During the Covid pandemic, almost every industry transformed into remote ways of association and working. For many individuals, life became simpler due to remote working circumstances. Therefore, various industries faced difficulties in the digitized world. Globalization has made the economy a global village and it is not a surprise that criminals are increasing in this automated world we live in. With the enhancement of AI, ML, and DL algorithms not only organizations are fascinated by large amounts of advantages but criminals have also authorized access to legitimate methods. Complying with their fraudulent plans is not a problem anymore. Fighting scams, especially online crimes has become simpler thanks to KYC authentication. Unfortunately, fraudsters have introduced ways to combat through know your customer authentication as well. Therefore, the authentication market has enhanced the video verification process to reduce any circumstances of fraudster onboarding.
Video verification procedure
Video verification is becoming a new way of authenticating clients during the onboarding procedure. What is video authentication? A video knows your customer acquire easy authentication layers for verifying clients on a live video call. These are the easy steps for video identification:
- One must fill the registration form and fill a form with vital information.
- Once it is completed, a link for the video call will be sent to the client.
- During the live video call, the know your customer expert of the company will inquire about a few queries and authenticate the details you filled in the registration form.
- After that, you have to present an ID card or any legitimate document as proof of your identity.
- The KYC expert may also observe your behavioral language and verify your fave with the picture provided on the documents for authentication.
The procedure is completed and you are successfully onboard for further association. One may have to go through the entire procedure if the authentication of the client is rejected or declined.
Organizations that require video to know your customer
Each company needs video KYC authentication. Therefore, the below-listed economies require it most.
- Banking industry
Individuals are now transforming into remote working and online banking opportunities. It creates the chances of acquiring a good revenue and enjoying the comfort of your house. Therefore, fraudsters use forged profiles, tampered identities, fake job posts, and illegitimate transfer of money for their illegitimate tasks. Video know your customer can reduce the possibility of criminals finding their way through online banking platforms.
- Insurance industry
The Indian regulators have already provided the insurance organization to utilize the video identification process for smooth client onboarding. Therefore, these organizations can authenticate clients in minutes before authorizing insurance requirements. Therefore, the sector will continue to face losses for authorizing sensitive policies with criminals.
- Gaming platforms
The gaming platforms works like a treasure for criminals because they can illegitimately authorize for acquiring funds or fraudulent activities is getting simpler through gaming platforms. If the gaming platforms utilize video verification solution for all their operators, finding out gaming frauds would not be difficult. Reducing identity theft, criminal activities, preserving takeover fraud, and scams will get simpler.
Role of automation
During the authentication procedure, artificial intelligence video verification of clients is also provided. The liveness detection aspect in this biometric automation makes sure the physical presence of a client at the time of authentication. The checks employed in the automation lookout for fraudulent elements in the report as well. When both face and report is authenticated, the results are sent to the back-office API. Also, read [pii_email_37f47c404649338129d6] solving guide.
Summing this up
The globe is rapidly automating and so are the criminals. They are coming up with enhanced methods to comply with these desires and AI has made it easier and simple for them. Hence, a robust authentication solution is vital and video knows your customer on a live video call without physical association. They know your customer experts can authenticate clients on a live video call. It utilizes times as well as the time of authenticating each client. Industries like the banking industry, monetary institutions, and insurance must ass video authentication solution for legal and stiff client onboarding. With the rising growth of the financial technology industry, the risk in these industries is rising as well. This requires these monetary institutions to adopt safety measures that provide enhanced safety with little to minimize the chances of errors.