Selfie Based KYC Solutions – Real-Time Customer Onboarding and Threat Prevention

Covid-19 pandemic has transformed businesses to deliver online services to consumers. They are shifting their services online to capture the consumer market and gain various benefits. Financial and banking institutions are the first that are making a big move among all other organizations for customer verification and onboarding. While providing services online the businesses need to ensure better security and customer experience. Video-based KYC solution performs real-time verification of remote end-users while conforming to the requirements of KYC and AML regulations.

What is E-KYC Video Verification?

KYC video verification is an online face-to-face identity authentication process through which businesses perform customer verification. The KYC expert interviews the customer during the video call to observe his body language and to ensure that he is not an impersonator. The end-user is required to provide his ID documents during the video call. The face image is matched against the facial image on the identity documents of the end-user. After a successful match, the end-user is verified and allowed to access the system. 

Use Cases of Video Call KYC Verification

Businesses need to incorporate cutting-edge digital solutions to meet the constantly changing demands of end-users. Various industries are using video KYC solutions for remote customer onboarding and authentication. 

Video Call KYC Solution For Banks

Regulatory bodies have initiated strict AML and KYC requirements for banking firms. During the onboarding process, the verification of the end user’s identity is compulsory for all financial firms. Manual verification is time-consuming and inefficient. Banking firms require a digital solution to onboard their customers. KYC video verification is a robust solution to verify legitimate customers in real-time and fulfill Know Your Customer and Anti Money laundering compliance. 

Video Call KYC Solution For Remote Businesses

While working from home in the Covid-19 pandemic, employee fraud and cybersecurity threats are increasing rapidly. Fraudsters are making use of this situation to gain unauthorized access to corporation’s sensitive information and assets. With the help of a video KYC solution, businesses can ensure that legitimate employees are being hired. Furthermore, verified employees are allowed to access the business assets only.

Video Call KYC Solution For Insurance Agencies

Fraudsters are targeting insurance platforms to carry out scams on a large scale. They are using stolen identities and false documents to exploit insurance companies for their illicit activities. Due to such activities, the rights of the victims and the business owners are confiscated. Through Video-based KYC solutions, insurance agencies can authorize legitimate customers to use their services and prevent the usage of illegitimate documents.

Video Call KYC Solution For Cryptocurrency Platforms

With the popular demand for digital payment services, cryptocurrency platforms have gained importance for virtual currency exchange. Blockchain technology is used to perform secure transactions over encrypted channels. Criminals are using sophisticated ways to exploit the vulnerabilities of this decentralized platform for illegitimate activities. Cryptocurrency platforms must make sure that verified users are engaging with their trading platforms. The state-of-the-art Video KYC verification is a better solution to verify the end user’s identity effectively. Video KYC verification solution performs various identity checks during a live call. Which include validation of the end user’s ID documents, a facial image, and his provided information.

Advantages of Video KYC Service

The robust KYC video verification solution has multiple benefits for various organizations:

Efficient Fraud Elimination 

Effective fraud mitigation is the essential benefit of Video-based KYC service. Video KYC utilizes artificial intelligence and facial recognition technology to verify the customer during the live video call. With this mechanism, businesses can minimize identity scams and secure their system from unauthorized access.

Eradicate Money Laundering

Onboarding authentic customers will help businesses to secure their systems from money launderers. Through Video KYC verification, Customer Due Diligence (CDD) and Know Your Customer (KYC) checks are performed. With these checks, businesses can ensure that their customers are not present on blacklists and sanction lists.

Minimize Paperwork

With the integration of Online video KYC verification, businesses can get rid of lengthy manual verification procedures and hefty paperwork.

Better Customer Experience

Video KYC verification service helps businesses to prevent drop-offs. Due to the inefficient physical verification, customers abandoned the onboarding process. Through the Video KYC verification solution, customers can verify themselves by displaying their ID documents and answering the questions of KYC experts during interviews. After the end-users information is collected his verification is performed. 

Swift Identity Verification

Video-Based KYC solution performs remote verification of end user’s identity. While manual authentication processes required physical visits from customers to verify their identity. Remote verification completes the process much quickly while preventing delays.