The monetary industries are embracing innovative automotive services for their clients. With the advancement of these services, the desire for online IDV services enhances as well, that can be well connected by combining the software with an innovative authentication software such as video verification.
In video verification, a know your customer representative of the monetary organization verifies the identity verification of a client. During the call, a client is required to display their ID to the organization official after authenticating his personal information. Important monetary and other industries have initiated infrastructure for this new authentication software.
Who verifies video to know your customer with clients?
In video verification, the clients are connected with an expert know your customer, who monitors the call and requests them to authenticate by showing an ID document as proof. During the procedure, the know your customer expert request them to inquire queries from the client and observes their body language as well to make sure that the individual is in front of the webcam is not a fraud. In video verification, the clients are connected with an expert request to inquire queries from the client and observes their body language as well to make sure that the individuals are in front of the webcam is not a fraud.
Benefits of implementing video verification
Utilizing video verification client identification procedures has several advantages for businesses.
Reducing money laundering
Onboarding legal clients will also secure your industries from money launderers. With video verification, extensive background screening can be performed on your customer to make sure they are indulged in fraudulent activities such as politically exposed people and sanctions lists. So video verification can prove to be a useful tool in combat against money laundering.
Diminish hefty paperwork
With the entire authentication procedures being performed automation, the organizations can say wave to the extensive amount of work and large manual procedures.
The video verification procedure is done through the following stages:
- In the procedure of live video verification, the client is requested to fill in the enrollment form that is present on the organization website.
- After the enrollment procedure, the know your customer expert registers the client for live video identification.
- know your customer expert takes permission from the client to gather information for identification methods and to move further.
- The client is then requested to show each side of the identity document that could be an identity document card, passport, or credit card.
- The artificial intelligence for identity document authentication solutions authenticate the document, performs facial recognition, and anti-money laundering screening.
Video identification client verification serves as an instrument against several identity frauds that includes:
1. Malicious attacks
With the advancement in automation, impersonators are becoming more intelligent in executing out attacks to comply with their fraudulent activities in the process of malicious attacks. Utilizing artificial intelligence tools and automation, fraudsters are fooling and passing through authentication methods with forged or tampered identities. This category of the report and facial malicious attacks are difficult to verify and is not recommended to comply with the software decision only. Video verification indulges both HI and AI to recognize malicious attacks in no-time.
2. Synthetic identities
It is one of the most difficult theft to verify to detect because of its presence. What imposters do is they unite real pieces of data, for example, SSN will be forged data to create authentic information. Such identity is difficult to verify at the first stages of fraud but with video KYC services synthetic identities can be recognized easily, therefore, reducing upcoming synthetic identity fraud.
3. Identify deep fakes
It is usually known as incorrect videos utilizing DL automation. They are used to impersonate the software and acquire unauthorized access to the software. For example, utilizing in fave authentication software, impersonators can pass through identity checks. Such videos are real close to authentic videos and can not be verified the desire for a safe video verification solution.
