Features That Keep Your Data Secure While Using Video KYC

 

Data breaches have become common as most industries do not keep up with the latest security features and tools for data protection. Whenever a data breach happens, the company's reputation takes a massive nosedive. Thus, data security should always be a priority for companies.

In the financial sector, online services have become widespread among the public since the pandemic hit. One of the key technologies that got implemented during this time was video KYC solutions. Through video KYC, people were able to update their details at banks and other financial institutions remotely from their homes. Even various companies started using video KYC solutions for the remote onboarding process of their recruits. The video KYC tool allowed the company to accept and authenticate the details and documents provided by the candidates. It made hiring a suitable workforce easier for them during the pandemic.

The Reserve Bank of India had revised the KYC guidelines so that even banks, financial institutions, small businesses, and startup companies can implement video KYC solutions for their needs. Here are a few methods that make video KYC more secure than other forms of the verification process.

These Features Make Video KYC More Secure Than Other Verification Processes:

  • No hard copies are required for the video KYC process: Banks, financial institutions, and other sectors are implementing video KYC solutions because it makes authentication easier for them. The customers do not need to carry or submit any physical copies of their original identification documents in the video KYC process. This makes it harder for regular scammers and fraudsters to do identity theft.
  • The video KYC process has many in-built security features: The video KYC process is more secure than other verification methods because it employs a combination of human supervision and automated features. During the online video KYC procedure, an executive is present with the customer to guide and supervise them through the entire procedure. On the other hand, the details and documents of the customer are accepted through an automated process. These are also verified online with the help of artificial intelligence. Thus the combination of human supervision and machine automation makes video KYC faster, more accurate, and secure.
  • Institutions also employ various cybersecurity measures for the video KYC process: Apart from getting tools for the video KYC verification of customers, many banks, businesses, and companies also implement various cybersecurity measures. According to the RBI guidelines, if an institution wants to implement video KYC, they need to also install technology infrastructure within their premises that can fulfill the basic cybersecurity framework. This helps them to monitor and also prevent their databases from getting accessed by unauthorized third parties.
  • Video KYC verification uses AI-enabled technologies for faster and more accurate results: Video KYC verification process has become highly popular because it uses AI-enabled image processing software that can compare the online documents of the customer with the public government database. This feature increases the accuracy and processing speed of the video KYC verification process.
These are the features that make video KYC more secure and helpful in protecting the user's data.

Location: India

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