Gone are the days when identification processes involved a lot of hassles. People had to prove their identity with seals, signatures, and written documents. They also needed to visit again and again for many formalities, which was really time-consuming for the people and verification departments.
With the advancement of technology, all these processes are becoming much simpler with the use of digital KYC solutions. Further, biometric technology has reached a more advanced level with the introduction of video KYC. Its purpose is to make sure that the verification process is done with 100% authenticity and ease.
This blog will discuss everything you need to know about video KYC. Also, we will pay attention to a trusted digital KYC verification provider – Accura Scan.
Why Video KYC Verification Matters
The KYC technology takes digital identity verification to a whole new level. Here’s why it’s crucial for businesses:
- Enhanced Security: It adds a robust layer of security to the verification process. During a live video call, a qualified agent can see and interact with the customer in real-time, allowing for visual confirmation of the customer’s identity. It uses facial recognition and liveness detection. They help stop fraud, like ID spoofing and deepfakes.
- Improved User Experience: It is much smoother and faster for customers than traditional methods, which involve sending physical documents or answering long questionnaires. Customers can complete the verification process from home using a smartphone or computer with a webcam, saving them time and effort.
- Streamlined Onboarding: Digital KYC allows businesses to onboard new customers quickly and efficiently. Gone are the days of waiting for documents to be mailed in or scheduling in-person meetings. This makes verification fast and can be done in minutes. This speeds up customer acquisition and improves efficiency.
- Reduced Costs: Traditional KYC methods often involve significant manual labour and paperwork, which can be expensive for businesses. Digital KYC eliminates the need for physical document handling, streamlines the verification process, and saves a lot of money.
- Global Reach: It transcends geographical limitations. Businesses can verify customers’ identities anywhere, opening new markets and opportunities for international expansion.
Understanding Video KYC and its Advantages
So, how exactly does Video KYC work? A customer participates in a secure video call with a trained agent during the digital KYC process. The agent guides the customer through the verification steps, which typically involve:
- Facial Recognition: The customer’s face is scanned and compared to the photo on their government-issued ID.
- Liveness Detection: Advanced technology ensures the customer is a real person and not a pre-recorded video or image. Our liveness detection solution is iBeta Level 2 compliant.
- Document Verification: The customer holds up their ID (passport, driver’s licence, etc.) to the camera, allowing the agent to verify its authenticity and even pull information from the document using the OCR technology.
- Geolocation Tagging: We verify the customer’s location. This helps prevent fraud from far away.
The Impact of Video KYC Services
Businesses can reap significant benefits by adding KYC to their digital identity verification processes.
- Increased Security: The robust verification measures used in this KYC considerably cut fraud and identity theft risks.
- Improved Customer Experience: It is convenient. It creates a positive customer experience.
- Faster Onboarding: It allows for faster customer verification. This leads to quicker account activation and better business efficiency.
- Reduced Costs: It eliminates manual document handling procedures and ensures a smooth verification process, leading to significant cost savings.
- Enhanced Regulatory Compliance: It helps businesses meet the stringent KYC regulations set forth by various authorities.
Accura Scan – Your Trusted Video KYC Verification Partner
We understand the importance of secure and efficient identity verification for businesses. That’s why we offer a state-of-the-art KYC solution designed to meet your specific needs. Our platform is:
- Secure and Compliant: We prioritize data security and all relevant KYC regulations.
- User-Friendly: Our platform is easy to use for both businesses and customers.
- Scalable: Our solution can be seamlessly integrated into your existing workflows and can adapt to your business’s growth.
- Globally Accessible: We support verifications in over 195 countries and 150+ languages.
Accura Scan’s digital KYC solution lets you onboard new customers quickly and confidently. It also ensures the highest security and meets regulations.
Partnering with a Future-proof Provider
Choosing the right digital KYC provider is crucial. Businesses want to use this technology. Here are some key factors to consider:
- Security and Compliance: Ensure the provider prioritizes data security and adheres to all relevant KYC regulations.
- Scalability and Flexibility: Choose a solution that can correlate to your business’s growth and integrate seamlessly with your existing workflows.
- Global Reach: If you have international customers. Pick a provider that supports verifications in many countries and languages.
- Customer Support: Good customer support is essential. It helps with any technical issues or questions that may arise.
Features We Offer
Accura Scan’s KYC solution has many features. They are designed to verify the customer’s identity and their documents. Here’s a breakdown of what we offer:
Verifying True Identities:
- Liveness Detection: Advanced technology can tell a real person from a pre-recorded video or image. It stops spoofing attacks.
- Gadget / Geolocation Logs: It records the device and location used during verification. This helps spot fraud from unusual places.
- Consent Collection: They get the customer’s consent to access their information. They do this during the verification process.
- Anti-Spoofing Measures: It incorporates various techniques to detect and prevent sophisticated spoofing attempts, such as deep fakes.
- Nationality Verification: Confirms that the nationality on the ID matches the customer’s location. It must also match other provided information.
- Age Verification: Ensures the customer meets the minimum age requirement for your service or product.
Ensuring Genuine Documents:
- Forgery / Photoshop Detection: Identifies signs of tampering or manipulation on the customer’s identification documents.
- Rainbow / Microprint Check: It checks for security features in real documents. These include rainbow printing and microprinting.
- MRZ Code / Hologram Detection: It reads and validates the Machine-Readable Zone (MRZ) code and checks for holograms, which are vital parts of real documents.
- Nationality Verification: Cross-check the document’s nationality information with other details provided by the customer.
- Document Expiry Check: Ensures the validity of the ID by verifying that it has not expired.
Data Verification: It compares the data from the ID document (name, date of birth, issuance details) with what the customer provided.
Conclusion
We are committed to staying at the forefront of KYC innovation. We strive to work to develop new features and integrate cutting-edge technology constantly. This is to provide our clients with the safest, fastest, and easiest solutions.
By partnering with Accura Scan, you can trust that your business can handle the changing KYC rules. You will also be able to onboard customers quickly, safely, and efficiently.
Ready to experience the revolution in identity verification? Contact Accura Scan today. Let us help you simplify your digital KYC processes and protect your business.