Nowadays, everyone relies on mobile gadgets for their basic chores. Even our old-style paper-based forms have been replaced by a wide range of online transactions. They have replaced the cumbersome procedure, authenticating in just a few clicks away, which is as simple as taking a selfie.
AI-based ID verification service has helped many companies to verify the identities of billions of potential customers online. It is an easy and secure way to verify the identities to Know Your Customer (KYC) well.
Artificial Intelligence has mostly taken over the tech products and trends to the next global revolution. It is not only limited to determining the faces of your friends in an uploaded image and then incorporating AI to find suggestions. The real-life application of Artificial Intelligence has benefitted individuals and businesses, making identity verification a transparent and easy process. It is very beneficial for deterring online frauds and scams and has lessened payment frauds largely. Online companies and conventional business models are utilizing identity protection services to prevent fraud.
KYC in Identity Verification
The Know Your Customer (KYC) is the process of familiarizing with a customer for confirming their identity and other details. It is similar to displaying ID in front of the police officer to verify the identification document. The only difference is everything is automated in the digital identity verification.
The user undergoes the verification process by displaying or scanning their identification document on a camera, followed by their face identification. The collected information is compared to a central registry to verify the documents and the particulars on it.
Importance of Identity Verification
Authentication, either digital or physical, is vital to ensure the security of the systems. It’s essential to understand the prominence of authentication and the context to make it easy for the authorities and companies. It is useful for determining either the person claiming is actually who they say they are or not. The term Identity Authentication is defined as a situation where an individual is rightfully identified and purpose associated with the respective job/task performed.
Artificial Intelligence’s Role in KYC Processes
Artificial Intelligence has made the entire verification a logical progression sequence. One can efficiently determine the true identity with the help of Artificial Intelligence in a few seconds.
Facial verification
A facial verification service is frequently used for identity verification, and there are no chances of any facial spoof while performing KYC verification. When a real person does the verification, the authenticity of the presented identity document is thoroughly checked to ensure there are no discrepancies.
The AI-powered system uses machine learning algorithms to detect any document forgery or fake information found on an identity document. The latest ID verification service systems can quickly detect the false information at a faster pace with much efficiency as compared to a manual review process or a non-AI system. Moreover, they capture the biometric features during the facial verification process to cross-match with the face image on the identity proof. The AI-powered system is widely used to identify either the identity of the incoming user is right or not.
