How Can Digital KYC Prevent Frauds In The Telecom industry?

14 Oct 2021

In the absence of legal identity verification, many companies have adopted KYC or 'Know Your Customer' as fraud prevention techniques to classify their customers and prevent potential risks.

Before using certain facilities, the KYC process requires the client to provide documentary evidence such as proof of identification and address.

Conventional methods of conducting the KYC process necessitate time-consuming paper-based practices. However, many economic and social activities have moved online, and mobile devices frequently get employed to facilitate them.

One of the most recent trends is a fully digital KYC, which allows- businesses to expedite the process, improving the induction process in any industry, lowering costs and time spent on verification.

How can digital KYC help the telecom industry?

Given below are some of the benefits of using online KYC for telecom for fraud prevention:

• Convenient and secure customer implementation

While performing the onboarding process, a network operator can instantly direct potential clients to an e-KYC service instead of requiring them to present identification.

The customer can use this facility to take a photo of the necessary ID documents for verification and add their payment information. The provider can automatically decode and safely transmit data to their central databases using this digital process.

Telecom service providers can improve their customer experience by implementing a robust e-KYC solution. Customers are more confident in their relationship with the provider because the onboarding process is no longer a hassle.

Also, with the help of this technology, operators can obtain authentic documentation from the customers thus, making it a safe and secure exchange.

• Use of biometric identification to prevent deception

Apart from making the onboarding process seamless, e-KYC in the telecom industry helps prevent fraud by determining the authenticity of the documents provided by customers.

A quality e-KYC solution can help a telecom company verify its clients and warrant that the cardholding person is the legitimate subscriber. It also enables telecom operators to assess the risks associated with their customers through a variety of checks.

With the rise of fraudulent activity, it has become more important than ever to correctly verify an individual's identity to improve security and reduce crime. Biometric technology has shown a lot of promise in combating these types of crimes.

• A better protection system for operators and telecom companies

The e-KYC is crucial in the telecom industry because it detects and prevents fraudulent activity while providing a digitised and quick onboarding process.

Biometric systems use a person's unique characteristics, such as fingerprints, voice, retina, or face, to provide strong security and relieve users of the burden of memorising passwords and PINs.

Biometric solutions, on the other hand, have gradually become the industry norm for streamlining KYC processes. Biometric solutions enable network operators to obtain proper customer identification paperwork and create a secure environment for both - customers and businesses.

Considering the points above, it becomes evident that digital KYC has become a vital key to streamline the client onboarding process and prevent fraudulent applications.

At Accura Scan, we are pioneers in presenting swift, secure & seamless digital KYC and identity verification solutions that are highly effective and easy to integrate. For more details, reach out to us at sales@accurascan.com or call us on +91 820-898-8751