Video KYC -Verification of Identity Through a live Interview

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Video KYC -Verification of Identity Through a live Interview

The KYC requirements All around the world are changing and getting more strict. To win the battle against ID fraud and adhering to KYC protocols, online verification of identity enters the landscape. 

Customers’ identities are verified by authenticating their ID documents. Facial recognition is performed on the clients’ selfies to check the resemblance with the photo IDs. Remote identity verification of customers starts with document verification and ends at address verification. Furthermore, AML (Anti-money laundering) screening is performed while keeping intact with the AML regulations also.

Identity verification through a video call with the latest development in the KYC industry. The process is an extension of the remote identification processes.

Verification of Identity Through Video Call

It is also known as video KYC – organizations perform the identity verification of customers through video calls conducted by a KYC expert. It is a bit different from the traditional KYC because all the verification is performed through a video call instead of some online platform.

A KYC expert is an employee of an identity verification provider, (a third party KYC). It can also be the representative of the business. The KYC expert is trained on conducting video interviews and conducting virtual identity verification. He can also ask questions from the customers for assuring the live presence. If the business has an international range of customers, it can choose native KYC experts, who can conduct identity authentication in a local language.

The software assists the KYC expert in conducting the verification. Later we will discuss how it helps in combating fraud attempts.

Conventionally, businesses used to verify potential customers by taking their documents in hard form. This process takes very long to complete the identity verification. Then digital KYC or e-KYC gives ease by collecting customer documents digitally.

The identity check authentication by this method made the whole process much faster and streamlined. Now customers are not required to visit a company office instead, they can get verified through a digital platform. After some time, e-KYC transformed into video KYC.

Process of Video Identity Verification

  • The end-users is required to fill an e-form in which they enter their full name, address data, and date of birth
  • After giving that information, they are connected with KYC expert via a live video call online identity verification
  • The KYC expert guides the customers on the process of identity authentication
  • The liveness detection is performed by the AI-powered software to check whether it is human in front of camera or just a pre-recorded video
  • The further verification is performed only if the customers gives their consent,
  • The video can also be recorded, but only with the permission of customer and getting them onboard on the privacy policy on the use of that video
  • Customers present their ID card to the camera, both front and backside
  • The documents are verified by the KYC expert as well as the software, in the meanwhile the image of that document is clicked, and it undergoes document verification
  • The data is extracted from the image and matched with the user entered details
  • To reduce possible errors and have the highest accuracy, a live selfie is clicked and matched with the picture on the ID card

Benefits if online Video Identity Verification Service

  • The advanced technological advancements have given fraudsters to proceed their skimming activities more in a more sophisticated way. Now they have Photoshop software that creates an exact copy of the original document. A normal human can’t spot the errors in the document. The AI-powered software can point out all the editing or photoshop attempts.
  • Online identity verification saves the time of businesses, now the verification can be performed in minutes rather than weeks
  • Businesses have to spend extra expenses on manual verification in the form of salaries
  • Video identity verification system has live interaction which comforts the customers while giving their data. Business can lower the rate of drop-offs by verifying the customers through a video call

Wrapping it Up

While comparing other methods of identity verification services, video KYC is the most advanced and smooth. Businesses can have effective fraud prevention as the video recording also gives proof of verification.

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