Business is all about planning. All efforts, contributions, and talent can become useless if there isn’t an appropriate plan drafted. A business organization is supposed to create a standard infrastructure in order to make the best use of its expertise, capital, and workforce. In identity proofing what has been observed is that the transformation from traditional models to AI-powered systems has been so far so good but tables have turned.
The advancements in science and technology have strengthened cybercriminals and fraudsters more than legitimate businesses. The financial sector is always vigilant about identity proofing, implementing AI-powered technologies for verification but some enterprises are lagging. The problem is clear and the only solution is global IDV solutions that can combat and make skilled international scammers look inexperienced.
Backup or Pack Up
Ever since the rise of the corona pandemic, the operational structure of business organizations has surely been changed. The methodology and solutions for identity proofing that was practiced before the outbreak are not competent enough for safeguarding financial institutes and other enterprises. The KYC (Know Your Customer) process through the initial approach is not possible.
At the time of lockdown, businesses were compelled to function differently. Obviously no matter how professional and structured one organization is, by working from home, the same level is difficult to maintain, especially when it comes to identity proofing. The KYC verification due diligence cannot be performed by employees from their homes. In such a scenario, the automated global IDV solutions come to the rescue, providing multiple services for identity proofing. The best feature about the technologies is they can efficiently work on any platform, whether it’s iOS or Android. They authenticate clients and their ID documents with no friction in moments.
Touchless Customer Verification
It is not known how long countries will take to be completely free from the effect of covid however to maintain compliance with government regulations and guidelines, identity proofing of clients can be performed completely touchless. The systems backed by artificial intelligence render accurate results in no time so the business entities and financial institutes can get clients on board as much as they want.
KYC Services
The services of identity proofing rendered by the IDV providers include:
- ID Document Verification
- Address Authentication
- Video KYC
- AML Screening
- Biometric Verification
- Age Confirmation
A customized portfolio of services is offered to business organizations and financial institutes according to their needs and regulatory compliance regulations.
How KYC Online Verification Combat Frauds and Crimes?
In the process of identity proofing, the number of options in client verification is numerous. Back in earlier days, for customer onboarding or any sort of registration, documentation requirements were not the way they are today. In identity proofing, clients can provide any valid ID document. AI-powered systems these days accept thousands of document types. This leads to greater customer onboarding.
In identity proofing, the solutions with global coverage of confidential databases can verify clients from any part of the world.
Fraud Prevention
How synthetic identities are created? By manipulating clients or hacking their data from other e-storage units. When every business and institute uses OCR (Optical Recognition Technology) technology offered by IDV providers for document scanning and data collection, the information is stored on cloud storage which offers a great level of security.
Other than that the machine learning algorithms of solutions in identity proofing can detect false properties, the network of thousands of AI models recognizes fraud instantly.
Money Laundering Prevention
AML checks in identity proofing cross-check clients against watchlists and sanctions. In financial institutes and in other businesses, for a firm verification, AI-powered systems effortlessly exhibit the money laundering status of customers which is most important. The KYT verification is also for monitoring potential money laundering activities of existing clients.
The other verification processes of age and address are confirmed in identity proofing in no time. The multilingual system can verify the address of clients from documents of any language and standard. Plus the age verification is performed in the earlier stages. The service is extremely crucial for age-restricted businesses. Identity proofing with global solutions is the cornerstone of many organizations.
The biometric technology for image/face recognition backed by AI and databases of multiple jurisdictions can prevent spoof attacks. The service is the lifesaver for age-restricted businesses and institutes that perform video KYC. The skin texture analysis and 3D sensing methods in identity proofing search the facial dynamics of clients thoroughly for deep fakes and mask attacks
Final Thoughts
Identity proofing with global IDV solutions is the cornerstone of a successful business organization and financial institute. The customer experience has surely been elevated by the usage of automated technologies. The effortless robust mechanism of IDV solutions with which it performs the KYC verification has saved countless entities from the illegitimate schemes of things. Identity proofing is a compulsion for a healthy business
