Boost Business Revenues And Security With Online KYC Verification Solution

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In this era of technological advancement (Online KYC Verification), businesses must use digital techniques to cope with this time of instant innovations. Companies use systematic ways and eliminate the use of human efforts. Digital means are more commonly used to cope with this time of rapid digitalization. However, this rapid digital growth has brought many complications such as cybercrimes and identity theft. Many criminals use cutting-edge techniques to perform various illicit activities such as data breaches and transactional hacking.

The government of every state has designed various Know Your Customer (KYC) strategies to facilitate organizations with legal compliance. Online KYC Verification provides a digital solution to have authentic clients from all over the globe through identity verification solutions. It facilitates organizations to unveil criminals who use stolen or fake IDs for illegal activities. 

How Does The Process Of Online KYC Identify Individuals’ Identity?

Companies ask their clients to fulfill various requirements for KYC verification. The use of the KYC process as per the company’s requirement. Following are three major KYC processes used by various businesses. 

  1. Verify With Legal IDs

Businesses require clients’ legal documents such as ID cards, licenses, and passports to be verified digitally. For online KYC, these legal documents are submitted in scanned form and the client ID is verified through AI and ML robust mechanisms. These mechanisms identify clients’ legitimacy automatically without manual efforts. Various biometric operations verify clients’ facial and fingerprint legitimacy with the help of government databases.

  1. Verify With Personal Phone

Many companies ask their clients to provide their phone numbers, and the user’s mobile device is verified. It allows in-depth analysis of ownership that reveals clients’ identity. AI and ML algorithms execute this processing within a few seconds. This identification process verifies clients’ identities and screens indicators for potential risk. 

  1. Identify With Utility Bills and Bank Statements

The online KYC process uses utility bills and bank statements to verify clients’ address details and identify their legitimacy with various digital cross-matches. Address verification is one of the main concerns of the KYC process to have an in-depth risk assessment. 

How Does Online KYC Verification Enhance Business Revenues?

Businesses use the process of online KYC solutions due to its high potential regarding trade development. Companies have moved toward the online system for client registration, business meetings, payment transfers, and internal working operations. The risk of cybercrimes has increased to a great extent which discourages business growth and revenues. KYC verification solution has enhanced business revenues in the following two major ways.

  1. Global Access 

Online KYC verification offers organizations an opportunity to have remote secure onboarding from all over the world. KYC process utilizes the power of artificial intelligence (AI) and machine learning (ML) pre-trained models which provide a digital automated solution. These AI and ML models enable firms to identify clients automatically and have smooth hassle-free onboarding experiences. 

  1. Regulatory Compliance 

The use of online KYC solutions facilitates organizations with legal compliance. There are various institutions responsible for KYC and AML regulation design. For example FATF (Financial Action Task Force) with 190 member countries, FinCEN (Financial Crimes Enforcement Network) of the US, FINTRAC (Financial Transactions and Report Analysis Center) in Canada, FINMA (Swiss Financial Market Supervisory Authority) in Switzerland, and Europol of European Union. 

How Does The Process Of Online KYC Enhance Business Security?

The process of online KYC onboarding provides business security and enhanced workflow and internal operations. The process of online KYC protects businesses in the following two major ways.

  1. ID Verification

As online businesses utilize remote onboarding they may fall prey to various cybercrimes such as data breaches, transactional loss, fake clients, fraudsters, etc. Online KYC verification protects organizations with their users’ identity verification solution. Various KYC documents are verified to check the authenticity of provided information to assess the legitimacy of clients’ identities.

  1. Fraud Prevention

Online KYC solutions provide clients with verification with the help of AI and ML algorithms, which can identify any kind of minor variation. These algorithms are very sharp and identify fake documents provided by fraudsters. The process of  Online KYC protects organizations from spoofing attacks and identifies real clients to be there on board. 

Final Words

The process of online KYC has facilitated organizations and businesses to have authentic clients onboard remotely. It mitigates the risk of fraud, identity theft, data breach, and transactional loss in online client registration processes. Secure onboarding over the globe enhances business scalability and boosts its revenue. Additionally, the use of automated AI and Ml solutions in the KYC online process brings organizations closer to regulatory compliance. KYC verification online enables organizations to cope with this modern era of advanced technologies and innovations.

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