Financial institutions are mandated by law to carry out KYC to meet strict regulatory guidelines. It not only allows them to understand who their customer is but also functions as a pre-emptive safeguard against any potential illegal transactions.
While carrying out stringent KYC is quite a meticulous process, it is being remedied through the use of Adaptive AI. Wherein technology implements the necessary KYC processes and also incorporates learnings gained by observing the behavior of customers to differentiate between legitimate behavior patterns and suspicious ones.
By automating the KYC process, Video KYC securely verifies identities whilst detecting frauds and spoofing attempts on a real-time basis. This is done via the assimilation of a clear fraud decision-making framework coupled with robust data gathering and analysis. The different types of fraud checks during Video KYC verification are as follows:
Document Tampering: Kwik.ID’s AI based technology enables a quick face match between the selfie & photo on the identity document of the customer to check if the person submitting the documents matches the picture in them to avoid identity theft. Through its access to the central database, it also quickly verifies the legitimacy of the documents.
Further, an inbuilt feature in the video KYC solution checks if the official government ID provided has been tampered with. A risk score is generated to determine the legitimacy of the document. This ensures that the documents provided are the originals and not just a color photocopy.
Location Spoofing: Kwik.ID delivers very robust location intelligence to identify safe customers. At the beginning of Video based KYC identification, the live location (lat/long) of the customer through web browser/mobile is captured and in subsequent steps instant OCR of the POA document is done. Both the locations are fed into the distance algorithm and the address of POA is converted to lat/long. The distance between both location is calculated & if distance < 300 meters (configurable) then the current location gets tagged as HOME LOCATION.
Security Questions: A security question that needs to be answered by the customer undergoing the video KYC is included in this process to ensure that it is a live video session and not a pre-recorded one made by hackers.
All these features are integrated into Kwik.ID’s Video KYC solution to make it a comprehensive AI and data-driven decision-making platform. This will serve as a valuable tool for FIs and other organizations to easily and seamlessly validate actual KYCs from fraudulent ones on a real-time basis.
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