One of the most rising challenges the global community faces is that its personal and professional information is not secured. Hackers and cybercriminals are very advanced these days, using new techniques to hack the account. They pretend to be real customers to hack all the confidential information, wreaking havoc on companies and customers. The same goes for the other side. Hackers pretend to be business investors, and they hack business information. The solution to these fraudulent cases is the KYC techniques.
What is KYC?
Know Your Customer (KYC) is a process that verifies the customer by using customer identification programs, due diligence, and continuous monitoring. The first step of KYC is identifying customers and verifying their true identity; this is done through face verification. The second step is assessing the risk to the customer. Then, measures are taken to verify the identity; in the end, monitoring and record-keeping are done.
Understanding Face Verification
KYC is the identification of customers, which is done through face verification. Face verification is a type of biometric authentication that recognizes the biological features of the individual and checks whether the person is who they claim to be. The system compares the individual’s snap with the already stored image of the person in the database. If matched, the person’s already saved data will appear on the system. Face verification is done in a few seconds.
KYC face verification can protect businesses from the following cases:
Fraudulent Cases and Money Laundering: The most common fraudulent case is hackers pretending to be users, and then they hack their accounts and leak all their data. The Hacker can not pretend to be a user if they are verified through KYC Face verification.
Steps of KYC Face Verification
Face identifiers are used online, so here are the steps involved in it:
- The client has to provide a clear picture of the government issued ID card.
- A picture of the user is captured through identity verification; then, this picture is matched with the image of the identity card the user provides. This step ensures that the identity documents the user provides are authentic. Because most scammers do not provide their original photos, they get caught in this verification step. Hackers mostly do face spoofing and get access to the account of the person.
- Liveness detection is used to check whether the client is live or not. Mostly, scammers employ spoofing attacks by using a photo or video of an authorized person as their own to pretend to be the customer. And then they hack the person’s credentials. Deep Fakes are prevented through liveness detection.
- A biometric template similar to a face signature is made and given to the customer for further authentication.
- The accuracy of KYC face recognition is increased by matching the biometric template with all upcoming face maps.
Benefits of KYC Face Verification
- Streamline Onboarding of Customers
KYC keeps all the customers’ data, their documents, and all the personal necessary data provided by customers. So when the face verification is done, all the already saved information of the customer pops up and further documentation is not required. In this way, it also saves time, and smooth onboarding is done.
- Build Customer Trust
Face verification helps in building customer trust. Customers will be satisfied that their data is secured and safe. They will have confidence in the business. Businesses can develop long-term relationships with their clients due to the security they provide to their customers. KYC face verification is the best way to attract more customers.
- Accessible on a Global Level
The best thing about the KYC face verification is that it is accessible on a global level. Biometric templates are created on the camera and saved in it. Users have to log in to their accounts, and their face verification template can be used for many purposes, such as account verification and logging into the bank account.
- Need for Speed
KYC face verification is done in a very short time, and the authentication is done. There is no need to wait for a lengthy verification process and unnecessary documentation. Users have to be in front of the camera, a snap is taken, and they are verified through it.
- Easier to Use
KYC Face verification is straightforward to use. An uneducated person can also use it.There is not any technicality involved in it and also there is no documentation required in it. Customers usually get fed up with the complex and lengthy verification processes, So KYC face verification is easy to use, and the process is done in no time.
KYC face verification helps to mitigate risk of identity theft and fraud. Businesses stay compliant with regulations and avoid heavy fines by using client face verification. It is very user friendly and Accurate. These features of KYC face verification helps to build trust of customers. Clients do not move to other brands, they stay loyal and recommend it to their friends.