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 checks that take place during the Video KYC procedure. These are as follows:

Document Tampering

Detecting and preventing fraud has become an efficient process thanks to the AI-based technology offered by Kwik.ID, the best Video KYC solution providers. Usually, when a person is submitting documents, the technology allows a face match comparing the selfie and photo on the document. It helps in detecting whether the person in the photo and the one submitting the documents is the same and thereby preventing identity theft. Another inbuilt feature helps to detect whether the government ID has been tampered with and a risk score is also generated during the process to decide the legitimacy of the documents.

Location Spoofing

To identify safe customers, location verification is important and Kwik.ID takes care of that by providing cutting-edge location intelligence. When the Video KYC process begins the live location of the customer is captured followed by an instant OCR of the POA document.

Security Questions

This is a significant step in the video KYC process where a security question is asked to the customer to find out whether this is a live video session or, something pre-recorded.

Kwik.ID is a comprehensive AI and data-driven decision-making platform that offers sophisticated Video KYC solution with all the necessary features. This is indeed a powerful Video KYC verification tool for the organizations to combat fraud.  You can learn more about this topic at https://getkwikid.com/blog/2020/06/24/minimizing-fraud-with-video-kyc/.

Comments

Post a Comment

Popular posts from this blog

Tourism and Other Industries are Turning to Video-based Solutions

Image
  The pandemic is definitely causing big paradigm shifts across industries around the world, the situation has changed in such a big way as we all hurried to resort to digital solutions. Every industry had to struggle to fit into the new normal, the situation was most definitely complicated as the very survival of the industries was under threat, the hospitality industry especially was having a tough time, they had to shut the shop for longer months and there was no way they could have stayed afloat. As slowly things started getting back to normal the industry needs to find its unique digital solutions to stay functional. The video-based solutions including the video KYC verification will probably be accepted norms now. To understand its impact let’s take a deeper look at the situation. Video-based solutions: The auto-check-in would be a reality from now on as this is definitely a measure that the customers can enjoy and this would also enable the staff to maintain a safe distance. Th
Read more

How Video KYC can put an end to fraud?

Image
The number of crimes taking place in the finance sector is alarming, there have been many fraud cases that shook us all. The introduction of the KYC procedure was done to eliminate the risk factor, as the procedure made it mandatory for the banks and other financial institutes to check the ID and the address proof documents of the customers and get the verification done before allowing them to access services. However, the procedure was lengthy, costly and cumbersome, and since it involved documents that could be easily forged, the risk still remained. The introduction of  Video KYC  changed things for the better. Video KYC India: How secure is it? The timely arrival of  Video KYC for Banks  and other financial institutes saved people and organizations during the lockdown process and allowed them to carry on with their transactions. The key features of the procedure were enough to ensure that the verification process could be free from any kind of forgery or, such activities. The reaso
Read more

Video KYC is Being Implemented Across Various Sectors

Image
  During the pandemic, online services and remote work culture became prevalent among people. Various sectors and industries had to implement solutions that could help them adjust to this new trend in the work culture. For example, the onboarding process can now be done remotely with the tools of video KYC solution providers . Nowadays, companies from both the financial and non-financial sectors have started implementing this solution in their workspace. Let us look at some of the industries that have started using video KYC . Sectors Using the Video KYC: Banks Many banks have started using the tools of video KYC solution providers to do the verification process of their customers. It is especially helpful for people opening a new account as their verification process is completed quickly within a few minutes. They can have access to their bank account as soon as their identification process is completed . Insurance Companies Previously, people had to fill out multiple forms and provid
Read more