Signzy’s Video KYC can help fight ID theft and financial fraud

Signzy harnesses the latest technologies in Artificial Intelligence to perform comprehensive identity verification using liveliness checks, image forensics, face matching and a randomized set of questions.

Cybercrime figures are high in recent times, especially since the pandemic, with network vulnerabilities and mining of consumers’ personal data being frequently reported. According to the NortonLifeLock Cyber Safety Insights Report 2019, 39% of respondents in India were impacted by identity theft last year alone. Malware attacks can allow cybercriminals to take control over your systems and access your personal information and financial data, which can lead to crimes based on identity theft. In this age of digitization, data and personally identifiable information are of great value to cybercriminals, as they can be sold to data brokers while doing any type of advertising or marketing. Cyber Safety, therefore, has never been more important.

Signzy Founders Pic (L-R) - Arpit Ratan, Ankit Ratan, Ankur Pandey

Video KYC in combating ID fraud

Stay tuned with breaking news on HT Channel on Facebook. Join Now

Ankit Ratan, cofounder of Signzy says, “The video-based customer identification process has gained a lot of attention majorly from banking and other financial institutions. The digitalization of the KYC verification process by using video into your onboarding process can save BFSIs significant amounts of time and money. It can help them deliver an end-to-end customer engagement for a seamless onboarding experience while ensuring quicker KYC completion at a lower cost and higher customer satisfaction. Another benefit of using video in the KYC verification process is that it can help to detect fraud or any malicious activity.”

How Signzy’s Video KYC solution can help

Signzy harnesses the latest technologies in Artificial Intelligence to perform comprehensive identity verification using liveliness checks, image forensics, face matching and a randomized set of questions. The solution offers inherent safety by making the process directly between the bank and the consumer and is completely paperless and contactless.

The fintech’s comprehensive set of APIs not only perform checks against the uploaded ID but also against the customer/user. Some unique features of Signzy’s VideoKYC solution is given below:

Feature summary

Real-time PAN verification: Text Match is used to match the fields on a PAN card with the Aadhaar data

Matching face on ID with face in video: Take instantaneous high quality screenshots of ID and compare with face in video for thorough check

Unlimited video storage and instant retrieval: No need to store documents, easily retrieve recorded video and captured documents

Geo-location capture and IP check: Detect Proxy or VPN connection and check against known blacklists for reports of spam and abuse

End-to-end encryption for video, channel, and communication: Security protocols followed for maximum data security

Liveliness check for video: Avoid risk of pre-recorded videos and spoof detection

Digital forgery check on the displayed ID proof: Checks to avoid use of forged ids

Customer identity verification through offline Aadhaar XML: Secure and fast extraction of data from aadhar xml

Time stamp and audit trail for every application and video interaction

With comprehensive checks and balances, Signzy’s VideoKYC solution is able to catch and mitigate frauds effectively.

The company’s solution also supports the latest browsers for desktops and mobile devices. It’s product works with 92.8% of all desktop browsers and 94.71% of all mobile browsers.

Financial institutions working with Signzy get the following advantages:

Upto 50% reduction in customer drop-offs

Upto 70% reduced back office overheads (upto 70%)

End to end encryption for video, channel, communication helps in fighting identity fraud

Resolution of KYC compliance issues

Customisable features

Reduced onboarding time and streamlining the whole process through automation provides significant competitive advantage

Reach to customers in remote locations even those with low bandwidth

Some benefits that customers through Signzy’s video KYC solution:

Easy access to financial services for users from areas not easily accessible conventionally

Enhanced user experience ensuring hassle free digital verification

VideoKYC capable of processing over 2 lakh documents per day.

Finish the whole process in 3-5 minutes instead of few days

Human verification specialist/KYC expert’s live assistance

Ankit adds that “Performing identity verification while onboarding customers is a requirement every bank and financial institution has to fulfil. With the development of new digital services that are being offered to the customers, these institutions must employ digitally advanced verification solutions to overcome the growing risk of frauds and money laundering to remain relevant to their customers.”

Disclaimer: This is a company press release. No HT journalist was involved in the creation of this content.