The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

Video KYC Onboarding

The Financial industry is introducing a digital revolution globally. The term Fintech corresponds to ‘financial technology’ that promotes digital payment systems, asset management, fundraising, personal and business loans, money transfers, and investments. Just the way physical banks and financial institutions work, Fintech operates with customers digitally. The globally digitized world demands everything online. Therefore digital banking in the form of the Fintechs is prevailing rapidly so is the demand for digital/remote identification. 

Digital identity verification is incorporated by the Fintech industry in which they perform ID documents and biometric verification of online identity to comply with KYC and AML regimes. Determining the loopholes in previous methods, video identification of KYC is performed online that employs strong algorithms to verify an individual remotely against a video. Video KYC deters the risk of fraud by ensuring that a real person is showing up a document in the camera.

Video KYC is a convenient and quick process in which a KYC expert onboard the customer and conducts identity verification. It is a secure method that helps Fintech businesses in attaining a clean customer base. Moreover, KYC/AML compliance becomes easy when it comes to verifying the customers in a digital world. 

In the video KYC process, live KYC is performed and the end-user is guided in real-time to show the identity document to the camera for documents verification. Also, a few questions are asked from the end-user just like in-person KYC screening. 

Real interaction with Customers:

In video KYC a real interaction is done with the online customers to identify and verify them. The user is asked to show the identity documents as well as answer a few questions. During the conversation, customer behavior will be noted by the KYC expert. The liveness detection is also done during all this process that is done by both KYC experts as well as facial recognition technology. 

Cooperative audit:

The accounts that are opened after the video KYC become operational after a cooperative audit. The banks would need to perform an audit with respect to system security and KYC application as recorded in the form of video. The information is then verified and an account is created. A cooperative audit helps allow only trusted customers to become part of the financial system. Otherwise, if any fraudulent element is found, the application is rejected.

Video KYC Secures Digital Payments and Crypto Industry

Digital thieves are innovative. They hold fake identities and use them to conduct malevolent activities online. By using stolen real identities and their information, the customers try to fool the online identification process. Video KYC acts as a defense line that protects the system from participation of bad actors. The digital currency services providers and similar institutions such as crypto businesses are required to verify customers before onboarding them. With video KYC, financial sectors and ICO providers can perform a thorough KYC process online

The crypto businesses require transparency in their systems as per regulatory objections. The solution is identity verification of customers digitally that can better be met by exercising video identification of customers in which the liveness detection of the customer is performed along with document verification. Therefore, the risk of financial crimes such as money laundering and terrorist financing can be mitigated through on the spot video KYC.

How Video KYC works?

The video KYC process undergoes the following steps: 

  1. Your customer will be required to fill in the registration form that is present on your website.
  2. After registration, the KYC expert connects with your customers for live identity verification. 
  3. The customer will be guided for the process of identification through a video. The liveness detection will be done to ensure the physical presence of a customer at the time of verification.
  4. KYC experts will take consent from the customers to collect data for identification purposes. The process will proceed if a customer agrees to the consent. 
  5. Your customer will be asked to show the ID document that could be an ID card, passport or a driving license. 
  6. KYC expert will ask your customer to show both the front and backside of the document, tilt it in front of the camera to see the holograms in the document to verify its authenticity.
  7. KYC experts are trained that not only identify the spoofing elements in the document but also analyze the customer’s body language and behavior.
  8. To eliminate the chances of human error, video KYC employs facial recognition technology that ensures the physical presence of customers through liveness detection checks. 
  9. Once the face and document are verified, the video identification process is done and results will be sent to the back-office.

How video KYC benefits Fintech businesses?

For Fintech businesses, regulatory compliance can be ensured by keeping a balance between digital security and customer experience. The following are some benefits of video KYC for Fintech businesses:

Saves time and money:

Video identification is quick as well as a cost-effective solution that Fintech businesses can use to perform digital identity verification of their customers. 

Improves Digital Security:

Video KYC deters the risks of fraud and bad actors that use fake identity credentials and documents to ensure entry in the digital financial system. The video identification checks the human body language and verifies the information in real-time to prevent digital scams. 

Complying with KYC requirements:

With video identification, Fintech businesses can meet the requirements of regulatory bodies to prevent financial crimes. 

How video KYC benefits digital customers?

The following are some benefits that video KYC provides online customers:

Faster identity verification:

Digital identification through video replaces the physical visits of the customer to banks for KYC verification. Hence the identity verification is faster and smoother for customers to perform. 

Improved customer experience:

The customer can verify its identity by showing up identity documents to the camera and answering a few questions asked by the KYC expert. After collecting the user-provided information, it will be verified. 

The Fintech businesses are getting digitized with splendid digital services for their customers. The need for online identity verification lies in these businesses that can be well met by integrating the system with an identity verification method such as video-KYC. In this method, the customer will be connected to a KYC expert who will ask the customer to verify its identity by providing a government-issued ID card as proof of identity. Moreover, KYC experts ask some questions to which the customer needs to answer and during the process analysis of the customer’s body language is also done to prevent the risk of fraud. 

 

 

Related Posts

Blog

Top 10 Biometric Technology Trends to Watch For in 2022

Biometric innovations in present times have manifested various technological advancements and the...

Top 10 Biometric Technology Trends to Watch For in 2022 Explore More

Blog

Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status

Proof of income is a vital requirement in many financial and professional contexts. Recently, the...

Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status Explore More

Blog

Elevating Document Verification with OCR in 2024 | Data Extraction in Real-Time

The Optical Character Recognition (OCR) market was valued at US$15 billion in 2019 and is expecte...

Elevating Document Verification with OCR in 2024 | Data Extraction in Real-Time Explore More

Blog

OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification

The global Banking and Financial Services Industry (BFSI) is one of the most heavily regulated an...

OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification Explore More

Blog

Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help

Argentina has faced many significant challenges due to its geographical location, including the f...

Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help Explore More

Blog

Financial Institutions and Prevailing Crimes – How Shufti’s AML Screening Solution can Help

The year 2021 has been a year of two halves, the first businesses and individuals were dealing wi...

Financial Institutions and Prevailing Crimes – How Shufti’s AML Screening Solution can Help Explore More

Blog

Top Applications of Facial Recognition Technology in the Digital Age

Facial recognition technology is biometric security in which an individual’s physical trait...

Top Applications of Facial Recognition Technology in the Digital Age Explore More

Blog

How machine learning changed facial recognition technology?

We are entering a new era of fast and secure authentication clubbed with a perfect storm of digit...

How machine learning changed facial recognition technology? Explore More

Blog, Fraud Prevention

Identity Theft – One Fraud Multiple Facets

Identity theft is a global crime. All types of identities, including the financial, medical and b...

Identity Theft – One Fraud Multiple Facets Explore More

Blog, Identity & KYC

4 Ways in which KYC for STO can Revolutionise the Crypto World

The year 2019 is expected to see a significant rise in STOs and have been called the future of bl...

4 Ways in which KYC for STO can Revolutionise the Crypto World Explore More

Blog

Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help

Argentina has faced many significant challenges due to its geographical location, including the f...

Prevailing Financial Crimes and AML Regulation in Argentina – How Shufti Can Help Explore More

Blog

FATF’s Travel Rule: A New Dawn of Regulations for Virtual Asset Services

Here at the start of 2021, there is much uncertainty regarding the coronavirus situation, whether...

FATF’s Travel Rule: A New Dawn of Regulations for Virtual Asset Services Explore More

Blog

Latest Regulatory Updates on KYC Verification for Crypto Exchanges

Even by the standards of cryptocurrency, the volatility exhibited in 2021 has been astounding. In...

Latest Regulatory Updates on KYC Verification for Crypto Exchanges Explore More

Blog

Holiday Season Scams – 5 Ways Identity Verification Can Help You

The holiday season brings in a lot of joy and harmony for everyone. From thanksgiving to new year...

Holiday Season Scams – 5 Ways Identity Verification Can Help You Explore More

Blog

Know Your Players: Why KYC is Necessary for Gaming and Gambling

The post-COVID-19 era has witnessed a remarkable surge in the e-sports and gaming sectors. This t...

Know Your Players: Why KYC is Necessary for Gaming and Gambling Explore More

Blog

Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters

In recent times, the financial industry has witnessed significant technological changes which hav...

Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters Explore More

Blog

EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age

With technological advancement, hackers are also becoming smarter to bypass verification processe...

EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age Explore More

Blog

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector

Regulated entities must be aware of who they are interacting with. Validating the real identities...

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector Explore More

Blog

Effective AML Compliance – Top 5 Tips for Businesses in Australia

Given the significant increase in money laundering and terror financing activities, many countrie...

Effective AML Compliance – Top 5 Tips for Businesses in Australia Explore More

Blog, Financial Crime / AML, Online Marketplace

Billion Dollar AML Compliance Plan for the Financial Sector

The financial services sector has long been blamed for the spread of financial crimes like money ...

Billion Dollar AML Compliance Plan for the Financial Sector Explore More

Blog

KYC Services For ICOs – Why you need to have them now?

KYC services play a vital role in conducting an ICO in more than one way. They can make the entir...

KYC Services For ICOs – Why you need to have them now? Explore More

Blog

KYC & AML Regulations in the UK: An Ultimate Guide

Financial crimes have been around since the invention of money. Some argue that their origins are...

KYC & AML Regulations in the UK: An Ultimate Guide Explore More

Blog

How to Create a Wow! Fraud Prevention System with Shufti

The ever increasing threat of identity fraud skyrocketed when the coronavirus pandemic struck the...

How to Create a Wow! Fraud Prevention System with Shufti Explore More

Blog, Reg Tech

Shufti GDPR Review 2018: How we protected our clients from regulatory fines?

Shufti stands out in KYC industry not only because of its highly customizable and global iden...

Shufti GDPR Review 2018: How we protected our clients from regulatory fines? Explore More

Blog

Ensuring Compliance and Securing Business Reputation – How Shufti Can Help

In the highly digitized world, businesses are partnering with each other to serve mutual interest...

Ensuring Compliance and Securing Business Reputation – How Shufti Can Help Explore More

Blog

EU’s Upcoming Regulation for Cryptocurrency ‘Wild West’

The use of cryptocurrencies as an integral part of criminal schemes is growing immensely. However...

EU’s Upcoming Regulation for Cryptocurrency ‘Wild West’ Explore More

Blog

Securing FinTech Startups using Shufti’s AML/KYC Solution

Financial technology commonly known as FinTech is rapidly growing across the globe with a lot of ...

Securing FinTech Startups using Shufti’s AML/KYC Solution Explore More

Blog

NFC – Building New Grounds for Identity Verification

Near Field Communication (NFC) is based on the famous RFID technology. In 2002, Nokia was the fir...

NFC – Building New Grounds for Identity Verification Explore More

Blog, Identity & KYC

Biometric Identification is On the Rise in Education Sector

An acceptable method of identification i.e. biometric technology is hitting the education industr...

Biometric Identification is On the Rise in Education Sector Explore More

Blog

China’s AML Framework and Regulatory Highlights of 2022

China has been fighting against money laundering and terrorism financing for a number of years. A...

China’s AML Framework and Regulatory Highlights of 2022 Explore More

Blog

Wholesale or Retail CBDCs? Settling the Endless Debate

The world is now moving towards digitisation at a faster pace than ever. The payment systems have...

Wholesale or Retail CBDCs? Settling the Endless Debate Explore More

Anti Money Laundering, Blog, Reg Tech

RegTech facilitates effortless AML Compliance

  The latest report by Research and Markets states that RegTech industry is expected to grow...

RegTech facilitates effortless AML Compliance Explore More

Blog

Perpetual KYC: The Future of Due Diligence in the Financial Industry

Digital transformation is paving the way for quick growth in the compliance sphere. However, regu...

Perpetual KYC: The Future of Due Diligence in the Financial Industry Explore More

Blog

Cryptocurrency Exchanges and negative KYC Compliance

KYC & AML Compliances are not being upheld by almost 68% of the cryptocurrency exchanges arou...

Cryptocurrency Exchanges and negative KYC Compliance Explore More

Blog

AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses

Eliminating the risks of financial crime in businesses has never been easy and has been identifie...

AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses Explore More

Blog

OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification

The global Banking and Financial Services Industry (BFSI) is one of the most heavily regulated an...

OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification Explore More

Blog

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

Blog

Video KYC – Ultimate Solution for Financial Institutions

With social distancing becoming the necessity during the pandemic, more and more companies began ...

Video KYC – Ultimate Solution for Financial Institutions Explore More

Blog, Online Marketplace

Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a cent...

Nordic Banks brace for Digital KYC with centralized Database Explore More

Blog

A Basic Guide to Know Your Customer Online (2023 Update)

In our current digital landscape, where identity theft seems rampant, protecting personal informa...

A Basic Guide to Know Your Customer Online (2023 Update) Explore More

Blog, Online Marketplace

Industrial significance of KYC / AML Compliance in 2019

As the type and amount of fraudulent activities have increased over the years, governments and re...

Industrial significance of KYC / AML Compliance in 2019 Explore More

Blog

Digital ID Verification – Why is it Critical for Customer Experience?

Last year was all about lockdown and pandemic disrupting business operations to the very core. Th...

Digital ID Verification – Why is it Critical for Customer Experience? Explore More

Blog

Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks

Spoofing attacks are not limited to just emails and fake websites. Hackers and cybercriminals hav...

Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks Explore More

Blog

Understanding AML Sanction Lists: Key Global Regimes and their Importance

Sanction lists are expanding regularly and sanctions imposed by different authorities do not alwa...

Understanding AML Sanction Lists: Key Global Regimes and their Importance Explore More

Blog

Securing Identities in the Age of AI with Identity Verification

The digital age has offered unprecedented convenience and connection, but it has also introduced ...

Securing Identities in the Age of AI with Identity Verification Explore More

Blog

Ensure Digital Security with e-KYC Solutions

In today’s world where the distances have been reduced considerably with the advancement of techn...

Ensure Digital Security with e-KYC Solutions Explore More

Blog

Top 5 Reasons Why Businesses Need Transaction Monitoring Solution

Companies are moving towards digitisation, meanwhile, cybercriminals are mastering the art of exp...

Top 5 Reasons Why Businesses Need Transaction Monitoring Solution Explore More

Blog, Online Marketplace

How Car Rentals can safeguard their interest with Digital KYC?

Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the c...

How Car Rentals can safeguard their interest with Digital KYC? Explore More

Blog

Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

Blog

Know Your Player – Preventing Identity Fraud in Sports Events

The ongoing trend of globalizing sports activities since the last few decades has resulted in a l...

Know Your Player – Preventing Identity Fraud in Sports Events Explore More

Blog

KYC | Complete Guide to KYC Compliance & KYC Regulations 2021

Introduction to KYC or Know your customer Know your customer or KYC history dates back to 2001 in...

KYC | Complete Guide to KYC Compliance & KYC Regulations 2021 Explore More

Blog

Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help

Non-Fungible Tokens (NFTs) emergence is providing a whole new segment to buy or sell digital crea...

Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help Explore More

Blog

The Importance of KYC and AML Compliance in the APAC Region

According to recent studies, over the past three years, more than ever, sanctions have been impos...

The Importance of KYC and AML Compliance in the APAC Region Explore More

Blog, Identity & KYC

ICOs and KYC Compliance

With the surge in digitalisation of payments and crowdfunding; the need to set proper standards f...

ICOs and KYC Compliance Explore More

Blog

How Does Digital Identity Verification Work For Income Verification

With the help of income verification documents, organisations can restrict the onboarding of high...

How Does Digital Identity Verification Work For Income Verification Explore More

Blog

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector

In the past few years, global regulatory authorities have been laying new grounds for Anti-Money ...

HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector Explore More

Blog

KYC Compliance – Identity Verification for Brokerage Companies & Trading Platforms

Online trading platforms provide businesses with the convenience to keep an eye on financial mark...

KYC Compliance – Identity Verification for Brokerage Companies & Trading Platforms Explore More

Blog

Know Your Patient – Balancing Security, Customer Experience and Compliance in the Healthcare Sector

As the healthcare industry continues to offer life-critical services while making efforts to impr...

Know Your Patient – Balancing Security, Customer Experience and Compliance  in the Healthcare Sector Explore More

Blog

KYC in banking: How American banks can fight identity thieves?

In the present globalized, fast-evolving sphere, revolutionizing KYC (Know Your Customer) is cruc...

KYC in banking: How American banks can fight identity thieves? Explore More

Blog

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency

Despite volatility in the crypto sector, millions of individuals access their services worldwide....

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency Explore More

Blog

On-Premises vs Cloud Services – Two Sides of the Same Coin

With the advent of technology, industries are streamlining all their processes and ensuring highe...

On-Premises vs Cloud Services – Two Sides of the Same Coin Explore More

Biometric Technology, Blog, Fraud Prevention, Identity & KYC

Multi-factor Authentication is being defeated’ warns FBI

For years, online businesses and organizations have been adopting various strategies and defense ...

Multi-factor Authentication is being defeated’ warns FBI Explore More

Blog

KYC | How to perform KYC verification in three simple steps

Know Your Customer, commonly referred to as ‘KYC’, is an identity verification process that plays...

KYC | How to perform KYC verification in three simple steps Explore More

Blog

COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud

Where the coronavirus pandemic has been all about social safety protocols and vaccine distributio...

COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud Explore More

Blog

Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help

International trade is exchanging services, capital, and goods across borders or territories, gen...

Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help Explore More

Blog

Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks

The AI revolution has enabled businesses to leverage the power of technology in KYC verification....

Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks Explore More

Blog

Harnessing the power of AML Screenings to Uncover Politically Exposed Persons [PEPs]

Since the last decade, governments and financial institutions have been trying to limit corruptio...

Harnessing the power of AML Screenings to Uncover Politically Exposed Persons [PEPs] Explore More

Blog

Top 10 AML Trends to Watch for in 2022

In 2021, the increasing scope of regulatory sanctions has affected businesses globally. The use o...

Top 10 AML Trends to Watch for in 2022 Explore More

Blog

The Worldwide Response on Covid Vaccine Passports – A Brief Insight

One question that is being asked around the world with great urgency is, would freedom be granted...

The Worldwide Response on Covid Vaccine Passports – A Brief Insight Explore More

Blog

Address Verification: Types, Benefits, and Best Practices

Improving customer service and combating fraud frequently requires swiftly gathering and confirmi...

Address Verification: Types, Benefits, and Best Practices Explore More

Blog

A Guide to Anti-Money Laundering (AML) Regulations in the UAE

As the Middle East’s financial hub, the UAE offers several enticing free trade zones that a...

A Guide to Anti-Money Laundering (AML) Regulations in the UAE Explore More

Blog

Facial Recognition in UAE to Protect Private and Government Sector

Continuous developments in the world of technology have led to many innovative solutions like fac...

Facial Recognition in UAE to Protect Private and Government Sector Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started