Wednesday, May 25, 2022

Role of Automated Video Identification for ID in Risk-free Onboarding

Once a business or firm, no matter local or global, misses the mark in the market, it becomes next to impossible to regain the previous status. In these few years, several global brands have sabotaged their position due to identity fraud.

Standard Chartered and Westpac had to pay about $1.1 and $1.3 billion respectively due to allegations of poor verification standards that led to money laundering.

To avoid the onboarding of fraudsters and to generate an increase in customer revenue with no risk, solutions for ID verification must be integrated into the verification process by corporate and financial firms.

The AI-powered solutions prevent spoof and mask attacks with accuracy in seconds and protect the data of both businesses and their clients.

Process of Video Identification for ID

The automated solutions are used in different sorts of businesses all over the globe, mostly in cryptocurrency, and in KYC (Know Your Customer) banking.

For legitimate customers onboarding and internal/external risk management, corporate and financial entities require efficient solutions for video identification for ID, to make sure that the person is authentic and to avoid synthetic ID frauds.

  • After the initial verification of the individual’s information such as name, age, location, proof of residence, and other things. The organization arranges a live video call KYC verification where the KYC expert interviews prospects for ID validation
  • In the video identification for ID, the KYC agent asks a couple of questions and the person also displays the required credentials in the video call, where the AI-driven system for video identification of ID performs the state-of-the-art OCR (Optical Character Recognition) technology. The optical scanner extracts the desired field of information and convert the data into a structured format in real-time, confirming that with data saved in confidential government and intelligence databases
  • After the online validation of identity credentials, with the integration of artificial intelligence, the KYC agent examines the liveliness of the video identification for ID and conclude end results in seconds

Accuracy of solutions for Video Identification for ID

The biometric technology in video identification for ID conducts a microexpression analysis to make sure that the prospect is genuine and not using any fake edited/compiled video via Deepfake technology or something else.

The solution measures the facial depth and certain characteristics along with corresponding information stockpiled in top-secret authorities and data warehouses.

Models of Online Video Identification for ID

For legitimate and authentic customer onboarding, corporations, banks, and other financial institutions use a number of different models.

  • Regional/Local KYC Agents
  • International KYC Agents
  • In-house KYC Experts
  • AI-Based Video Identification

Local/Regional KYC Experts

The objective of the process is to guide the end-user about the verification and functioning/working mechanism of the platform for his/her use, In order to make the video identification for ID more comfortable and authentic, the verifying platform or organization can recruit a bunch of local KYC experts for ensuring the authenticity of the individual. This model is ideal and common in small-scale businesses, currently operating within national boundaries.

International KYC Agents

However, with an intention to develop and attain global partnerships and customers, sooner or later a business would require KYC verification agents from different parts of the world.

In video identification for ID, the origin of the majority of the target market decides the nationalities of experts. This helps in attaining international clients as it contributes positively to the perception of business and its products/services in the minds of customers. It diversifies and distinguishes the firm.

KYC Agents Within The Organization

For newly emerged businesses and local startups, outsourcing the job of video identification for ID sounds expensive. Under the cost-effective strategy, to ensure the onboarding of authentic customers, firms can select KYC verification experts from the organization itself.

It also shows the transparency of the process. Plus, the programming interface of AI-driven solutions for video identification for ID is easy to use. There is no need to organize a formal training program.

AI-Based Video Identification for ID

In video identification for ID, the machine learning algorithms of the intelligence model can authenticate and detect skepticism in the video interview instantly. The automated functioning model derives significant data from the body language and even from the background of the user in the video interview, which helps in decision making.

There are countless factors such as facial depth and minor expressions contributing to the results that can’t be observed by human intelligence.

Conclusion

In this age of connected commerce and innovative technologies, every single soul with a smartphone is a potential customer. In order to grab and facilitate those large groups of markets, firms and financial institutions call for AI-based solutions for Video Verification for ID. The systems ensure risk-free onboarding and maintain compliance with relevant regulatory powers.

The OCR technology in solution of video identification for iD validates the information with classified government databases and watchlist, prevent mask and spoof attacks with accuracy in no time, and provide customers of a business a great user experience.

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