, if any. It really works great in distinguishing the motion or image mimicked by a video or any other photo from an actual person’s movement.

Key features of liveness detection –

Well, it has got so much popularity in a short period of time, and along with it, this process has improved so much than before. Some of its top key features are –

·     3D cameras are being used in it to detect if everything is fine or not. As a matter of fact, this increases the overall security without requiring any extra efforts.

·  With the passage of time, this video liveness technology has improved so much. In fact, the implementation of it continues to increase more and more now.

·    There is skin reflectance testing and forward learning techniques that are being used in it to improve models and enhance anti-spoofing activities.

Benefits of liveness technology

Effective and well-customized liveness detection methods help to minimize the online frauds and work great in detecting if a subject is an actual person or not. Other than these following are some top benefits of it –

·         It increases the security

·         Works great in providing better protection to the customers

·         Helps mitigating spoof-related risks

·         Helps you in providing a better and faster user experience

These are some of the top benefits banks and other financial businesses are reaping from this smart technology.

Video KYC For Online Customer Verification

Video KYC has now come up as a new normal in the identity verification process. It is now almost grooving in this digital space for online verification of customers. Since KYC requirements are now getting more stringent than ever, it has now become a major norm for business entities to follow-up with it. The identity verification of customers can be done in different forms – this can be either done online or via biometric authentication methods. However, video KYC process tops the list today, especially at the time of this pandemic.

Different industries, including banking sector and Fintech, are constantly in need of this digital customer identity verification process. Among the all, video KYC solution works the best for them, having the KYC expert, technology to get the identity of the person verified remotely.

What does KYC expert do in video KYC process?

A person has to fill the KYC form and soon after that, the KYC expert is going to connect with a person to carry out this remote verification process further. The expert person is going to guide the one throughout this process and collects all the required data. This expert will even ask you to show all your identity and address proofs in the camera to ensure there’s no scam. These proofs could be your driving license, Aadhar card, Passport, and Voter card.

How does technology help in the KYC process?

It indeed plays a major role. While the KYC ID check process, AI-powered facial recognition is at the place too. In fact, the detection feature of technology ensures that everything is going fine. All sort of spoofing things can be easily caught by the expert via technology. So, yes, technology plays a vital and big role in the video-based KYC process.

Regulatory framework of the online KYC process

The regulatory infrastructure has wholly revamped this video-based KYC process for financial institutes and banks in America and all over the world. The best part about it is the person does not have to go through the paper-based process anymore, since one is allowed to do video call verification mechanisms. In fact, the RBI has also added some amendments in the existing guidelines.

Video id KYC has become a vital part when it happens to onboarding new customers, under the prevention of money laundering act 2005. It has now become vital for every bank, Fintech to follow up with the KYC norms. 

Top benefits of Video KYC process –

Following are some of the top benefits of this video-based KYC process:

·         Remote verification

·         Paperless verification

·         Secure customer boarding

·         It is a cost-effective method

Video-based KYC has come up as relief in coronavirus time

This COVID-19 has created so much hype since the time it outspread. There have been major business transformations seen from then to now. The increasing financial crimes and digital frauds at this time is calling out for more effective identity check methods. However, banks and other financial firms have got so much relief with this effective video KYC process.

Wrapping It Up –

Video KYC has come up as a convenient and swift solution in recent times. It is a quick and effective process that helps the banking industry and Fintech businesses in attaining clean customer base with secure and easy customer acquisition.