Verification Video Solutions: Protecting Financial Firms from Identity Theft
Technological evolution has facilitated the growth of various industries, which has also attracted fraudsters to exploit the mainstream system. In this context, business experts wanted to discourage external fraud attacks. The application of verification video solutions has the power to discourage identity theft as well as facilitate compliance with KYC & AML regulations. This way, companies can protect their sensitive data and communicate a positive message to their potential customers. The following sections highlight the significance of applying verification video services in the corporate sector:
Verification Video Services: A Summary
In video KYC systems, a new client gets connected with an officer who guides the new consumer through the whole process. The client must only submit government-issued records such as driver’s licenses and passports as powerful proof of identity. During the procedure, the KYC professional asks various questions while observing the client’s body language. This is essential to discourage bad actors from exploiting the system. The following are important guidelines that verification video solution providers must follow for in-depth customer verification:
- Recording videos & capturing images of the new customer.
- Extracting images from the ID documents
- Cross-matching the images against user identity records
- Checking details on ID files against previous documentation
- Implementing cutting-edge AI & face recognition technology
- Making videos of the verification sessions with accurate date & time stamps
- Ensuring the live presence of the customer without a doubt
Popular 7 Perks of Verification Video Systems
Video validation sessions connect the professional with a new customer to ensure a better onboarding experience. This strengthens relationships with the clients from the beginning and ensures customer retention for long periods of time. The following section highlights famous benefits of video-based services that can help modern-day organizations in fraud prevention goals:
Discouraging Fraud Actively
Efficient scam prevention is an interesting benefit of verification video solutions. The cutting-edge technology has artificial intelligence & machine learning support which can actively prevent fraud and streamline the onboarding process. Moreover, verification video systems offer more security than traditional approaches. Faking a video is tougher than using images because experts ask new clients to perform certain actions and verbalize specific phrases, which facilitates fraud prevention. This way, compliance officers can feel more confident that the onboarding customer is genuine and not a high-risk entity.
Mitigating Money Laundering Cases
The application of verification video services plays an essential role in attracting real customers worldwide. This way, experts can also discourage money laundering attempts from sophisticated fraudsters. With verification video sessions, professionals can perform in-depth background checks to eliminate high-risk entities from entering the database of corporations. Hence, video-based verification plays a vital role in preventing money laundering cases.
A verification video is a robust security measure that provides an additional layer of safety to new clients. This is essential to discourage financial fraud such as money laundering. Furthermore, a combination of verification video and other AI-driven solutions can create a powerful risk mitigation mechanism for all financial service providers.
Enhancing a Positive Customer Experience
The implementation of verification video services facilitates companies to forgo traditional approaches that are time-consuming and cumbersome. Outdated techniques can demotivate new customers, and they can shift to other corporations for a better experience. With video-based systems, companies can conveniently onboard new clients and stop bad actors from entering the system. The expert asks some questions during the interview session, which can easily differentiate between fake & genuine identities.
Reducing Manual Work
With the availability of verification procedures on digital platforms, modern-day corporations can easily forgo traditional approaches that were wasting time and company resources.
Eradicating Human Error
With the support from artificial intelligence & machine learning-based technologies, companies can quickly reduce errors in the final output to ensure a positive experience for clients.
Improving Conversion Rates
The implementation of face verification services can streamline the identity validation procedure, which reduces drop-off rates. Previously, the outdated approaches did not offer a positive experience for clients, which led to poor conversion rates.
Ensuring Smooth ID Validation Solutions
Identity verification through video-based approaches plays a critical role in replacing onsite visits. This way, remote users experience speed and convenience simultaneously.
The application of video verification solutions plays an important role during the onboarding process. All financial firms must implement the latest digital systems to prevent external attacks of all kinds. With the arrival of intelligent solutions in the market, companies must implement the service to fight fraud and money laundering cases.
Professionals can also collaborate with a verified vendor to benefit from verification video services. This is important to ensure compliance with know your customer and anti-money laundering regulations. Experts can implement a solution in their organizations and benefit from high security. The latest technology is compatible with digital onboarding procedures