One of the challenges faced by financial institutes and other types of industries is the ability to verify the user. Today, with more transactions done remotely online, ensuring the customers is the person making a request to access an account or to open or close an account is critical.
Unfortunately, older types of KYC (Know Your Customer) technology are now exploited by criminals. In the past, a four-digit pin may be all that was required, but today it is more common to require two-factor authentication processes even for non-financial transactions.
In these situations, video ID verificationx offers several benefits. These advantages include the ability to verify the user is a live person and to verify the live person is the account holder or the person identified in the documents provided.
The main purpose and the ultimate benefit in using video ID verification is the ability to stop fraud. Using state-of-the-art technology and software that provides real-time verification ensures that only authorized individuals are able to access account information or to open or modify accounts.
Enhances Regulatory Compliance
The choice of video ID verification is a simple but effective way to maximize compliance to meet with governing bodies and legal requirements. This includes meeting KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols.
Enhanced compliance and the ability to verify users with the highest levels of accuracy builds the reputation of any company. This also eliminates the damage to a company’s reputation if there is a security breach due to fraud and security hacking techniques used by online criminals.