The companies need to integrate the latest technology so that the businesses can survive in this competitive environment. Especially after COVID-19, the companies that have shifted to the online mode are now successful and those that have not adapted to the change are not seen anymore. However, the dark side of this technological advancement is that the hackers are stealing the data of the companies to use it for their illicit purposes. The businesses use the video KYC verification, to mitigate all the fraudulent activities.
What is Video KYC Verification?
KYC video identification is a digital process used to check the authenticity of the customer, the specialist performs this verification and checks the authenticity of the user. This is an online process, the companies check the profile of the user through it. These tools onboard the clients, monitor their activity and measure their risk rate. The businesses that do not use these tools, their probability of fraudulent activity increases. These solutions regulate the working of the companies, as they streamline their working through it.
How is the KYC Verification Process Better than Traditional Verification?
Video calls for KYC verification thoroughly verify the profile of the client, and the latest tools are employed to check the authenticity of the user. The latest tools are very swift, they do not commit mistakes, and they record the exact data. The continuous monitoring feature enables the company to measure the risk rate of the user. The conventional ways of the validation were very time-consuming, and they were costly as well. The companies have to employ the operators for this task, other than this their miscellaneous expenses also increase due to this. The tasks that are done by humans are not very accurate, because they sometimes get distracted by their surroundings.
Why Do Companies Use the Video KYC Process?
KYC video identification increases the surveillance of the areas in which they are installed, the companies can preserve their territory through it. These are also used in the offices for recording the attendance of the employees. The companies can record the check-in and check-out of the users and can then reward them accordingly. The businesses do not have to perform long manual documentation for such purposes, they can employ machine learning tools for their daily workings. These solutions properly record the activity of the employees and give them salaries and bonuses according to their work.
How Digital KYC Verification Controls the Phishing Attacks?
KYC video identification mitigates all kinds of fraudulent activities. Nowadays hackers drive new means to hack the account of the user. They sometimes use the 3D or silicon masks to dodge the scanner, the solution verifies the profile of the client and checks their identity. The scammers also perform phishing attacks to decode the system. The biometric solutions check the liveness of the user and verify that the customer is present over there. In this way, all kinds of fraudulent activities are discouraged through these solutions.
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Identity Theft
The scammers commit identity crimes, by stealing the account of the user and then using it for their men. The banks control these issues with the aid of video KYC verification, they verify the identity of the customer and then grant them access. The user just has to stand still in front of it, and their validation is done in seconds.
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Deep Fakes
The companies can control the deep fakes by using video KYC verification. There are chances that they present the stolen pictures of the client to the scanner, and try to unlock it. The biometric solution uses deep face recognition tools to detect such issues.
What Happens if the Company is not Compliant with the Video KYC verification?
The regulatory authorities have made it regulatory for the companies to comply with the regulations. These rules are for the benefit of the organizations, as they will aid in protecting them from data breaches. Businesses that do not follow these rules, have their information not secured. Other than this they also lose their users and are unable to retain them for the long term. The organization has to face many complications due to such issues.
Summing Up
The KYC Video verification regulates the operations of the companies, as the clients do not have to come to the office, their authentication can be done from any place. The businesses control identity theft, phishing and 3D attacks. The latest tools are for the betterment of the organizations they certify that the data of the client is in safe hands. The companies can increase their revenue and rank them on a global scale.
