With the rapid growth in fraudulent activities, businesses are trying their best to save themselves and to discover strategies that will help them protect their reputation. If businesses want to progress in digitisation then being with manual systems are not enough, they have to implement advanced AI technologies within their firms. It was recorded that, because of identity thefts and frauds almost $5.9 billion was lost in 2021 and it is increasing with time.
To stop the rate of criminal attack it is necessary to get an online aid that will assist the companies in the verification process. Moreover, digitisation has fastened the scammers who are now tricking people within a few seconds. The only thing businesses need to stop these criminal threats is real-time video identification. Through these advanced facilities, companies can save their honour in society. This blog will discuss how advanced video identification technology is saving the honours of businesses and helping them in their verification process.
Online video identification is a validation process that is done through making a video and sending it to the organisation. It can be done through various mediums:
The candidate only needs a good internet facility to proceed with the process
This process is not time-consuming; the candidates can complete the process by staying at their homes and doing their other tasks. KYC video identification, it's not necessary for the candidate to present himself physically. This process of verification has made their lives easier than it was before.
In old times, it was necessary for the candidate and the company workers to present themselves physically without it they were not able to proceed with the process. Moreover, the traditional systems of verification took a lot of time and effort. Now, video identification for ID, bureaucratic, and educational documents has made the verification process much easier. Through online video identification, the rate of digital identity theft has been reduced to a larger level.
KYC video identification is classified into two:
These videos are in the form of recorded videos. In these videos there is no live connection between the client and the worker.
In these videos, the client and worker sitting at the organisation are connected through a live video. The client is asked to show their ID documents in the web camera which is further verified by the worker.
These two video Identification procedures work on quality and ensure proper functioning. The clients are asked to show the authentic documents. In case of any forged information, the worker of the organisation has the authority to disconnect the client from the meeting.
Online video identification has advanced artificial intelligence and machine learning technologies that assist organisations in saving themselves from the risks of scams. Through these online identifiers, lives are becoming more easier and productive. It has reduced the workload at the offices. Moreover, clients do not have to deal with the difficulties of onboarding procedures. Everything can be done through these online video identifiers smoothly within a few seconds.
Real-time video identification has not only saved the money of clients who had to get printouts of their documents and submit them to the organisation. It has also saved the companies from hiring new clients for the same role. Now, automated facial identification technology has the ability to complete the process alone without any human effort. The traditional way of verification which takes two to three persons to complete the process is now revolutionised by advanced KYC video identification.
Online video identification of identity has decreased the rate of fraud, especially in the fintech industries. Moreover, this process gives the best support to the customers. In case of any disturbance during the process, the system has the ability to save the process till the customer gets disconnected.
KYC video identification works as a door between the organisation and the client. The client can pass their ID documents through this door to the organisation which are then further sent for validation. It is necessary for an organisation to implement these solutions as it takes complete care of the user’s information and never shares it with a third party. However, Organisations and clients can rely on online KYC video identifiers. Through this process of online video identification, businesses can not only get authentic customers but it will also enhance credibility and create a trusted relationship among their clients.