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Online platforms can only sustain in the market if they practice certain security measures. Verification of customers tops the list when it comes to having a streamlined business workflow. The identity Verification process has many various techniques for authentication. Let’s talk about verifying customers based on their ID documents. Companies identify individuals through any of the government-issued ID documents like passports, driving licenses, and ID cards. It is a proficient way of verifying users and businesses practice it widely. The prevalence of frauds in ID documents moved the companies to go for advanced verification measures. KYC video identification serves enterprises with verifying their customers through liveness detection.
Take the example of ID documents, no doubt it is one of the best ways of customer verification. A person shows the ID documents and the system verifies its identity. But what if someone got their genuine documents stolen? Fraudsters who steal documents then use them and claim them as their own. What genuine customers and businesses would do in this case?
Video KYC Identification
The above scenario requires entities to incorporate a method that does not allow cybercriminals to make a fool out of them. Video KYC identification is one such method. It identifies customers in a way that would hold reduced chances of falsification.
When a customer wants to get the services of a business, they are verified on a live video call. Know your customer online identification by video chat can prove to be an excellent way to ensure only legitimate customers become part of the business.
How Does KYC Verification Work?
Video call KYC verification refers to “verification of customers based on the customer-provided videos and matching their face against the image on the document”. Liveness detection will reduce the possibility of errors that could happen in any other verification measures. ID documents along with the live video call can provide an extra layer of security in the verification techniques.
There exists some technicalities that users have to take care of while getting themselves verified through end-to-end video identity verification. Proper light, and ensuring your internet connection is working in order to reduce chances of blurriness and other factors are extremely vital to consider to adopt video KYC verification.
Trained staff needs to perform the verification process efficiently. Considering the ingenuity and smart tools employed by the fraudsters, video KYC must become more discerning.
In a situation where the account is of significant value and in-person verification is not possible, any other verification process cannot derive fruitful results. Therefore, selfie-based KYC solutions are deployed as an additional layer of security for fraud protection.
Video KYC identification is a digital process unquestionably, but it is not a completely digitized process still. Businesses opt for digital verification processes to optimize their workflow and scale their verification measures. But as far as video KYC is concerned, an expert is required to manually check the video call. If human resources are still part of KYC remote verification, does it serve businesses the way it should be? This is the question that hinders businesses from adopting this process. But nevertheless, technology is striving to make online identification through video chat completely automated.
Video Remote Verification in Real Estate Money Laundering
The real estate industry is facing real estate frauds that is why these platforms are tightening their AML/KYC laws. Real estate is notorious for crimes like money laundering. Henceforth, the discussed industry is trying to enhance security in their AML and KYC regulations to prevent online frauds.
The business holds security measures that generate an alert over any suspicious transaction. The transaction record is important when businesses desire to mitigate the risks of money laundering. Therefore to keep stringent laws for onboarding is understandable but businesses never would want to unnecessarily burden their customers with onerous processes, thus video KYC identification makes the process convenient for companies.
Advantages of Video KYC Identification
End-to-end video identity verification is a convenient method for both the customers and the merchants. Users get verified by sitting in their homes. When customers get connected to live calls, video experts guide them about the process. Liveness detection reads the face of the user and identifies them.
In the age where online frauds are increasing with the rapid-fire speed, it has become necessary for businesses to adopt verification measures that have the capacity to discourage cybercriminals. Video KYC identification verifies users on a live call. Because of liveness detection, the process becomes convenient and verifies the individuals authentically. Industries that are more vulnerable to online scams have an urgent need to onboard customers through video remote KYC.