The year 2020 has recorded around 540 data breaches, affecting a total of 163,551,023 individuals. On top of that, regulatory authorities are in constant search for the businesses who are knowingly or unknowingly facilitating money laundering and terror financing. As per Fenergo’s report, the penalties for non-compliance with KYC, AML, and sanction regulations have totalled USD 5.6 billion.
Identifications using live video calls are widely adopted throughout the financial sector by businesses ranging from banks and lenders to ICO’s and cryptocurrency providers. An identity verification system based on video allows businesses to maintain trust and compliance without compromising user experience.
Shufti Pro’s video KYC is highly advanced with OCR technology that captures data from identity documents in a live video call and AI-based face verification technology that performs liveness check. This makes the video interview KYC process secure enough that no imposter could get away with verification.