Coronavirus pandemic is proving to be catastrophic for the world. Due to lockdowns in various countries businesses are working remotely. The need for authenticating individuals soars when dealing online as you are unable to meet everyone in person. Digital identity verification solutions are spiked in demand in this deadly outbreak of coronavirus as they provide a touchless channel to verify the identity of individuals. Biometric verification using facial recognition technology, iris scan, and touchless palm scan provide an easy solution to authenticate people.
The importance of ID verification for businesses to curb fraudsters cannot be denied. Manual checks for authenticating an identity are time consuming and need a lot of contact with scanner and other people. By manually checking each and every document like government issued ID card, driving licence, passport the chances of spreading this virus increase as this virus can stay on such surfaces for a very long time. In addition, sharing the same pen by different persons to fill in the KYC and AML forms can be a medium for the spread of disease. This manual identification process consumes a lot of time and team efforts and there are high chances of incurring errors during verifying individuals this way. So digital identity verification is the need of the hour to fight back fraudsters.
Digital Identity Verification – A Touchless Solution:
Businesses have to comply with regulatory authorities to fulfill KYC and AML regulations during this pandemic. These regulations can be fulfilled by avoiding direct contact with the individual or his documents. Businesses need to adhere to regulations and at the same time need to stop the spread of coronavirus. Here is how different technologies help in verifying the individual without any direct contact:
OCR technology for Extraction of Data:
Individuals can upload the picture of documents or simply show the documents in camera for document verification that verify the identity of the individual. By using OCR technology the information from the documents can be extracted within seconds to check against different sanction lists and PEP to know if the person was ever involved in any criminal activity like money laundering and cybercrimes. This technology makes it easier and contactless to verify documents of an individual.
Advanced Facial Recognition Technology
On one hand facial recognition technology helps to identify coronavirus suspects from a crowd hand on the other hand this technology is used to authenticate individuals donning face masks during this deadly coronavirus outbreak. A person can easily verify even if he has his mask on in real-time. So if your customer is quarantined he can be identified from his home.
Unlike fingerprint scanning which requires direct contact with a scanner where many people have to touch it, the reason for spreading facial recognition technology is a contactless technology where one can be verified just by looking at the camera. Moreover, iris scanning can be deployed to authenticate an individual based on his unique iris for security purposes and for KYC and AML checks.
● Video KYC for Businesses
Another technology is used to fight back fraudsters that is video KYC. With this technology individuals can get themselves identified during a live video call with business experts. By showing his documents during this call he can be identified. This technology makes identity verification easier and totally touchless which is crucial in this pandemic. By adopting these technologies customer onboarding becomes more streamlined and fraudsters can be kept at bay.