Video KYC Can Help Reduce Fraud
KYC or, know your customer is a process every financial institution is mandated by law to do. The significance of the process lies in the fact that on one hand, the institutions can learn about customers, on the other hand, it is a pre-emptive safeguard against potential threats namely financial frauds. However, the process of KYC is burdensome and grueling at times. This problem could be solved with the application of Adaptive AI. It comes with dual benefits, first, the entire KYC process could be implemented by technology. Secondly, the technology observes customer behavior to learn, to detect a suspicious behavior when it sees one. Video KYC for Banks has truly revolutionized the KYC procedure. In Video KYC, the process is automated and identities are verified securely, and thereby it easily detects frauds in real-time. This is done by combining a clear fraud decision-making framework along with robust data gathering and analysis. There are three different types of fraud ch