Top Uses of KYC Face Verification in the Digital Age

KYC solutions use face verification to mitigate the risk of getting scammed by hackers. Businesses can safeguard their assets through this verification.

The rising number of identity theft and fraudulent cases are wreaking havoc on businesses, highlighting the significance of deploying KYC face verification. They can improve their company’s reputation, minimize their revenue loss and protect them from heavy penalties. This solution also smooths the onboarding process of businesses, as it saves time and money. It has attracted the attention of customers. As they do not have to be physically present for this verification, they can get this service even from any location.

Uses of Face Verification

The following are the most common uses of KYC face verification:

Security Purposes

These cameras enhance the security of the businesses, as they allow only authorized persons to enter a restricted territory. Companies can ensure that unlisted people do not enter the sensitive areas of the company.

Restrict Criminals

These cameras can recognize the wanted persons and criminals, giving businesses the authority to call the police if any such person enters their territory. Banks, institutions and sensitive areas can use KYC face verification to stop terrorism and robbery.

Alarm System

It can be used as an alarm system, ringing the bell when any unauthorized person enters the premises. Companies can monitor the entry and exit of the people by using face recognition. 

Find missing Persons

Face recognition service helps law agencies to arrest criminals. They can even find the missing persons through it or detect suspicious activity. This solution has made police work easier, as they get notified of any doubtful activity.

Bank Account Opening and Financial Transactions

  • Facial scanners have shown remarkable results in fintech operations. From opening an account to performing transactions, everything has become possible due to this solution. This liveliness check enhances the security of the financial sector; it protects businesses and customers against fraudulent activities. 
  • Customers open their bank accounts by using this verification. Client registration is done through a face scan identity, their image is scanned and matched with the previously saved picture in the database. 
  • Customers can withdraw their money without even touching the screen; they have to stand in front of the camera. Their picture is captured and then the camera allows the authorized person to withdraw the money from their account. There is no need for an ATM card; face recognition service has made this process easier.  In 2021, 4.8 thousand online scams were reported in India. This solution safeguards customers against financial fraud.

Detection of Customer’s Feeling 

KYC face verification has become an absolute necessity in the retail industry because this industry has a vast number of customers. To manage clients, these solutions have proved to be very helpful. They can even sense the customer’s feelings by the expressions on their face. These cameras detect the happy and unhappy faces of the customers so that merchants can become aware of their product’s market.

Facial scanners can detect frequent shoppers and record customers’ activity. Merchants can give gifts to their customers that are loyal to their businesses. In this way, companies can retain their customers for the long term by valuing them.

Virtual Suggestions

In online shopping, the major problem customers face is they need help to try that product and check whether it suits them. Online face recognition has solved this problem; now, customers can check this product by bringing their face near the camera. The liveliness check will scan the face and give them suggestions in real-time. It saves customers time because they do not have to visit the store and try the products. Liveliness check is mainly used in the beauty industry.

Healthcare Services

KYC face verification has entered the health industry; they check the patient’s medical condition. These scanners can even detect the signs of any disease a person can suffer in the near future. Face scan identity is also playing the role of doctors. They diagnose the medical condition of patients and maintain their medical history. These robots also serve as a nurse; patients can be treated in the comfort zone of their houses. They do not have to go to the hospital for their treatment. These solutions take care of patients and can detect whether the patient has taken medicine or not. They even keep a record of the previous patients by just doing KYC face verification and the history of the patient pop-up. Many developed countries are using these robots to treat and serve their patients.

Conclusion

Enhanced features of KYC face verification have increased its importance. It has proven its value not just for the businesses but also for the customers. Everything can be performed through it with just a single click, from onboarding new customers to analyzing the risk rate. It is a strong barrier against hackers that protects the company’s confidential data from scammers and helps law agencies arrest criminals. In every industry, it gives its services and supports the businesses to enlist them on top ranks. Deploying this verification system in the business proves an effective management process.

Join Telegram Channel

Join Our Telegram Group

Get Every App and Game Update In Your Phone

Join Our Community Over Social Media Platforms!

Email: [email protected]