How Identity Verifications Are Traditionally Done
In the old world, when someone’s identity needs to be verified a face to face meeting needs to take place.
Think of opening like a bank account the traditional way. You have to go there and wait in a queue, only for someone to take a scan of your document. A big waste of time for everyone involved.
In terms of old-fashioned but online methods, there is also the well known scanning and uploading documents.
This is simply not enough to verify anyone, mainly because it’s so easy to cheat.
I could essentially take your documents, upload them, and open an account in your name without any problems.
There’s also another, bigger issue:
People can buy fake or stolen IDs online for less than $30,
and use them to easily sign up on your website with fake identities.
There are also many automated methods that rely on automated document scanning, face recognition, or database checks.
But these too suffer from the same problems – they can be easily cheated.
All the face recognition solutions serve a purpose.
They are a cheap and quick way to have some degree of certainty, that the people are, who they claim to be.
However, they are nowhere near being perfect.
… and fraudsters are smart!
Smarter than you would think.
Do you remember when Iphone X released
their face recognition technology which was supposed to be unbeatable?
It didn’t take more than a month for people to hack it.
And they did that with various 2d and 3d masks.
Masks which look ridiculous and creepy to human beings, but pass most of the software-only checks.
There’s also plenty other ways to cheat those solutions such as scanning faces from photos instead your own face, using pre-recorded videos and a ton of other ways.
But hey, we’re not here to educate people on how to cheat them, we’re here to prevent fraud from happening.
How video identifications from Fully-Verified are better
In simple terms, we take the best there is in terms of technology, und use it in the background.
But we let real-human verification specialists make the final decision.
So all the face recognition and fancy stuff, it’s still happening in the background, but it’s the presence of a human being that makes our process as accurate as it is.
And we do all of that during a live video conversation.
- It’s a process during which the ownership of documents is verified live on video by human verification specialists – this eliminates the problem of people using fake / stolen IDs or any tricks.
- Everything is done within 5 – 7 minutes.
- The process is scalable. Should the demand for identity verifications suddenly increase, there’s always room to order more.
- Documents are carefully checked by staff who are trained to do that. They verify all the edges of the documents and holograms on them.
- The whole process is recorded and stored. Should anything ever happen, the video will be available for viewing again. This is something that’s not even possible during physical ID verifications at bank branches.
For our customers, video identifications can mean:
- Quick customer onboarding resulting in more signups completed and less customers switching.
- Eliminated fraud and chargebacks.
- Overall improved customer experience.
- Bullet-proof customer identity verifications which are the core of KYC, AML, and Customer Due Diligence procedures.
Ready to talk? Let’s solve your fraud problems, contact us today.