Joining digital platforms is really difficult for firms than it actually appears. They face numerous difficulties, ranging from improving the user experience to stopping online fraud. Technological advancements have forced criminals to boost their game and devise more cunning techniques for committing crimes. When discussing online business platforms, one cannot ignore the potential for fraud. By employing video-based KYC procedures, scams of any form can be avoided.
The digital shift has made life easier for both buyers and sellers without a doubt. Businesses are supposed to operate more efficiently as they sell their items online. Clients have high aspirations and expectations of retailers, so those who arrive with this attitude are challenging to satisfy. But it’s also not impossible. Video KYC vendors help sellers provide consumers with solutions of their choice in this digital age.
A Deep Dive into Video-Based KYC
The idea of photos and video is becoming more popular as a result of the internet’s accessibility as well as mobile phones’ widespread user base. Compliance experts utilize the service to provide effective verification solutions.
Policymakers use customer onboarding video solutions to know their customers. Once firms have verified them during a video conference, there are essentially no odds that fraudsters would be successful in their devious plans.
Know Your Customer (KYC) is the procedure of authentication employed by companies to confirm the identity of their clients. Typically, KYC video verifies the authenticity of new clients by validating their government-issued documents, such as ID cards, passports, driving licenses, and more.
Steps to Verify the Live Presence of a Client
What is a verification video, Well, it may be regarded as a more sophisticated know-your-customer solution? Clients can be verified more accurately and efficiently via video calls. After a customer completes a registration form and provides basic information about themselves (name, address, etc.), the company contacts them and has a KYC expert confirm their identification. Before verifying a user’s identity, the expert obtains permission. The video KYC specialist interviews end-users while they are on call to test their liveness detecting capabilities. Later, the clients are requested to present their IDs. Software for document verification is used to confirm the documents’ originality. Additionally, the customer’s face is compared to the image on the document. Results of verification are delivered when consumers are identified via a call.
Real-time consumer identity verification is done through automated AI-powered video verification. Companies find it helpful since they may quickly verify users in the convenience of their own homes.
Perks of Using Video Based KYC Services
Clients need to be verified, and what great option to do so than to check for their physical presence? The team ensures that nobody uses somebody else’s identity by having consumers on call. There are several advantages to taking into account video chat ID verification procedures. Below are a few of them:
- Prevents Money Laundering
Everyone is deeply devoted to money and it is a fact that can’t be denied or ignored. On the other side, criminals make every effort to obtain as much as they want no matter where the money comes from. They use different tactics to carry out their nefarious activities. One such criminal activity is money laundering. In this process, money is obtained illegally and then put through steps to make it legitimate. However, businesses may prohibit illegal money transaction operations with the aid of video based KYC, which will ultimately aid in the eradication of illegal activities such as money laundering and terrorism financing.
- Secure Funds
Companies that follow KYC and AML regulations can protect their consumers’ money. When users have positive interactions with businesses, their trust in those entities grows, which exponentially increases the likelihood that businesses will make significant profits.
- Compliance Regulations
Regulatory agencies are active to defend the interests of consumers and helping businesses run smoothly. One such rule is video based KYC. It is almost hard for enterprises to fall for fraudsters’ tricks by following video KYC laws.
- Enhancing B2B Relationship
When a company performs successfully in the market, it eventually gains a positive brand reputation. One success of an organization encourages others to work with it. They can so improve their business operations with this approach.
Businesses must now implement verification methods that can deter fraudsters because internet scams are growing at an alarming rate. Employing video based KYC verification, users are verified in a live call. The technique is more convenient and authenticates the people with liveness detection. The necessity to enroll clients through video KYC is crucial in sectors that are more susceptible to online scams.
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