Entrepreneurs and market players have realized the true potential of digitalization the most in this pandemic era. With the global lockdowns all across the globe, the entire banking and financial industry is the one that is currently reaping the maximum benefits out of digitalization in the form of video KYC solutions.
Since customers are going digital, businesses are even experiencing numerous challenges to balance a great customer experience along with high security. At this point, video KYC onboarding is the ideal solution that assures real-time user onboarding and tackles the ever-evolving financial landscape.
Understanding video KYC solutions
Video KYC, also referred to as video identification or video ID KYC, offers an online platform of face-to-face identity verification where businesses perform customer verification process via video call which is assisted by KYC agent. When the video call is going on, the customer has to digitally submit the identity documents as proof for Video KYC Verification.
Identity frauds that can be tackled with Video KYC
Video KYC is a popular trend practiced nowadays and it is acting as the superpower behind the evolving identity verification industry. Besides the verification processing time and reduced costs, the increasing identity frauds are demanding a safe verification process in the form of video verification. Since security is the foremost concern of every business, video KYC is the first preference as it is capable of tackling the recent identity frauds that might hamper your business. Here is a list of identity frauds that can be addressed with video KYC solutions.
Synthetic identities
Amongst the frauds that are challenging to identify, synthetic identities are at the top. Fraudsters usually combine real pieces of information, such as social security numbers (SSN), with fake information for creating real-looking identity. Video verification solutions, in that case, synthetic identities are identified easily which helps in avoiding the potential synthetic identity fraud in the long run.
Deep fakes
Also referred to as falsified videos, deep fakes are prepared with deep learning technology. These frauds can easily fool the system and further get unauthorized access to your system. With deep fakes, the fraudsters easily succeed in surpassing the identity checks. With the help of KYC solutions, the entire system and business network can be safeguarded and avoid all sorts of possible deep fakes.
Spoof attacks
Hackers have become more sophisticated in carrying out frauds backed by the advent of technology in the form of spoof attacks. With the help of AI technology, imposters are capable of surpassing verification systems with fake identities. Since these types of attacks are difficult to detect, video KYC solutions include both artificial intelligence and human intelligence for identifying spook attacks and bringing users on the safer side.
Final thoughts
Apart from benefitting the finance industry, video KYC solutions are lending a helping hand to other industries as well- the payment industry, insurance providers, remote companies, and a lot more. Investing in Video KYC is eventually become the new norm for businesses in order to keep their business network and the end customers on the safer side. It is no more a choice, but it is becoming a necessity to count on video KYC services and ensure utmost security throughout the business.
Prior to stepping out in the market to look for the reliable and ideal video KYC service provider, it is always preferred that you list down the basic features and your business demands thoroughly so that you end up making a wise decision.
No comments:
Post a Comment