Simple procedures like going to a bank or contacting a representative of an organization have become more difficult as a result of the heightened security threats. Due to the identity dangers that banks and various other financial organizations encounter, face recognition software and artificial intelligence systems are now essential. Strategies for biometric identification and scam avoidance have been strengthened in order to decrease the risks to firms that verify people’s identities. AI technology is being used by financial institutions, banks, and insurance companies to implement KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. To prevent financial fraud and enhance consumer identification, AI technology such as KYC face verification could be employed.
Improving Safety from KYC to eKYC
Knowing your customer can help organizations stop scammers from contact their systems by providing details about the client. While eKYC goes beyond the basic KYC, KYC is unquestionably a secure means to collect consumer information.
Below are some of the advantages that the eKYC presents:
- create accounts more quickly, securely, and affordably
- additional security and theft prevention measures
- simplify the customer signup procedure while maintaining the integrity of the account
- clients’ time is saved, and they are avoided from visiting on-site places
- rapid and reliable identification verification as a requirement for transaction approval
- increased client satisfaction
- Secure, efficient, and reliable procedures for financial institutions such as banks
Use Cases of KYC Face Verification
Bank managers are using biometric technologies, such as face verification systems, as an additional layer of fraud/scam prevention. Applications for accounts, transactions and online customer assistance are all examples of remote approaches that have been improved. To reach far with increased security, banks, and various financial organizations have adopted selfie verification.
Compared to other biometric verification methods, facial recognition has a long history of reliability and safety. To ensure the safety of their guests, airports frequently use face recognition technology. Fraudsters frequently target airports as sites for narcotics trafficking as well as money laundering. The KYC face verification method is more convincing than any other sort of verification because of its efficiency and responsiveness. Customers’ money and time are protected by digital verification and security mechanisms, which streamline the procedure.
Customer Onboarding
Businesses use a face verification system and document validation to give customers a seamless experience when dealing with them. Implementing reliable ID verification techniques makes customer onboarding secure and simple. A face verification technology is being used by cryptocurrency businesses for automated consumer enrollment. When companies wish to authentically verify the customer’s identification, this is the most popular and appropriate solution.
Recruitment Businesses
Hiring platforms must be able to accurately identify their candidates. A difficult onboarding procedure can frustrate them and have a negative effect on prospective recruits. Candidates can be seamlessly hired digitally using a face verifier.
Gaming Sector
Digital face liveness verification can improve labour processes for digital gaming and streaming companies. As a result, businesses in the gambling sector use face verification technologies to confirm that their consumers/customers are of legal age. The companies can avoid facing legal action by not permitting minors to use their platform, which would otherwise subject them to legal action.
E-Commerce
Financial crime and identity theft are frequent occurrences on e-commerce sites. Scam artists look for flaws in the market to get around security measures. Facial recognition technology is used in e-commerce to prevent payment theft. The face of the person is checked against the picture on the identification card during facial authentication at the time of client onboarding. Age-restricted companies can also determine whether their customers fall inside the legal age limit by using face verification. E-commerce companies can avoid hefty penalties and reputational harm by using face recognition software.
Final Thoughts
KYC face verification is used to identify the distinctive facial features of consumers. The facial characteristics of the consumer who has come in for facial identification are compared to those previously stored in the database.
Malicious actors have the ability to falsify the identification paper or any other additional authentication service. However, nobody can take the face’s unique features. In any case, the advanced systems used by the company would detect any scammer or fraudster who even tries to cover their face with a digitally altered mask.
The current industry standard for many businesses looking to improve their security procedures is face verification. The experience of consumers and businesses is improved by the use of such technology. Other benefits of facial recognition include super security, prevention from hefty non-compliance fines, and authentic and quick client onboarding. This all eventually leads to a positive brand image and ultimately great overall revenue.