Do you know what video-identification consists of?
It is important to remember that money laundering prevention involves verifying people’s identity. Financial and gaming institutions, among others, are required to verify the identity of their clients to comply with the Money Laundering Prevention Act.
Confirming and checking someone’s name, surname, work activity, residence, etc. it is possible to get some security about the context and the location of this person.
Digitizing identity verification is an important step for both regulatory authorities and businesses.
Today we are talking about the solution that makes this digitization possible: video-identification.
What is video-identification?
Video-identification or video ID is the online process in which the identity of a person is verified from a distance.
Includes the two steps necessary to verify an identity:
1- Selfie video capture
Although many times people talk about a selfie, it is not really an image, it is a video selfie. A video capture of the person to be verified in real time, imperceptible to the user, but which helps identity verification systems to confirm, with total security, that a person is who they say they are.
2 – Capture of identity documentation
From this information, the system is capable of making a biometric comparison and association between the video-selfie in real time and the document image to verify that they are indeed the same person.
Your user does not need to install any app. All it is needed is a device with an integrated camera (mobile phone, computer or tablet) and an internet connection.
Video-identification vs. physical identification
The video-identification is the result of digitizing the identity verification in person. The difference between both types is based on the environment (reality vs. digital world) and on the characteristics implicit in each of these forms.
Due to its characteristics, video-identification offers more information. When a person performs a live manual identification, they have to trust that the identity documentation they provide is not manipulated (unless it is very obvious) and check that the face of the individual in front of them is the same that appears in the document. It cannot do more.
For this reason, video-identification becomes the best option to replace and digitize traditional identity verification. Of course, these are processes adapted to legal compliance with AML / KYC policies, which companies have to implement to prevent practices such as identity theft or money laundering.
Is the video-identification secure?
Yes, of course. Actually, record a video in real time as a practice of identity verification is as secure or more than physical identification during which only the user’s face is compared with the photo of the identity document. If you want to learn more about the liveness detection, click here.
Video-identification goes further than traditional verification because it also verifies documentation, a limited activity for people (no matter how much knowledge a person has, technology is more reliable when it comes to detecting digital modifications in identity documents ).
In addition, when verifying the identity of a person with a video selfie, very valuable information is obtained that could not be collected in a physical environment, such as the device from which the verification is made, the IP address and the location of the device, environmental factors that may be detrimental to the process, etc. ;
Benefits of video-identification
The benefits of video-identification are, mainly, the benefits of implementing automation in your business. Adding the security part, essential today with the professionalization of fraud that exists.
The main benefits of video-identification are:
More comfortable and faster user experience
- Registrations are streamlined.
- Time in waiting and travel is saved.
- Service 24 hours a day.
- Conversion improves.
- Operating expenses are reduced.
- Time is saved (staff can dedicate themselves to more productive tasks).
Protection against fraud
- It prevents attacks, such as identity theft or deepfakes.
- The business and customers are protected.
- It complies with the KYC, YC, AML, GDPR and PSD2 regulations, among others.
- Fines for non-compliance are prevented.
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