Practicing security measures is the only way through which digital platforms can sustain themselves in the market. Identification of users is the first priority to have a frictionless business operation. Let’s discuss identifying users based on their identity documents. Businesses verify users through any of the government-issued identity documents like driving licenses, passports, and ID cards.
It is an efficient way of identifying customers and it is extensively deployed by businesses. The increase in scams regarding identity documents moved the businesses to go for enhanced verification protocols. Video KYC identification serves businesses with identifying their users through liveness detection.
Let’s take the example of ID documents, it is in fact one of the best methods of customer identification. A person displays the identity documents and the system verifies its identity. What if someone got their real documents stolen? Imposters who steal ID documents and then claim them as their own, what do legitimate consumers and companies do in this situation?
Video KYC – Identification
The above scenario requires businesses to practice a method that does not permit scammers to make a fool out of them. Video KYC verification is one of the methods. It verifies users in a way that would possess minimum chances of errors.
When a user wants to avail of the services of a company, they are identified on a live video call. Knowing your customer’s digital verification by video chat can prove to be an efficient method to make sure only genuine users become part of the company.
Video KYC Verification – How Does It Work?
Video call for KYC verification identifies the users based on the customer-given videos and matches their face against the image present on the document. Liveness detection will minimize the possibility of falsification that could occur in any other identification protocol. Identity documents accompanied with the live video call can facilitate an extra layer of protection in the identification methods.
There are some technicalities that customers have to take care of while getting themselves identified through end-to-end video identity identification. Appropriate light, and ensuring the internet connection is properly working to limit the probability of blurriness and other elements are crucial to consider when selecting video KYC identification.
On the identification side, video KYC experts are also required to perform the process. Considering the fact that fraudsters use smart tools, video KYC must become more insightful. In a condition where the account is of critical value and in-person identification is not possible, any other identification process cannot produce fruitful consequences. Therefore, selfie-based video verification services are used as an added layer of safety for scam protection.
Automated Video Verification Systems
Video KYC verification is no doubt an online process but it is not a fully digitized process yet. Companies opt for video verification security processes to enhance their workflow and scale their identification protocols.
But as far as video KYC is concerned, an expert is needed to traditionally verify the video call. If human intervention is still part of KYC digital identification, does it facilitate the enterprises the way it must be? This is the question that prevents companies from selecting this process. But nonetheless, technology has made online verification through video chat completely digitized.
Remote Video Identification in Real Estate
The real estate business is experiencing scams which is why these websites are tightening their AML/KYC regulations. Real estate is notorious for crimes like ML. Therefore, the discussed business is trying to improve safety in their KYC and AML laws to avoid online scams.
The company possesses safety measures that produce an alert over any suspicious transaction. Transaction monitoring is crucial when companies strive to reduce the threats of money laundering. Thus to keep strict regulations for enrollment is understandable but firms never would want to unnecessarily burden their users with hectic processes, thus video KYC verification makes the process easy for businesses.
Summing It up
In this age where digital scams are skyrocketing, it has become imperative for companies to adopt identification protocols that can discourage spammers. Video KYC identification verifies customers on a live call. Because of liveness detection, it is convenient to verify the customers authentically. Businesses that are prone to digital scams have an urgent need to enroll users through digital video KYC.
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