There are a number of technologies in the world that carry huge benefits for the corporate world but the lack of acceptance from the public creates challenges. E-KYC video verification is one such technology that is facing challenges with public acceptance because of several myths and misconceptions that they have. According to the reports, 55% of financial institutions reported financial losses due to identity fraud cases. Fortunately, Victor Fredung (the CEO of Shufti Pro) collaborated with the team and helped debunk the top myths. In this way, companies will be able to smartly protect their systems from complex cybercriminal attacks.
E-KYC Video Verification – What is the Video Call KYC Verification?
It is a remote authentication procedure that empowers companies to onboard clients using a real-time video call. The KYC professionals contact the customer through a video call and the client uploads their government-generated documents. The experts verify the identity of the customer as well as the authenticity of their documents in the private session. The liveness detection feature of the artificial intelligence technology plays a critical role in the verification procedure.
E-KYC Video Verification: Top Misconceptions about Video Remote Verification
- E-KYC Video Sessions Consume a lot of Time
Clients experience verification processes on several websites. They can have both bad and good experiences. But their bad experiences can stop them from forming a perception about a new KYC verification system. The bad experiences can make them think that it will be a time-consuming process and will not be worth it. In such a manner they do not try the new e-KYC verification system. Their misconception that it will be a long tiring process robs them of a great opportunity. Some clients do not like to be interviewed by a KYC expert.
The reality is that the e- KYC Video Verification process only takes a few minutes. The system asks for government-generated documents which get verified in a few seconds. During the whole process, a KYC expert guides the client and resolves any of their concerns. The main objective of the session is to confirm the live presence of the consumer
- The System Breaches Privacy Policies
It’s a false concept because the e-KYC video verification sessions is end to end encrypted. Shufti Pro has taken all the security measures (PCI and GDPR compliant) to ensure data privacy.
- Video KYC Verification is a Complex Procedure
Everybody knows that 10 to 14 steps long verification procedures are tedious and people do not engage with them. The clients want a solution that is fast, reliable and efficient. This is where the e-KYC video verification procedure comes in place. The system has all of the above qualities. Additionally, the e-KYC video verification procedure has only 7 seven quick steps.
- The System can accept any Type of Record for Verification
Yes, the video-based verification session is happening online but it does not mean that any document will get acceptance during the session. Clients should know that they must show only government-issued records to the KYC expert. Following is a list of approved documents. Please save your time and the professional’s time during the session by bringing only the following documents:
- ID card
- Driver’s Licence
- Debit card
- Bank Statements
- Utility Bills
- The Video-based Verification Process is Expensive
It is not the case at all. In reality, the e-KYC video verification procedure minimizes costs, if clients look at the bigger picture. The cost of the CDD review process and identity verification is no more. Plus, the e-KYC video verification process’s efficiency ensures the onboarding of genuine clients. Hence, the e-KYC video verification procedure is not that expensive in comparison.
- There is no difference between video-based and manual KYC system
This is one of the huge misconceptions because there is a massive difference between the traditional and video-based KYC procedures. The latest version is safe, more convenient, and more reliable than the old procedure. The latest procedure eliminates the need for queues and long waits. It ensures compliance with the latest KYC/AML procedures. The outcome of the procedure is highly accurate which leads to more productivity as compared to the traditional method. The old KYC method saves no proof of verification but the newest version does.
In a nutshell, the e-KYC video verification system is the ideal solution for the modern era. In the old online client verification process, fraudsters could fool the system through their sophisticated methods. The e-KYC video verification system has drastically upgraded the client authentication process. Companies can rest assured that no fraudster will be able to violate the integrity of the new e-KYC video verification system. Nonetheless, the public has a number of misunderstandings about it. The above blog tried to debunk the major ones as best as possible.