Today, with the advent of new technologies, core activities of Onboarding like the collection of KYC documents have become fairly easier and automated for banks, institutions, travel agencies and scores of other bodies which tend to use such secured digital assets for eKYC verification and Onboarding. However, the problem lies in the authentication where the regulation mandates these institutions to validate the person who is submitting the KYC documents. And this is important especially from the angle of remote authentication and to identify who are your real customers or are they genuine?
Let us understand the know-how:
Liveness for Fraud Detection:
Requiring every new user to prove their Liveness before they are even asked to present an ID Document during digital onboarding is itself a huge deterrent to fraudsters who will never want their real face on camera. However, if an onboarding system has a weakness, the bad guys will exploit it to create as many fake accounts as possible. To prevent this, Certified Liveness Detection during new account onboarding should be mandatory. Then we know that the new account belongs to a real human and their biometric data can be stored as a trusted reference of their digital identity in the future.
Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering (AML) laws cover a relatively limited range of transactions and criminal behaviours, their implications are far-reaching. For example, AML regulations require that banks and other financial institutions that issue a credit or allow customers to open deposit accounts follow rules to ensure they are not aiding in money-laundering. To combat this threat, there has to be a liveness check and authenticated supported by the applications the banks and institutions are using. Digital OCR applications must meet compliance and regulatory standards when used by institutions to check anti-money laundering obliged entities. Features such as video identification and liveness checks offer the technical reliability to ensure the anti-money laundering compliant identification of individuals.
It is simple! Remote Authentication cannot be allowed by the regulatory agencies especially in the US and EU unless it is providing a full secure identification validation. The concern is the person authenticating himself or herself is the real person? As per the GDPR compliance, all banks and financial institutions are mandated to accept technologies like Accura Scan for compliant remote identity verification since they are also accepted for legally binding contracts and meet strong authentication requirements.
All these parameters are taken care of by one of the most used eKYC application Accura Scan. It offers banks and other businesses a way to more effectively verify the identities of their new and existing customers. Mobile onboarding allows a prospective banking customer to open an account without visiting a branch. Biometrics make this identity proofing process more robust and secure. New customers can then use their biometrics like liveness check for more secure and convenient mobile authentication.
Accura Face Match feature allows businesses to establish the genuine identity of their users remotely in real-time. With Accura Scan, you can scan ID Cards, Passports, Driver’s Licenses, Visas and other Identity Documents in just a few seconds with Face Biometrics and 3D Liveness Check for Remote, Real-time User Authentication. Now the real crux lies here, in its zoom feature. The intuitive zoom feature makes certified Liveness Detection and 3D Face matching fast, easy and incredibly secure for everyone, regardless of their device. During onboarding, Accura Scan’s 3D liveness check and Face Match verifies Liveness, matches your 3D Face to your Photo ID, and sets up your new account. Each time you return, Accura Scan’s ongoing authentication again proves Liveness and compares your new 3D face to the one in the database. If they match, you get instant access and they are onboarded! Zoom feature provides Accura Scan’s customers with 3D face authentication. It is certified anti-spoofing technology, from Accura Scan, into its online identity verification suite to capture and process the user’s face images taken from any 2D mobile device camera or webcam. You can explore more about us here https://accurascan.com/download