As online frauds and identity crimes surge, institutions and businesses cannot ignore the process of identity verification. In the age of digitization, traditional identity verification does not match up to the cunning tactics contrived by hackers and criminals. To overcome this problem, ID verification services present various services to verify the identity of users remotely. They include online document validation and biometric authentication. In a similar domain, video verification is an ID verification process that presents a timely and efficient solution to the current pandemic scenario. In addition to the customer onboarding video process, businesses can employ video verification for the employee onboarding process as well.
How Video Verification is Performed?
The video verification process, also known as Shufti Pro Video KYC, combines technology with a human touch. A KYC agent working on the behalf of the institution checks the authenticity of the whole process throughout. The step by step procedure to verify the identity of the user is stated below:
- First and foremost, the client is needed to access the business site.
- Then, the customer shows a government-issued ID document to their computer’s camera. The type of document depends on the acceptance standards set by the business and ID service provider.
- The system checks the document for authenticity. If the system detects any forgery attempt, it rejects the document and states the reason for rejection. The video KYC agent is overlooking this whole process.
- If the document is an authentic identity document issued by the government, then the KYC agent takes the user on a video call. The reason for the video call is to verify the customer through a human eye.
- The system and the KYC agent then check the person on the screen for liveness detection. If a criminal is trying to impersonate someone by showing a picture or a hologram to the camera, it is readily detected by the system.
- The KYC expert matches the customer on the video call with a picture of them displayed on the document.
- Moreover, the video call consists of a few questions asked by the KYC agent about the user’s identity. Moreover, the agent will check for the liveness of the user. If someone is using a facial mask, they will be detected
- When everything is said and done, the verification results are shown to the user. Furthermore, the back office API of the organization is also updated with the results.
- It should be noted that this whole verification process is recorded by the video verification service, after taking consent from the user.
The Benefits of Employing Video ID Verification Services
In the current scenario of Covid-19, it is neither practical nor recommended to undertake the process of identity verification in person. Moreover, the customers try to avoid those institutions and businesses that still require in-house identity verification. So, in this digital age, the identity verification process should be performed remotely.
Reduce Financial Losses
Identity frauds incur financial losses on businesses. When a credit or debit card is stolen and used by the criminal to make a purchase, the business has to return the payment to the eligible cardholder. This forced refund is known as a chargeback. As technology has advanced, criminal tactics have also evolved. Thus, they find loopholes in the traditional ID verification methods that harm customers and businesses alike. Therefore, a video verification service eliminates the possibility of identity fraud and subsequent chargebacks.
An Economical Solution
The manual ID verification process requires a lot of manual steps and the employees to conduct these steps. This puts unnecessary financial pressure on the business or an institution. Besides, they have to worry about keeping a record of physical documents in a secure place. On the other side, video verification significantly lowers the number of personnel required, and the cost of implementing the verification process
Increased Rate of Conversion
Standing in the queues for hours, combined with the slow manual processing of documents, decreases the number of sign-ups. Moreover, it decreases customer satisfaction which is not a good indicator for the growth of the business’s customer base. Thus, video verification services quickly onboards customers and remarkably increases the number of signups for your business.
Removing Physical Submission of Documents
Identity theft in the previous decades was mostly done through stolen or forged documents. Victims were blamed for not being careful enough with their sensitive identity documents. But, gone are the days of carrying documents and worrying about theft. Moreover, the customers don’t have to be fearful about the theft of their sensitive information as the documents are stored on secure servers.