How Video KYC can put an end to fraud?
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