Today, banks and financial institutes have a range of different options and technologies in place to provide compliance for KYC and AML requirements in the industry.
One of the options available to banks choosing a top AML KYC service provider is the use of video KYC. This technology goes beyond snapping a selfie as utilized in standard Know Your Customer systems. Instead, it uses a phone, computer, or tablet’s ability to stream a live video of the customer or client for verification purposes.
The choice of the use of video KYC is not just in facial recognition and liveness verification, although those are two important benefits to consider. It also provides the opportunity to have the customer display both the front and back of any approved identification card, eliminating the risk of the use of a fraudulent copy of government identification or an online screen grab.
To Avoid Fakes
A very significant advantage of the use of video KYC technology is the elimination of multiple types of fake IDs and access attempts. Having the customer take a live video image and also provide their ID through the video process allows the software to complete an assessment as to the authenticity of the documents in real time.
It also allows the system to compare the information against databases of known hacks or fraud attempts, immediately flagging any recognized matches from around the world.
Finally, the use of video verification also ensures that 2D images or even 3D printed masks are immediately flagged as security breaches. Immediate flagging means that criminals do not gain access to customer accounts or have the ability to open accounts that may be used for money laundering.
The use of video KYC is essential for security in many types of financial transactions and institutes. Accura Scan is a leading provider of KYC software solutions, with more information available at accurascan.com.