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HomeTechOvercome Financial Terrorism and Identity Theft - KYC Video Identification

Overcome Financial Terrorism and Identity Theft – KYC Video Identification

The significant growth in digital techniques has revolutionized business in terms of both scalability and growth. Companies use various systematic means to simplify their processing regarding user onboarding, partnerships, and effective service deliveries. Online services are playing a vital role in enhancing user experience and scaling businesses both nationally and internationally. However, digital techniques also get victims of criminal activities. They use advanced strategies in planning various crime activities.

They use fake documents generated with machine learning technology and perform data breaches and money laundering. Imposters use forged IDs and address proofs to make the e-commerce sector and other industries victims of their illicit means. Hence, organizations require a reliable procedure to omit all criminal strategies and identify fake users. Video KYC solution is an innovative strategy for saving businesses from unauthentic users and fraudulent activities. 

KYC Video Identification – A Quick Overview

Firms require robust security to combat financial terrorism, network breaches, and money laundering. Many companies get closer to business exploitation for onboarding fake and unauthentic users. Other than cyber crimes, businesses require robust solutions for their sustainability and tremendous growth. Video KYC solution is an innovative method to enhance business security and improve work processing. It works systematically to identify individuals and enables firms to utilize real identity verification. Affirms enhance their work through kYc video calls and get reputational scrutiny.

Video Identification for ID Verification to Secure Enterprises   

Businesses connect clients over the globe, and video calls are held to conduct face-to-face meetings. Clients are required to submit their various identity documents, and then their identity is verified using the video KYC methods, which work automatically. Video verification ensures whether the information provided over documents is authentic or not. For example, in a Video call for KYC verification, a person’s face is identified via automated algorithms that identify whether the facial features in online meetings are similar to the provided pictures or not. It helps firms to identify legitimate customers. Additionally,  KYC agents identify users’ authenticity by asking them to perform various actions such as back-and-forth movement.

Security Threats that Organizations Face Today

Organizations use video KYC solutions to eradicate the following risks. 

  1. Spoofing Attacks

The advancement in technology has enhanced business to grow over the globe with digital resources such as internet service. On the other hand, imposters are more active in utilizing artificial intelligence and machine learning to create 3D-rendered models and fake documents, which they use to bypass security measures and execute their illicit actions. Facial spoofing attacks are somehow hard to detect, but they are designed with advanced technology. Video KYC verification processes combine human and AI powers to detect spoofing in real time and make organizations secure. The automated AI and ML algorithms are smart enough that they can detect minor variations in fake and real identities. Moreover, it is the solution to secure onboarding around the globe. 

  1. Deep Fakes 

Video KYC processes identify if a person is using a computerized fake identity over a video call of real-time identification. In some cases, businesses ask clients to upload a video, and imposters use deep fake videos to be identified as real clients. The deep learning technology used to create fake videos made it impossible for human beings to identify falsified data. Thus, Video KYC is the only solution to protect organizations from criminals. Digital KYC verification enables firms to identify real clients in online face-to-face meetings. Additionally, it empowers organizations to detect fake videos and spoofing attacks. The KYC solution providers are helping to prevent every kind of future risk in digital remote onboarding over the globe. 

  1. Synthetic Identities 

Imposters use synthetic identities to use firms for illegal actions, such as some criminals using fake IDs to open bank accounts for laundering black money and to generate illegal transactions. It is harder to detect synthetic IDs with the human eye due to the sophisticated technology being used there. Forged documents are used by criminals to reach their illicit goals, and these kinds of falsified documents can only be detected with the help of KYC verification techniques. It enables organizations to prevent the issues of cybercrimes in onboarding over the globe. 

Conclusion

Organizations use video KYC verification to connect their customers all over the globe. KYC processes ensure a successful and authentic onboarding in online business relationships. It facilitates organizations with prevention from spoofing attacks, identity theft, and other cybercrimes. Industries are moving online to utilize advanced digital technologies, which also lead them toward various complexities. KYC solutions are the only successful measure to identify the legitimacy of clients before having them onboard. The advanced AI and ML technology employees in the KYC process allow firms to detect scammers and provide security from every kind of future risk. 

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