Verification Video — An Ultimate Security Against Identity Theft

The finance sector is transforming its operations from physical to digital banking. Considering this, institutions are heavily investing in the latest FinTech application to facilitate remote operations. While accelerating digital transformation, financial institutions are facing various challenges, such as non-compliance with Know Your Customer (KYC) standards, data breaches, account takeover, transaction scams, and identity theft.

Financial institutions contributed around $25,588.3 billion to the global economy in 2022 which is an increase in its services market at a growth rate of 9.7%. Moreover, they are striving to bring convenience and make virtual banking easier. Integrating verification video solutions are helping them achieve their objectives. This article further discusses how real-time video identification is bringing efficacy to digital banking operations.

Verification Video — A Quick Glance into the Smart Technology

Video-based ID authentication is quick and accurate as compared to traditional verification systems. There is a video call component to it for powerful fraud prevention. The expert conducts a short interview to remove any doubts about scam attempts and ensure the presence of genuine clients. The KYC specialist guides the consumer to display their government-issued documentation and perform specific actions for liveness detection.

Working Mechanism of Verification Video Systems

The procedure of video KYC verification is highly convenient and efficient as compared to outdated approaches. The whole process is below:

• The system guides the clients to sign up on the digital platform
• A KYC professional gets in touch with the consumer to ensure 3D liveness detection and the genuine identity of the client
• Next, the expert instructs the consumer to display their government-issued documentation for real-time verification
• The software cross-checks the information and provides final verification results quickly

Two Types of Video KYC Services

There are two types of video KYC Solutions, which are following:

• Assisted Video KYC

In this type of ID validation, an expert guides the consumer throughout the verification process. There is a short interview where the specialist examines the ID documentation for any manipulation. The user also submits a selfie and performs simple actions for liveness detection.

• Unassisted Video KYC

In such a kind of Id attestation, the user finishes the procedures by the self without the support of an agent. The consumer submits documents for screening, uploads the selfie, and receives results.

Top 3 Perks of Verification Video Systems

Banking service providers are always under the supervision of international regulatory bodies. In the context of stringent AML/KYC standards in place, financial institutions must opt for the latest consumer onboarding to ensure compliance with the standards. In this way, digital registration options have become mandatory to cater to the needs of consumers and achieve business goals. Following are some of the benefits of the verification video procedure.

• Better Remote Consumer Onboarding

Video-based ID validation has helped financial firms in providing modernised client registration. According to a study, adopting Video KYC verification can reduce turnaround time by up to 90%, reducing onboarding costs by up to 70%. The intelligent technology uses features like 3D depth perception, microexpression analysis, and ant-spoofing to discourage crime. Moreover, Geo-tagging helps in authenticating the location data of consumers. Integrating AI & ML with intelligent service has ensured a positive experience for users worldwide.

• Unbeatable Security

Verification Video is a foolproof method in modern times for ID validation. Countries such as Germany demand video-based ID validation for streamlining the business workflow of financial firms. Without question, other corporations in various jurisdictions will also adopt the trend of providing high security to their users.

• More Client Satisfaction

With video-based attestation, end-users can benefit from the service and receive results in the comfort of their home. It means that there is no requirement to visit the premises for the whole process. With the help of trusted KYC vendors, modern-day firms can easily offer the service at the lowest internet bandwidths for hassle-free service.

Understanding Differences Between Old & the Latest Verification Video Approaches

In comparison to the traditional KYC systems, the video attestation process gives results in real-time. This ensures better customer satisfaction and desired conversion rates. Implementing video validation with the support of smart features removes human error and fights sophisticated crime attempts. Consequently, the application of the latest verification video approach is feasible and profitable for present-day corporations.

In Summation

Financial firms worldwide must adopt verification video systems to achieve their goals. To have a competitive advantage, banking service providers must opt for the latest authentication systems and strengthen their relationships with clients. The support of liveness detection, background checks, and AI mapping features powerfully discourages deceptive approaches from cyber criminals. In this way, corporations can detect and deter deepfake attacks. Hence, smart verification video solutions are highly recommended for all firms worldwide.