Customer identity verification is the cornerstone for most businesses today. Traditional methods to verify identities are being outsmarted continuously by fraudsters and cyber-criminals. The rapidly increasing technology in recent years has shifted most businesses to digital verification while keeping the operational costs low. Customer identity verification serves two main purposes, it helps organizations to prevent fraud and on the other hand, enhances user experience.
Other than online identification, video verification integrates with online verification while incorporating facial and biometric authentication. By doing so, video KYC service providers have brought innovation for various businesses.
The video verification solution is taking over the old verification method; thus proving to reduce administrative costs for companies. As a result video verification is the most effective tool to help companies stay in compliance with different regulatory requirements. Most often, during a video verification customers have to show their real ID documents for verification of address and identity.
However, during the pandemic, several industries like banking and finance used video verification to authenticate customers.
Seamless Customer Experience With Video Check
Video verification provides seamless customer onboarding while interacting with businesses online and significantly increases the market reputation of the brand. This also enhances the customer base and consumer conversion rate. Because customer satisfaction is the highest priority for most startups and corporates around the globe.
By incorporating security video systems, organizations could easily validate the user identity without ever having to appear physically. The system works effortlessly on various online sites that take mere seconds to verify the user identity. Customers could take verification tests from the comfort of their homes through a live video session.
However, by integrating other verification methods, the video verification process becomes more efficient. Moreover, it provides accurate results during each authentication step. Users could display their identity documents in front of the camera and wait a few seconds for the system to perform authentication checks.
Ensuring Safety During Customer Onboarding Process
For growing enterprises, providing a secure customer onboarding process is vital to strengthen a loyal consumer base. Video verification makes it difficult for fraudsters to cheat the system and get their way with fake identities. The potential threats are significantly lowered at the onboarding process when customers are vet for any illegal activity. Moreover, if a consumer submits fake documents - the solution acts swiftly to capture attempts of forgery and quickly abandons the authentication procedure.
This would ensure that businesses are safe from illegal use of resources to gain entry into the system. The video verification process acts in real-time and records the entire procedure in a backend system. Here are some possible ways to deter fraud during the verification process.
With the increased dependency of companies on evolving technology, fraudsters are using sophisticated methods to fulfill their malicious intent. Most criminals use spoof attacks by utilizing innovative AI tools and supposedly surpass the strict verification systems with the help of fake identities. Usually, it's hard for online businesses to detect any spoof attack; therefore it's recommended to use human intelligence along with video verification. Human intelligence coupled with artificial intelligence helps in detecting spoof attacks more quickly.
Due to the complex nature of synthetic identity theft, it often becomes difficult to detect this fraud type. Fraudsters tend to put together real and fake information together, such as social security numbers (SSN) to create a real-looking identity. Synthetic identity fraud becomes hard to capture at the initial stages but with the help of video verification, it becomes easier to detect.
Deep fakes are usually false videos that are created by using deep learning technology. This fraud type is intended to gain access to the system by fooling it with fake information. By utilizing deep fakes during face verification, fraudsters can easily surpass different identity checks. Such video types often resemble quite closely real videos. This is the reason, a more advanced video verification method is required.
Key Points Before Purchasing Video Verification Solution
This ensures that video verification is the best solution to protect online businesses. Before opting for this solution, it's best to have a look at its features. It’s important to know what benefits are provided by the solution.
In the age of digitization, customers could connect with companies from anywhere around the globe. Therefore, organizations need to opt for video verification solutions that support various languages and document types around the globe.
Enhanced Online Security
Video verification tools effectively manage consumer data that is valuable for most online organizations. This type of authentication method helps in preventing data fraud and keeps up with consumer privacy.
AI-powered video verification solution is proven to help organizations in meeting their compliance goals and deterring fraud attempts. It ensures that people and businesses can strengthen their online security by adapting to the automated verification process. Organizations could streamline their customer onboarding process while reducing the turnover time.