For businesses, using internet platforms Video Call for KYC Verification proved more challenging than it first appeared. They encounter many obstacles, from enhancing the customer experience to preventing online fraud. Technological progress has compelled scammers to up their game and come up with more clever ways to commit offenses. It is impossible to ignore the risk of fraud while considering online business platforms. The use of a video call for KYC verification helps stop fraud of any form.
Mobile phones are commonplace for people in this internet age. Users have positive ambitions for retailers because of their extensive exposure to so many different businesses. This type of customer is difficult to please. Nevertheless, it’s not totally impossible. Sellers are able to offer their consumers the services of their choosing by using the appropriate software and efficient processes.
Video Call for KYC Verification – A Brief Overview
Mobile phones shouldn’t be ignored while discussing the digital world. Because the internet is so accessible and mobile phones are so widely used, the concept of images and video is growing more and more in popularity. Compliance specialists might use technology to develop a beneficial tool that provides security while users enjoy the services.
The video KYC approach is an advanced method to authenticate clients. Once businesses have verified scammers during a video chat, there are essentially no possibilities that the fraudsters with bad intentions will succeed.
Businesses employ the authentication technique known as “know your customer” to verify the identities of their users. Firms generally confirm the legitimacy of customers’ identity cards. Biometric technologies may also be employed, depending on the industry and the objectives for which clients are registering accounts.
Process of Video Call for KYC Verification
Video KYC is a more sophisticated form of customer identity verification. Following is the complete working mechanism behind the attestation process.
- After a consumer registers with the firm and provides basic details, a KYC specialist speaks with the customer and verifies identity by video call.
- Before starting the ID verification process, the expert gets the users’ permission. To evaluate their liveness detection, the specialists conduct interviews with consumers when they’re on call.
- Following that, customers must show their IDs. The authenticity of the documents is verified using technology for document verification.
- After verifying the client by a video interview, the software provides results to the end-user.
AI-powered video chat ID verification authenticates consumer identities in real-time. Because users can instantly validate themselves in the safety of their own homes, they find it useful. As it allows them to utilize their methods more precisely and digitally, experts also prefer online identification procedures that incorporate advanced software.
Benefits of Using Video Call for KYC Verification
There really is no better way to verify a customer than by verifying their real presence. By answering calls from customers, experts prevent identity theft. Online video identification solutions have many benefits, a few of which are:
- Prevents Money Laundering
Everyone today is obsessed with money. The goal of fraudsters is to steal as much money as they can, regardless of the source. The idea of money laundering was developed as a result of this way of thinking. Money is obtained illegally by money launderers who then put it via legalizing procedures. However, businesses can halt fraudulent financial transactions with the aid of customer onboarding video, which will help to end illicit practices including money laundering and terrorism financing.
- Secure Funds
Companies can protect their consumers’ money by following regulations. Users’ trust in corporations rises as a result of satisfying interactions with them, which can dramatically boost the dollar amount that companies can bring in.
- Compliance Regulations
The goal of regulatory organizations is to protect consumer interests and facilitate efficient company operations. One such law relates to a video call for KYC verification. It is almost difficult for firms to fall victim to fraud by following video KYC rules.
- Enhancing B2B Relationship
A corporation develops a good reputation over time when it performs successfully in the marketplace. The success of one company inspires others to collaborate with it. They can boost their market value in this manner.
Companies must implement verification methods that have the potential to deter fraudsters in an era wherein cybercrimes are growing at an alarming rate. Using a video call for KYC verification, users are authenticated during a live call. The method is more practical and uses liveness detection to authorize the users. There is a pressing need to onboard consumers via video KYC in sectors that are particularly susceptible to internet scams.