COVID-19 has provided organisations with a digital landscape, although the pandemic is over, an effective remote experience catalysed businesses to utilise digitalization. Businesses expand over the globe, they are prone to vulnerabilities which leads to sophisticated financial crimes. Businesses employ advanced ‘Know Your Customer’ (KYC) measures such as video KYC verification, which facilitates firms with successful measures to have safe business relationships over the globe. It helps to combat the growing ratio of cyber crimes such as scams, identity theft, spoofing attacks, and the transaction of black money.
Organisations across the globe use Video KYC solutions to connect authentic clients over the globe. Nowadays businesses use Zoom and Google Meet services to have face-to-face interaction with clients before establishing a business relationship. Video KYC helps to identify authentic clients over global meetings.
What is a Video KYC Process?
Businesses connect clients over the globe, video call is held to conduct face-to-face meetings. Clients are required to submit their various identity documents, and then their identity is verified over the Video KYC methods, which work automatically to ensure whether the information provided over documents is authentic or not. For example, in a Video KYC verification, a person’s face is identified via automated algorithms that identify whether the facial features in online meetings are similar to the provided pictures or not. It helps firms to identify legitimate customers.
Why Do Businesses Utilize VIdeo KYC Solutions?
Industries are rapidly moving towards the use of remote video verification, which is highly desired for robust security and efficiency. Moreover, it is cost-effective and ensures a smooth onboarding process which facilitates both the organization and the client. It allows hassle-free onboarding over the globe. Where digitization has enhanced criminals’ capabilities to bypass security measures and leverage a frenetic cybercrime landscape with the use of advanced technology, the KYC solution empowered firms to combat all the sophisticated cybercrimes.
Organizations use video KYC solutions to eradicate the following risks.
- Spoofing Attacks
The advancement in technology has enhanced business to grow over the globe with digital resources such as internet service. On the other hand, imposters are more active in utilizing artificial intelligence and machine learning to create 3D-rendered models and fake documents, which they use to bypass security measures and execute their illicit actions. Facial spoofing attacks are somehow hard to be detected, they are designed with advanced technology. Video KYC combines human and AI powers to detect spoofing in real-time and make organizations secure. The automated AI and ML algorithms are smart enough that they can detect minor variations in fake and real identities. Moreover, it is the solution to make onboarding secure over the globe.
- Deep Fakes
Video KYC processes identify if a person is using a computerized fake identity over a video call of real-time identification. In some cases, businesses ask clients to upload a video, imposters use deep fake videos to be identified as real clients. The deep learning technology used to create fake videos made it impossible for human beings to identify falsified data thus Video KYC is the only solution to protect organizations from criminals. Digital KYC verification enables firms to identify real clients in online face-to-face meetings. Additionally, it empowers organizations to detect fake videos and spoofing attacks. The KYC solution providers are helping to prevent every kind of future risk in digital remote onboarding over the globe.
- Synthetic Identities
Imposters use synthetic identities to use firms for illegal actions, such as some criminals using fake IDs to open bank accounts for laundering black money and to generate illegal transactions. It is harder to detect synthetic IDs with the human eye due to the sophisticated technology being used there. Forged documents are used by criminals to reach their illicit goals, this kind of falsified documents can only be detected with the help of the KYC verification techniques. It enables organizations to prevent the issues of cybercrimes in onboarding over the globe.
Conclusion
Organisations use Video KYC verification to connect their customers over the globe. KYC processes ensure a successful and authentic onboarding in online business relationships. It facilitates organizations with prevention from spoofing attacks, identity theft, and other cybercrimes. Industries are moving online to utilize advanced digital technologies, which also lead them toward various complexities. KYC solutions are the only successful measure to identify the legitimacy of clients before having them onboard. The advanced AI and ML technology employees in the KYC process allow firms to detect scammers, it provides a kind of security from every kind of future risk.