Increase Visibility & Prevent Fraudsters with Video Verification

New York City NY

17 February, 2021

3:11 AM

Description

With increasing threats of online crime and data breaches, industries are looking to adopt reliable solutions. These potential risks for startups and businesses can pose a great financial loss and deteriorating the reputation of the brand with time. In the post-COVID-era, an effective online verification method has become necessary. As of now, most businesses are using biometric and facial recognition as the most reliable verification methods to identify customers. However, video verification has quickly attained the top spot in identity verification. This method utilizes a live video to verify users against their identity documents. Video authentication solutions are proven to be quite effective against different fraud types while providing secure customer onboarding. According to Wyzowl, “Almost 97% of people believe that a video is an effective tool to onboard and educate new customers”. Businesses can easily control the access to suspicious users and record video clips or streaming videos. The video verification solution provides a real-time alert to any suspicious activity during the onboarding process and takes out any guesswork. Getting Customers Video Verified Video verification utilizes different techniques to ensure that customers are who they claim to be while performing Know Your Customer (KYC). Video methods use documents, addresses, faces, etc to verify a person’s identity in real-time. It enables a secure environment that significantly reduces the risk of fraud. Video verification comes equipped with all AI-based mechanics to enhance the accuracy of identity verification. In off-site video verification, machine learning algorithms extract relevant information from the identity documents provided by the user. During the authentication process, the solution also utilizes liveness detection to identify the users. Customers present their faces in front of a camera, either on a smartphone or webcam to verify the user's identity. The system in the backend performs identity verification to verify users. Further, the user's image captured through the camera is matched with the image on the document. Preventing Impersonation during Fraud Attempt With video verification, it becomes impossible to impersonate someone else. The verification conducted through the video happens in real-time that involves people showing their government-issued ID documents. The robust video verification process, not only employs artificial intelligence but also attains the help of human intelligence for quick verification. Human professionals also check for any inconsistencies during the video verification along with the software verification. Identity Theft and Mitigation Video verification solutions are a valuable asset for growing businesses to minimize the risk of identity theft. It helps to simplify the entire process and provide ease during the implementation phase. Criminals use identity theft to open new online accounts or steal documents of someone. They also prepare synthetic identities by using someone else’s personal information. Nowadays online businesses have stepped up their security to control breaches of data. Safe Customer Onboarding Process Manual identity verification can prove to be risky in terms of cost and time during a customer onboarding process. Further, updating the manual documents requires substantial time and usually happens to have errors. As enterprises continue to attract high risks while dealing with illegitimate identities, criminals are finding new ways to fight against different types of fraud. By adapting security video systems, businesses can generate a positive user experience. This would ensure the onboarding of loyal customers for online businesses. Businesses would be able to meet the requirements of KYC/AML compliance. ID video verification can be conducted from the comfort of a home by interacting with a human expert in real-time. Moreover, this makes it hard for fraudsters to penetrate the system and impersonate someone else. Nowadays businesses are turning towards video verification to minimize the fraud risks that increased its demand in the identity verification market. The verification industry is souring all over the globe and video verification is taking the lead.