Identity verification is vital to protect organizations and their clients from fraudulent activities. An individual’s identity is integral to acquiring products and services and the harmful use of this credential data can be damaging to both organizations. A client’s identity is one of the major selection of frauds in the financial industry and therefore the organizations must perform robust digital identity authentication of remote clients they are onboarding and the clients with whom they are doing organizations.
With the advancement of technology and rapid increase of competition, remote clients demand seamless and fast onboarding from organizations, leaving very little time for them to perform authentications effectively. There are several methods for authentication of remote clients, but they can sometimes prove to be time-consuming or result in undesired errors. However, client onboarding through video knows your customer is becoming highly desirable in the identity verification market, and it is now growing in the digital space for remote authentication clients.
Role of knowing your customer expert
The digital online client first fills the enrollment form and the know your customer experts connect the client for remote authentication. The expert escorts the client to authenticate the identity throughout the identification procedure and takes consent at first when it comes to collect the information from the clients. The client will be requested to show video ID documents requested by the expert in the camera for authentication purposes. The document could be an identity document card, utility bills, driving license, and passports. The expert asks the client to tilt the documents to check rainbow prints in them. They are trained not only to recognize the spoofing segments in the documents but also body and behavioral language too.
The importance of technology video KYC
During the authentication process, artificial intelligence-powered with facial recognition of clients is also performed. The liveness detection feature in this biometric technology makes sure the physical presence of the client at time of authentication. The checks recruited in the technology lookout for forgery elements in the document as well. When both face and document is authenticated and the results are sent to the back office.
How does the video know your customer works?
The video know your customer procedure undergoes the following steps:
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Your client will be acquired to fill in the enrollment form that is present on your site.
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After enrollment, know your customer expert connects with your client for live identity verification.
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The client will be guided for the procedure of identification through a video. The liveness detection will be done to assure the physical presence of a client at the time of authentication.
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Video identification experts will take approval from the client to acquire data for authentication purposes.
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Your client will be asked to demonstrate the ID document that could be an identity document card, passport or a driving license.
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Video identification experts will ask your client to both the front and backside of the document to verify its legitimacy.
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Video identification experts are professionally trained that not only recognize the spoofing elements in the document but also examine the client’s body language and behavior.
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To reduce the chances of human error, video knows your customer employs facial recognition technology that assures the physical existence of clients through liveness detection checks.
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Once the face of the client and document is verified, the KYC process is done and results will be sent to the back office API.
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Video identification provides benefits such as:
Video identification can be ensured by safekeeping a balance between security and user experience. The following are some pros of video identification for businesses.
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Cost-effective: Video identification is fast as well as a cost-effective solution that businesses can use to provide digital identity authentication of their clients
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Improve digital security which can deter the risk of thefts and fraudsters that use fake ID information and documents to ensure entry into the system of the enterprises.
