Customer verification is essential for streamlining corporate processes. It is vital to take specific security measures and do a number of checks to determine whether the customer or person is genuine. Any identity document issued by the government, such as an Identity (ID) card, driver’s license, or passport, may be used to identify a customer. Organizations employ it as a risk-free approach to confirm the legitimacy of new clients.
Every day, there are more cases of ID theft. Therefore, businesses are using increased verification measures to deter and prevent them and are working to effectively combat these issues. They will be able to improve their clients’ overall experience thanks to it. Liveness detection must be used by businesses when utilizing KYC face verification to validate their consumers.
A description of the Face Verification System
A method for selfie verification called liveness verification increases the system’s effectiveness in determining whether a face, retinal, or palm scan biometric is authentic. Global corporations must also meet standards for reliable, error-free, and trustworthy verification techniques.
A system that can handle potential cyber-attacks in the future is one of the essential requirements for the sector today. Scams are currently very prevalent in the world. Therefore, face verification aids in reducing the likelihood of spoofing attacks.
Video identity verification: what is it?
It is incredibly difficult for businesses to adhere to Know Your Customer (KYC) laws given the constantly changing regulatory environment. Financial institutions must improve how they operate while enabling customers to do online transactions and sign up for digital services.
As a result, providers of facial recognition technology are modernizing and stabilizing the systems used by financial institutions. Financial institutions can lessen customer frustration and potentially improve security by integrating identity verification systems that are based on machine learning and artificial intelligence.
Financial institutions may now deal with current criminal threats, suspicious activity, and fraud concerns more effectively and without any potential of error thanks to video KYC. The following illicit tries can be stopped by banking institutions employing KYC video services.
- Attack by Deepfakes
- Attacks Using a Synthetic Identity
- To Commit Fraud
How KYC Face Verification Works
The goal of KYC verification is to authenticate consumers based on the videos they have provided and to contrast their faces with the images on their documents. Liveness detection will lessen the possibility of errors in other authentication procedures.
Customers must take care of a few technical requirements during selfie verification, such as having the proper lighting and a strong internet connection, in order to lower the likelihood of blurry or poor-quality photographs. The verification process needs qualified professionals. If verification methods are ineffective and unable to identify suspicious activity, it is tremendously destructive to organizations. It might even result in bankruptcy.
Thus, advanced facial recognition technology is essential to deter fraudsters and their nefarious methods.
Therefore, selfie-based authentication systems are useful since they offer human error-free security and stop fraud.
Real Estate Face Liveness Verification
Many real estate organizations are strengthening their AML/KYC requirements to combat fraud more effectively because money laundering and other illegal actions are prevalent in the industry. They can use it to prevent cyberattacks as well.
Security services can alert an organization to any suspicious behavior or unexpected transactions. To lower the danger of money laundering, businesses must keep their transactional records. In order to make the procedure simpler for firms, video KYC verification must be used.
Procedure for Video KYC in Steps
Financial organizations can quickly verify customers’ identities with the aid of video KYC services. It eliminates manual verification techniques and lessens the workload for personnel. The steps of the video KYC process are listed below.
- Liveness Detection for Registration
- Verification of Documents
- facial identification
The advantages of facial recognition
End-to-end video ID verification is a significant and useful method for both clients and businesses. Customers’ identities can be checked remotely. After connecting to live interactions and authenticating them via liveness recognition, customers are instructed step-by-step by video specialists.
The best client verification options for financial companies are video verification services. To deter scammers and stop data breaches, these measures must be put into practice. The method becomes more precise by utilizing liveness detection, biometrics, and automated authentication.
Identity verification checks using KYC facial verification are getting more effective and secure. Customers are verified live over the phone using a KYC face verifier. Because of this, financial institutions can guarantee increased speed, stability, comfort, and accuracy.