The wrongdoings of cyber crooks cannot be ignored in this scientifically advanced world. Traditional identity verification techniques cannot compete with the ingenious methods invented by offenders and hackers in the digital age. To prevent this issue, biometric authentication systems include a variety of services for digitally verifying a person’s ID document information. Digital customer onboarding, online document authentication, and biometric validation are a few examples of these services. In this article, we’ll focus on the benefits of biometric verification systems.
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Walkthrough of a Biometric Identification Process
The digital onboarding mechanism combines AI and human interaction. A video call with the customer is set up by the digital KYC specialist. Companies can sleep easy knowing that their ID verification procedure is not solely dependent on machines. So, let’s go through a detailed walkthrough of a biometric authentication procedure for identifying customers.
- The person in question places their ID file in front of the mobile’s camera during authentication. This document should be a legitimate identification file issued by an official state body.
- The document’s authenticity is then checked against criminal advances aimed at ID file manipulation using artificial intelligence and machine learning.
- The KYC professional validates the person’s identity information through a video call.
- Furthermore, if a scammer employs deception tactics like displaying an image, video, hologram, face mask, etc, their criminal advances will be detected. The agent can do this by validating the liveness detection of the customer.
- In addition, the biometric authentication agent compares the facial biometric data on the identification card with the user on the call.
- The results of the biometric identification procedure are shown to the customer after the process has been completed. Also, the results are modified in the organization’s back-office API.
- The biometric security system records the process for record-keeping purposes after the user has given his or her consent.
What Biometric Security Services has to offer?
Enhancing Customer’s Loyalty
It is important that you provide consumers with a pleasant journey on your website. Scientifically advanced crimes such as deep fakes, replay spoof attacks, and other related attempts are causing consumers to be suspicious, and reasonably so. As a result, if the company offers a reliable video recognition system, it would undoubtedly increase customer trust. Moreover, the business will witness a growth in sales.
Keeping Prices in Check
Manual identity checking procedures necessitate a large number of employees which is proving to be costly. Furthermore, if you completely remove the user identity authentication process, you risk incurring fines and chargebacks. In these situations, you’ll have to increase the rates. As a result, you can definitely lose a significant number of clients. Hence, taking the services of a video verification solution can help keep your rates low.
Increasing Convenience
It’s the small stuff that can make a big difference in the company’s growth. A few of these variables include constantly optimizing your corporate processes and offering upgraded facilities to your clients. Customer satisfaction would be impossible to achieve if onboarding checks are painful to go through. You can greatly enhance user satisfaction levels by offering biometric authentication services that are simple, quick, and safe.
Eliminating Chargebacks
It can be argued that identity fraud is more damaging to companies than it is to consumers. When a company processes a counterfeit credit or debit card and the victim reports it, the corporation is obligated to return the same balance to the rightful cardholder. This is referred to as a chargeback. When a financial transaction is carried out, the biometric authentication system verifies the facial biometric information of a customer against the specific identification card. As a result, all possible chargebacks will be eliminated.
Ensuring Regulatory Compliance
Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are enforced by regulatory authorities to keep the individuals and businesses across the globe in line. When they do not follow these rules, the regulatory authority will take action against them. Fines and operational constraints, such as the inability to accept credit card payments, may be imposed on them for violating the rules. Hence, a biometric authentication service can efficiently ensure compliance with these rules.
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