Simple procedures such as going to the bank or calling a company representative have become more convenient due to online fraud and there are security risks. Given the identity risks facing banks and financial institutions, facial recognition software and artificial intelligence systems are now essential. Biometric identification and anti-fraud strategies have been strengthened to reduce the risks of companies verifying people’s identities. Artificial intelligence technology is used by financial institutions, banks, and insurance companies to implement KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. Artificial intelligence technology, such as KYC face verification, can be used to prevent financial fraud and improve consumer identification.
Improving Safety from KYC to eKYC
By providing information about the client, businesses can prevent scammers from accessing their systems by demonstrating their knowledge of the client. While eKYC goes beyond the fundamental KYC, there is no doubt that KYC is a secure way to gather customer information.
The eKYC offers the following benefits:
- Quicker, more secure, and more affordable account creation
- Additional safeguards and measures to deter theft
- Simplify the registration process for new customers while preserving account integrity
- Saving clients’ time and preventing them from visiting locations on-site
- For transaction approval, quick and trustworthy identification verification is necessary
- Increase in customer satisfaction
- Procedures that are safe, effective, and dependable for financial institutions like banks
Applications of KYC Face Verification
Bank managers use biometric technologies such as facial recognition systems as an additional layer to prevent fraud/corruption. Accounts, transactions, and online customer support applications are all examples of advanced remote access. To increase security, various banks and financial institutions have introduced selfie verification.
Compared to other biometric authentication methods, facial recognition has a long history of reliability and security. Airports often use facial recognition technology to ensure the safety of their guests. Fraudsters often choose airports as places to smuggle drugs and launder money. The KYC face verification system is more reliable than any other type of verification due to its efficiency and accountability. Customers’ money and time are protected by digital control and security mechanisms that simplify the process.
Customer Onboarding
Companies use facial recognition and document verification to ensure a seamless customer experience. Implementing strong authentication methods makes it safer and easier for the customer. KYC face verification technology is used by cryptocurrencies to automatically register consumers. This is a very popular solution when companies want to reliably confirm a customer’s identity.
Recruitment Businesses
Accurate candidate identification is a requirement for hiring platforms. They may become frustrated during a challenging onboarding process, which could hurt their ability to attract potential new employees. Using a face verifier, hiring candidates can be done digitally without any hassle.
Gaming Sector
Digital gaming and streaming companies may benefit from improved labor practices due to digital face liveness verification. Therefore, companies in the gambling industry use KYC face verification technologies to confirm that their clients/customers are of legal age. Using the platform by minors would otherwise subject the companies to legal action, and they can avoid that with no legal action.
E-Commerce
E-commerce websites frequently experience financial crime and identity theft. Scammers look for market weaknesses to get around security precautions. E-commerce uses facial recognition technology to stop payment fraud. Facial authentication occurs at the time of client onboarding and involves comparing the person’s face to the image on the identification card. Age-restricted businesses can also use KYC face verification to confirm that their customers are of legal age. Face recognition software helps e-commerce businesses avoid costly fines and reputational damage.
Final Thoughts
Businesses are using KYC face verification to recognize the unique facial features of consumers. The facial features of consumers who apply for facial recognition are compared with those previously stored in the database. Attackers have the ability to spoof ID cards or any other authentication services. However, no one can take distinctive facial features for granted. However, the advanced systems used by the company can detect any scammer or fraudster who tries to hide his face with a digitally altered mask.
Facial authentication is the current industry standard for many companies looking to improve their security practices. The use of such technology improves the experience of consumers and companies. Other benefits of facial recognition include superior security, avoiding high fines for non-compliance, and real and fast customer registration. Everything culminates in a strong brand reputation and excellent overall financial performance.
