Video Verification – Combatting Identity Fraud in Digital Era

Despite AI-powered systems, real interaction between a specific company and a potential customer instills a full sense of trust. By integrating KYC (Know Your Customer) solutions, companies may quickly onboard new clients using video calls to confirm the user’s identity.The concerned company or platform sets up a virtual meeting session in which the customer appears with their identity that was previously screened in the preliminary stages of the verification system to validate individuality. A video verification system uses a quick approach to ascertain the client’s sincerity.

Online Video Verification at a Glance

Once a customer has completed required document verification, age validation, address identification, and 2FA authentication, the relevant company will be ready and eager to move forward with the particular profile. An email is sent to invite the client for a live video call.

The customer once more presents their identity documents to the KYC specialist during the video call verification process. The customer is questioned on many topics. The automated technology confirms the ID documents once more, exactly as it did during the initial scan.

The concerned firm receives the proof of client authentication via the digital system, which verifies identity through video chat in real-time. Facial data is compared to the image on the identity document, and any put-on traits are immediately photographed.

Models of Video Verification

Identity verification can be done quickly in three different methods. A specific company or financial institution may only use one or a collection of methods, depending on the location of their target market.

  1. Regional KYC Agent

Global businesses employ the procedure to authenticate identity via video chat with KYC specialists of multicultural backgrounds. Verification agents from other countries improve the business in addition to the bilingual system for verifying documentation in a variety of languages by appealing to clients of various nationalities.

  1. Automatic Service for KYC Verification

A company or financial institution can confirm identity through video calls for a higher level of precision and speed, just as the other validation procedures of the AML and KYC processes. The video identification system’s greater advantage is its ability to effortlessly gather important details from the company’s dynamics and face shift patterns. The client’s body language will contain important elements that are sharpened by the AI-powered systems.

  1. In-House KYC Personnel

Every company or financial institution can engage KYC agents from various countries to verify identities using video calls, but internal staff members can also be easily trained to do the same. The KYC video process is quite simple to use, and conducting orientation is quick.

Online Video Verification – A Promise for Industries

Banking

The method of using video calls to verify identities in financial institutions significantly lowers the number of criminal violations. Regulatory authorities stress video KYC verification to stop money laundering and terrorism financing.

Real Estate

Using a video call to confirm identity can be advantageous for real estate companies. In addition to banks and international gambling sites, real estate is a popular destination for money launderers. In the year 2009, a staggering sum of over 1.6 trillion dollars was laundered, and the amount will keep increasing due to the lack of smart changes to the authentication method.

Cryptocurrency

The direction of money transfers may shift as a result of the expansion of a specific industry using an improved video KYC solution. In order to prevent money laundering, digital money exchanges with structured systems can authenticate users’ identities via video call.

Key Features of Digital Video Verification

  • The money spent on human KYC verification and any additional costs resulting from faulty or obsolete identity systems could be saved and applied to more important projects. The process of confirming identity via video chat results in significant cost savings for production, international marketing, and other areas.
  • For client facilitation, the technology may rapidly verify provided documents and identify them via video KYC process.
  • Every company has unique capabilities and performance indicators, and by utilizing services that are tailored to their circumstances and demands, they are able to validate identity by video chat.

Final Thoughts

The process for video verification is often used in various institutions, digital currency exchanges, real estate, and certain other businesses with a greater rate of accuracy. Additionally, the method aids in strengthening connections with international demographic groups and expanding the market position of the specific company or platform.

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