Using video KYC services to protect businesses from online fraud

Customer authentication is the most crucial step in developing a streamlined company process. Online platforms must adopt certain security measures in order to remain competitive. They use a number of tests to make sure a person is who they say they are. Consider the scenario of verifying customers using their ID cards. Businesses can utilize any government-issued identity document, such as a passport, driver’s license, or ID card, to identify specific individuals. Many businesses utilize it since it is an effective way to verify any incoming user.

In response to the rise in ID document fraud, the corporations introduced better verification methods. By leveraging liveness detection, businesses can leverage video KYC services to authenticate their customers.

KYC video verification

One of the best strategies for customer identification is without a doubt the use of IDs; use this as an example. The technology verifies someone’s identity when they show their ID. What if someone’s valid documents were stolen? Fraudsters steal documents, use them, and then claim ownership of them. What are sincere customers and businesses to do in this circumstance?

Due to the aforementioned situation, businesses must establish a plan to stop cybercriminals from making a fool of them. The use of video identity verification is one of these methods. It recognises customers in a way that makes fraud impossible.

The verification of a customer’s request to use a company’s services occurs during a live video conversation. Verifying customer onboarding videos and online client identification can both be effective ways to ensure that only actual customers are utilizing a company’s services.

The Function of Video KYC Services

KYC verification entails confirming clients based on the videos they have provided and by contrasting their faces with the images on the documents. Liveness detection will reduce the chance that any other authentication procedures will go wrong. ID documents can provide an additional layer of security to the verification procedures in addition to the live video chat.

Users are required to take care of a few technological prerequisites while going through the video verification procedure. To reduce the likelihood of blurriness during KYC video call verification, it is essential to consider the appropriate lighting, a functional internet connection, as well as other factors.

Qualified professionals must also be used during the verification process. A sophisticated device called a video identification solution is utilized to stop con artists’ ingenious and cutting-edge methods.

Any alternate verification method is ineffective if it does not stop fraud in real time. Therefore, selfie-based verification techniques saved the day. In the era of digitization, they give an extra layer of protection against fraud.

Online KYC Verification – Streamlining Operations in the Digital Age

Undoubtedly a digital process, video identity verification is not yet entirely automated. Digital verification techniques are used by businesses to increase their validation efforts and streamline workflow. However, the business requires a specialist to manually review a customer’s documents. Will human resources continue to be a part of remote KYC certification, and does that actually benefit businesses as it should? Because of this question, businesses are reluctant to adopt this process. The goal of technological development is to completely automate video chat-based digital identification.

Services for Video KYC in Real Estate

To effectively prevent fraud, several real estate platforms are tightening their AML/KYC policies. Real estate is a major target for crimes like money laundering. The industry is currently attempting to tighten their AML and KYC requirements in order to combat cybercrimes.

When the business notices any strange transaction, its security services are set up to send out an alert. Organizations must keep track of their transactional history if they want to lower the danger of money laundering. Since corporations never want to make their clients go through burdensome processes that are not essential, maintaining rigorous requirements for onboarding is appropriate. However, video KYC verification streamlines the process for businesses. Additionally employed for this reason is a document verification service.

The advantages of video KYC services

End-to-end video identity identification is a useful technique for users and businesses. Users can check their own information while at home. As soon as users are connected to live conversations, video experts provide customers with step-by-step instructions. Users are identified using liveness detection by looking at their faces.

Final Reflections

In a time when data breaches are increasing at an alarming rate, businesses must now implement verification processes that have the ability to prevent fraudsters. Clients are confirmed over a live call using video KYC services. Due to liveness detection, the procedure is more accurate and the person’s legitimacy is confirmed. In industries where internet fraud is more likely to increase, it is essential to enroll customers using facial identification videos.