We see plenty of exciting pushes that leads us towards an unimagined future with every passing year. As technological advancements are evolving with the rapidly increasing demands of customers, digitization is becoming a new normal, especially after the COVID-19 pandemic. Acceleration towards digital adoption is leading this world towards an unpredictable future of social upheaval.
This revolution has introduced Video KYC services to a wide range of organizations and financial infrastructures to combat illicit money transfer and fraud-related activities.
Fraud is becoming a 24/7 activity. Unsophisticated fraud growth up to 57 to 70 percent was seen in the year 2020. Keeping in view the following statistics, businesses are trying their best and spending extra hours to acquire enhanced video-KYC services to deter fraudulent activities. The purpose of customer onboarding through video is to avoid illicit money transfers, money laundering, unauthorized access to sensitive data and to ensure a transparent relationship between customers and businesses.
“What”, “How”, and “Why” of Video Identification
Video identification solutions are playing a crucial role to dodge the number of fraudulent activities rising in parallel to technological advancements. In this section we will discuss “what’s”, “How’s” and “why’s” of vid-id processes everyone must know to deter chargebacks and identity theft.
What is Video Identification Software?
Financial infrastructures are prone to digitization globally especially after the pandemic of COVID-19. Video identification is the process that does not involve physical contact of customers with the higher business authority and the verification process can be carried out with a high rate of accuracy, efficiency, and convenience.
The video interview is held between the KYC-video expert and the customer to carry out the process of consent verification. This makes it extremely difficult for the fraudster to commit any fraud-related activity. With the blend of artificial intelligence and machine learning, detecting the criminal is much simpler nowadays as compared to old traditional face to face verification processes. With the help of security video, the overall procedure is enhanced reducing onboarding customer cost. Moreover, KYC/AML compliance is enhanced through the video call process and helps the businesses to provide customer due diligence. The excellent standards of trust and compliance are developed by cryptocurrency providers through KYC-video identification.
How does Video Card Identification work?
Questions are asked by the KYC video experts during the live video call. During the process, customer’s behavior and body language are observed to detect any fraudulent activity.
- At the initial stage of the process, the customer is required to fill the registration form. The customer is required to submit official documents such as a government-issued ID card, passport, licenses.
- OCR technology is incorporated for the purpose of data extraction from those officially issued documents.
- Face verification technology is acquired to verify the face of the customer against submitted documents.
- After all these verification services, a video interview KYC is held between KYC experts and customers to closely observe customer behavior and to eliminate the possibility of human error.
- The use of the latest artificial intelligence algorithms with the merge of facial verification technology provides additional security measures for effective fraud prevention.
Why Video Identification Software Is A Good Idea?
The main reason why financial infrastructures are adopting the service of video identity verification services is to combat identity theft, chargebacks, and fraudulent activities. Employee onboarding video identification processes are acquired by countries with the highest regulatory compliance requirements. High-level KYC and AML regulations are obtained by numerous financial sectors to detect criminals that are getting creative day after day.
Selfie to document checks requires its users to submit the image of official documents, as well as a selfie of the customer. Carry out the fraudulent activity during that document verification is sometimes easy to carry out. That’s why, video identification is much convenient, accurate, and efficient as compared to traditional identification methods.
Advantages Of Video Card Identification Software
The following list of advantages is provided by Shufti Pro video identification services to businesses and organizations to deter fraudulent activities.
- Enhanced security features are provided for the enhanced customer experience to the businesses to detect chargebacks and illicit money transfer.
- Cost-effective video identification solutions can be highly beneficial for businesses as it helps them to save time and money.
- Vid-id services comply with legal requirements to fight a strong battle against chargebacks, meeting all the necessary anti-money laundering and know your customer needs.
- Video identification can provide necessary peace-of-mind to business merchants and customers that they are complying in a safe and secure environment.
- Data gathering processes are enhanced for future reference with the help of KYC- video verification services.
- Video identification is fast, reliable, accurate, easy to carry out, providing a variety of advantages to customers.
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