The process of identity verification is an integral part of many business operations and organizations. It performs to verify the user and prevent the scammers from using the business’s resources for illegal means. The identity verification process follows in accordance with KYC and AML laws for complete protection against crimes like identity theft, money laundering, and trafficking. The addition of online interactions within the business processes especially after the period of COVID-19 causes the issues increases. As the online platforms are not fully protected, digital KYC solutions are implemented. Online video identity verification is a major part of the online KYC process. It helps in the evaluation of the user virtually without any physical involvement.
The Need for Video Identity Verification
Online fraud is increasing rapidly as reported by CNBC news, people in the US suffered over $56 billion in 2021 falling prey to the identity theft attacks. Further, it reports the estimated rise of identity theft as per statistics in the upcoming years, which is said to increase by about 45%. This rapid growth in the identity theft issue is causing each industry to reconstruct its security systems with new tools and technologies. The implementation of live video chat verification is a must-demand of time to verify the user in real-time. With video identity verification the users are fully evaluates and the risk of an unverify user is minimizes.
Video identity verification involves a number of processes and it is a technique that works on video identity proof of the user. In this process the organizational calling agent involves, It verifies the user by interacting and communicating with the person in real-time.
Video KYC Process
The video KYC process composes of multiple steps to verify the user. The user registers online with the verification application then the online KYC process executes. It initiates after the user submits all their identity information to the system which can include the user’s personal information like name, age, gender, and identification image. After submitting the user information from the online forms, the system redirects the user to the video KYC process.
Online Video Conferencing
The Video call connects the client and the organizational agent for the purpose of real-time identity verification. In this phase, the organizational agent verifies the face, and then the user is approved with facial recognition technology instantly.
E-Verification of Documents Online
The next phase of video verification involves the verification of documents that the user uploads on the online software. Those documents are then verified on the live video call, the user has to provide all those uploaded documents to the agent to verify the integrity of the papers. The online KYC process uses the user’s legal documents like identity cards, passports, and licenses to verify the user.
Validating The User Identity
The user’s identity is verified by processing all the provided data from the user, the system uses AI-powered systems to verify the documents and other image data. After the verification is complete the system marks the user as verified and the agent of the organization proceeds with the further onboarding process.
How Video KYC improves the process of verification
The traditional KYC process is a long method of verification and involves a number of checks and assessments which needs to carry out manually. Without those checks, the process does not complete and the user’s verification is not possible. The manual method is a hectic and very time-consuming process. It can take up to days to just complete one phase of the process, for example, the verification of documents. Other than that the manual method can have errors and issues. Since the manual method of verification does not involve the new methods of detecting forgery and modification. The attackers have multiple ways to trick the agent and gain access to the system.
On the other hand, the introduction of online KYC also known as e-KYC has greatly increased the success rate of the identity verification process. With video identification in this way, the attackers are restricted from harming the system as the user needs to answer the agent in real-time.
Using the online tools of verification the user is also verified by biometric means of verification via their traits and characteristics which also ensures integrity. With a video KYC solution, the number of attacks and modification attempts becomes lesser in great numbers.
Wrapping It Up
Moreover, the video KYC method is a great way to evaluate the users. It involves an organizational agent interacting with the user in real-time. It. verifies their integrity by asking for multiple identity proofs. The documents are also verified efficiently with the video KYC process. So, with the method of video KYC. The computer systems also assist in verifying user identity with verification technologies provided by artificial intelligence.