Step into the Online Video Identification World and Secure Businesses
With the progression in innovations and criminal activities, the requirement for new digital identification services is also expanding. Due to the increasing rate of crimes, companies need multi-layers of security that will reduce the ratio of fraud. To help businesses boost transparency and credibility, video KYC solution provides identification checks to determine the authenticity of their customers. It was observed in 2022, that 43% of people were not able to find out whether the video provided by the customer was original or not. This blog will talk about how businesses can deal with deep fakes and prevent other fraudulent activities with online video identification.
Verify identity Via a Video Call
Online video identification provides businesses with validation of their customers through a video. This procedure is a kind of real-time video identification that helps companies to validate their customers. Online video identification is an essential part of the Know Your Customer (KYC) solution that deals with a wide range of industries including Fintech, cryptocurrency, hospitals e-commerce, etc.
Banking Industry
Clients who want to open their accounts and do not have the time to go to the banks physically can also open them digitally. In this process, the client shows all of the ID documents and their facial features through a video call.
Real-Time Video Identification
In this process, the customer shows the company their license and ID documents through the web camera. The system then compares the real facial features of the customer with the ID documents. After successfully comparing both of the facial features, the customer is notified as a valid one.
Cryptocurrency verification
Customers must show their original Identity card to the camera in the cryptocurrency exchange. The system checks for the authenticity of the documents and proceeds accordingly.
Customer Onboarding Video
Digital video facility for identification has made customers’ lives more convenient than before. Through this facility, customers can get a seamless encounter in their onboarding process. They don’t have to wait for too long. This system is very fast, it deals with the whole procedure within a few seconds. Online identifiers save customers time, and they can arrange digital onboarding at any time. Through this solution, companies can onboard authentic customers who have never been involved in any criminal activities. Video chat ID verification works as a restriction for all scammers.
Video Call for KYC Verification
Through online video identification, companies can easily find out their potential candidate. These video identifiers work as doors within the company and clients. If the company receives a video according to their requirements, then they will open the company’s door for that client. But if the customer has utilized the deep fakes, then the company, with the help of an online video identifier, uncovers that fraud and never gives employment to that candidate.
Easy Access
The customers can get easy access to this technology. They do not have to present themselves physically to the company. It means they can do their important tasks and after completing them they can send a video of their facial features which will identify them. Kyc video identification can be done through two processes:
Recording at the Exact Time
The customer can send its video recording at the exact time when the company starts the onboarding process.
Live Video
The customer can contact the company by making a live video.
Automated Technology
Online video identification has AI algorithms that can automatically validate the video, it doesn’t need human efforts to start its procedure. In this feature, customers can also compare their ID documents to their sent video in no time. AI algorithms assist the solution in detecting the features of the customer. It also focuses on whether the customer has sent a forged video or an authentic one. The instructions are fed onto the AI once from the company and after that, it controls the whole procedure. It automatically asks the customers for some actions, for instance, to blink their eyes and open them wide after a few seconds. That’s how it completes the KYC process of video identification.
User-Friendly Technology
The process of verifying identity by a video call is a user-friendly technology. Online video identification technology never shares the video of their customers on the internet or with a third party. It specifically builds up for assisting the customers and the companies in their onboarding and other legal processes
Conclusion
Real-time video identification is not only about sending a video to the businesses and waiting for their response. It is designed so that it can have access to our facial expressions as well, which will tell the company about the criminological psychology of the client. This feature offers its services to a wide range of countries. In online video verification, the customer does not have to wait for too long, the system instantly gives the response by saving their time.
