For all corporations, digitization can be challenging because of several loopholes in their systems. Several problems, such as poor customer service and outdated security mechanisms, demand attention.
Technological innovation has enabled fraudsters to use sophisticated techniques and exploit the systems for their benefit.
In this way, it is difficult to ignore the rising fraud cases and their negative impact on business operations. The implementation of a Video KYC attestation is a progressive way to discourage fraud attempts and modernize corporate workflow.
In the digital era, the use of intelligent devices is mainstream, impacting the preferences and demands of clients from modern-day businesses. In this case, any industry can cater to the needs of its consumers by employing innovative video KYC solutions.
Video KYC Verification Systems – A Quick Insight
The video-based KYC solution is a foolproof service to streamline the user registration procedure. It is a powerful method to deter fraudsters from entering the data servers of present-day companies.
The widespread use of smartphones plays a vital role in accepting the latest technology. People are already familiar with unlocking their phones with the face recognition approach.
Moreover, in the case of businesses, they can use AI-based technology to ensure adherence to AML/KYC guidelines and evade hefty financial fines.
Implementation of KYC video verification systems provides liveness detection and AI-mapping features that can detect any kind of sophisticated fraud. Biometric technologies can fulfill the security needs of modern-day businesses and increase their credibility in the market.
The Complete Procedure of Video KYC Validation Systems
Video-based KYC protocols are a highly advanced form of customer ID attestation. Below is the complete operating mechanism behind the consumer validation process.
- After the completion of the customer registration process with the organization and submission of desired details, a KYC professional gets in touch with the client for a short interview
- Next, the expert asks some questions to the consumer to evaluate liveness detection and decodes the body language to detect any manipulation
- Then the KYC professional asks the client to display their government-generated ID. This is really important to evaluate the authenticity of given records
- After the finalization of the whole process, the customer receives the final verification results
Executing AI-driven video identification methods ensures a streamlined customer registration process. Technological innovation has also empowered corporations to provide their services worldwide so that remote consumers can benefit from the service conveniently.
Professionals recommend using smart video-based KYC procedures because of their feasibility and high accuracy.
Top 5 Advantages of Video KYC Attestation
Video-based ID validation services are foolproof because they map the client’s physical features for security purposes.
Fraudsters do not have the skills and technology to duplicate bodily features. Video KYC solutions have several perks for modern-day organizations, some of which are below.
1. Preventing Money Laundering
Fraudsters want funds to achieve their nefarious goals. For this purpose, they try to exploit systems having weak security mechanisms. Outdated safety protocols make it easier for scammers to hide the origin of their money.
Perpetrators flow illicit money through different organizational structures to make their funds legal. With video KYC systems, all corporations can conveniently discourage fraudulent financial transactions, mitigating money laundering and terrorism financing effectively.
2. Securing Clients’ Money & Winning Trust
Financial firms can protect their customers’ funds by executing the latest KYC process. In this way, consumers start trusting the organization with their assets, enhancing the relationship and helping achieve the yearly profit goals of the business.
3. Ensuring Compliance with AML/KYC Standards
The main objective of international regulatory agencies is to protect clients’ interests and help companies streamline their workflow. The application of video KYC procedures helps companies in adhering to the given guidelines and avoid fines/ permanent bans.
4. Improving B2B Relationship
Any industry can increase its credibility in the market by executing the latest intelligent solutions. This approach communicates adaptability, progress, and responsibility to potential business partners. Hence, AI-powered video KYC systems enhance the connection between associates.
5. Verifying Customers’ Locations for Unbeatable Safety
The application of Video KYC services helps the corporate sector in detecting the location of their consumers via their IP addresses to ensure high-level security for all entities.
In the End
In present times, it is essential for companies to opt for the latest consumer ID validation systems to discourage fraud attempts and protect organizations from harm.
Implementing a video KYC attestation solution streamlines the onboarding procedure and attracts only genuine clients to the organizations.
The advanced approach uses 3D liveness detection and anti-spoofing features to deter crime. Consequently, the application of video KYC services is a practical approach for present-day industries in terms of sustainable growth and powerful fraud prevention.