Category: frauds

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Prevent Identity Theft by Implementing Digital KYC

Identity theft happens when someone steals your personal information like Aadhar card number, PAN details, or credit card information to make an online purchase, access your financial accounts, create a new bank account, or commit any other type of fraud.

Identity thefts are far more common than you think. According to Norton Cyber Security Insights 2021, nearly 2.7 crore Indians were affected by identity threats in 2020 – that is, 45% of adult Indian internet users. With such high levels of risk, financial institutions need to re-evaluate their current KYC processes to reduce instances of fraud while engaging with new customers. As instances of fraud will see an upward trend, it is time for financial institutions to opt for secure Digital KYC processes in place of legacy practices.

Before we understand how to reduce risk, let us know how one becomes vulnerable to identity theft.

  • Unsecure and public browsing: For the most part, accessing the internet is safe. But, unsecured websites and public Wi-fi increase the risk of data, landing into hackers’ hands.
  • Data breach: A data breach is a security incident where sensitive information is accessed without authorisation. This year, personally identifiable information of 5,00,000 Indian police personnel was hacked into and put up for sale online, which was traced to a police exam conducted in December 2019.
  • Malware activity: Malwares are malicious programs that perform several functions like stealing, altering code, hijacking, deleting sensitive data, and encrypting.
  • Phishing: In this type of attack, a fraudulent communication appears to come from a reputable source, which, when clicked on, lands data in identity thieves’ hands.
  • Physical theft: Sometimes, losing a credit card or mobile phones makes data available at ease, to thieves.
  • Card skimming: In credit card skimming, thieves use a small device to steal payment card (credit card, debit card or ATM card) information. When the card is swiped through this device, it captures all the data from the card’s magnetic strip.

Digital KYC to Address Identity Theft

KYC (‘Know Your Customer’ or ‘Know Your Client’) is a process by which institutions verify the identities of their customers to gauge their identity and credibility. Banks, insurance companies and financial institutions heavily rely on KYC before opening a new account.

Identity verification with KYC mainly addresses identity theft. Despite RBI guidelines for KYC, forged documents and financial fraud continue to be a problem. Recently, in Delhi, a group of fraudsters cheated several popular banks and utilised 22 PAN cards, 9 Aadhar cards, and 21 voter ID cards for their operation.

The current KYC processes are heavily dependent on outsourced vendors and are susceptible to both customer and employee fraud. Kwik.ID provides both Digital and Video based KYC identification to address the issues that KYC processes currently face. Our Video KYC process is used for customer identification as mandated by RBI, SEBI, IRDAI, and PFRDA. The process uses end-to-end encryption for maximum data security and prevents your risk of breach or theft with an on-premises setup.

We verify all officially valid documents (OVD) like PAN, Aadhar, Driver’s License, and Voter ID card from the Central Government Database using our Digital KYC offering. Using Optical Character Recognition, our software recognises characters in ID documents within seconds. Besides incorporating security questions to verify details, AI-enabled image processing is an integral part of our Digital KYC process.

We establish identity consistency by comparing user images on selfies, institutional photographs, and photograph on official ID. We also detect liveliness using AI with live-action commands. Both these steps together significantly minimise instances of fraudulent customers.

Get in touch with us to know more about our streamlined Digital and Video kyc process – we can customise a solution based on your requirement.

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Kwik.ID Aspires to Maximise Agent Productivity

At Kwik.ID, instant customer onboarding via Video KYC and a high completion rate has always been at the heart of the company, but none of this is possible without exemplary customer service, achieved only by maximising agent productivity. From about 90,000 5 star sessions and 1,00,000 completed sessions since February, we are always striving to be the best video KYC solution providers in the industry.

Our array of features includes call queueing, call scheduling, estimating call times and more, to ensure you achieve an 85% completion rate and 100% customer satisfaction. To onboard customers seamlessly, it is imperative for our agents to monitor these queues and schedules for the best results. Here’s what goes into maximising their output and minimising your call time. 

Call scheduling by agents

In case the agent initiates the onboarding journey with a customer, he can schedule the call based on customer availability, to ease the process and maximise productivity, while ensuring there is no back and forth.

Link sharing made easy

In an agent-initiated Video KYC journey, the customer is sent a link to join the call. In the event that the link does not reach the customer via SMS, the agent can use any other social messaging platform integrated with our website, including email, WhatsApp or any other that the customer is comfortable with. This minimises the back and forth of requesting the link, as the agent can confirm immediately whether the customer has received it or not.

Low network bandwidth

AI plays an integral role in our digital KYC tool, be it for face recognition, liveliness, or OCR. We also integrate our AI feature to predict whether a call will be completed or not, taking into account factors like low bandwidth, customer location and more. If at any point the system detects that the call might not be completed, the agent isn’t patched in and the system requests the customer to schedule a call to enjoy a seamless process without any call drops.

Call scheduling by customers

Customers can match their availability with the agents and schedule a call to minimise the wait time at both ends. When booking a call, various dates and time slots are made available on the customer’s screen for easy access and instant scheduling.

Priority queueing

In the event that a potential customer has tried connecting previously but has dropped the call for a reason, or in case an agent fails to accept the assigned Video KYC call request or declines it within the threshold time, the customer is instantly added to the priority queue, which means he needn’t wait with another applicant again. The priority queue is also beneficial to customers in rural areas or those in areas with poor connectivity, to ensure their calls are prioritised and they don’t miss out on being onboarded soon. The priority queue is always checked before the standard queue. An active list of customers in the priority queue helps agents to align their time and schedule.

All of these options made available to both agents and customers, make the onboarding process much simpler. In addition, agents have access to live dashboards to quickly monitor customer data and statistics, as well as their own performance, so that they can keep striving for more.

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Video KYC -The ‘New Normal’ across Industries

With social distancing becoming the new normal and businesses going completely online, Digital KYC is now at the forefront to onboard customers instantly, while keeping a check on their records and doing what’s best for business.

Having adopted the best video KYC tools available for their business, both financial as well as non-financial companies find it a boon that lets their business move swiftly. With features like OCR, Facematch, geo-tagging, fraud detection, functioning Video KYC at low bandwidth, Video recording and more, businesses are quickly moving to digital KYC. Here’s a look at how this much-needed tool works, or will work across various sectors.

Banking, Financial Services and Insurance

Banks: For every customer who opens an account with a bank, whether demat, current, savings, or any other, RBI mandates a digital KYC for onboarding the customer. Using Video KYC verification helps banks keep a record of each and every customer via their Aadhaar Card, and link it to the corresponding bank account to track transactions. In order to update customer details regularly, banks also use Video KYC for Re-KYC which makes the entire process much simpler and quicker. 

Asset Management Companies: For all Asset Management Companies regulated by the SEBI, Video based KYC identification offers full KYC to minimise the risk of money laundering. The authentication process is swift, precise, and paperless, leading to a reduction in costs as well as onboarding time. AMCs have now started using Video KYC not only for individuals but while onboarding SMEs and other larger enterprises too.

Insurance: Video KYC’s Liveliness Detection, Facematch and personal discussion features, like the ones offered by Kwik.ID are salient for insurance companies where fraud is more likely. These features enhance the experience for clients and reduce digital risk for companies.

Lending: SMEs and Fintechs choose to use Video KYC verification for lending processes to make quick and informed decisions, while also making the lending process faster and smoother for the borrower. Many NBFCs use digital KYC for individual lending too.

Wallets: Online wallets are quickly becoming the top video KYC users. All this while, customers were asked to adopt the traditional means of submitting their Aadhaar manually at a centre. But with Video KYC in the picture, e-wallet onboarding can be done in less than 3 minutes from the comfort of your home.

Non-Financial institutions

Employee Onboarding: For large organisations, especially those with over a 100 employees, choosing the best Video KYC tool is the smartest way to store employee data, so as to transfer salaries and EPF and safeguard the interests of the company incase of any fraud.

Online Alcohol Delivery: With online alcohol delivery becoming the ‘new normal’, sellers have to be extremely cautious that the alcohol isn’t reaching the wrong hands. Here’s where Digital KYC comes into play. Right from age-restriction checks, geo-fencing, and address verification, KYC – platforms like KwikI.D are designed for Regulated Entities, thereby adapting themselves to simpler customer onboarding.

Telecom industry: Something that we’ve all witnessed is getting authenticated via KYC while being issued a new SIM card. With the shift in selling SIM cards online, network providers are gradually moving towards Video KYC for contactless and quick verification.

Rental/shared vehicle economy: While customers have to opt for Video KYC verification to add money to their wallets, transport apps have to go through it too, to register themselves and keep their accounts operational.

Co-working spaces: As entrepreneurs and businessmen have begun investing heavily in co-working spaces, their safety becomes a matter of concern for the property owner. The easiest way to keep a record of all the employees is via a video based KYC identification.

Educational platforms & exams:  While this seems to be in the making, with the pandemic, it won’t be long before schools and colleges use Digital KYC to enrol students, especially for competitive exams where cheating is rampant.

Gaming: Gaming is one of the largest sectors that witness cybersecurity and fraud because there’s plenty of money involved that can be easily tampered with. Luckily, because of Video KYC’s AI integrated Facematch Liveliness and fraud detection tools, like the ones we offer, make it easier to detect and shut down these fraudsters.

At Kwik.ID, we understand the importance of security and the need to constantly evolve, especially while doing business online. As leading video KYC solution providers, we aspire to facilitate easy digital KYC across every sector, big or small.

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All about AI based Facematch & Liveliness Detection

As technology seems to be taking over the world, businesses rely heavily on Artificial Intelligence (AI), for almost every aspect of work. AI has seeped not only into your personal life, but also your professional life – from handling everyday tasks, aiding critical problem solving, onboarding customers seamlessly, and improving the overall customer experience.

With Kwik.ID’s Video KYC verification, onboarding customers is certainly made easy, but what makes it trustworthy are the Facematch and Liveliness tools that detect frauds, and prevent impersonation or identity theft of any sort. With the recent advances in AI and deep learning technology, face recognition accuracy has significantly increased.

Facematch and Liveliness are probably the most essential security features which ensure that the user is authentic and there is no foul play involved. High-speed and extremely accurate face recognition technology is based on convolutional neural networks of the latest architecture and most progressive methods of training. The algorithm is based on the neural network and a machine learning approach, unlike “traditional” algorithms based on mathematical model. While active 3D techniques detect movements like eye-blinking and facial movements, passive 3D uses internal algorithms to detect frauds, together making spoofing difficult for the user.

Facematch and Liveliness tools have been pathbreaking innovations in recent times, that facilitate easy and hassle-free business no matter where you or your customers are.

It is no surprise then that so many industries and sectors choose a Video KYC process over a traditional KYC, to ensure that their onboarding process is 100% secure and smooth.

Apart from just adopting Video KYC, here are some industries/sectors that have begun transforming with these tools:

  • Banking: For the banking sector, customer security and fraud prevention is of utmost importance. Facial recognition allows users to log in securely from the mobile banking apps.
  • Finance and Fintech: Financial institutions opt for facial recognition and liveliness tools for instant loans or users making regular payments.
  • Hospitality: Facial recognition is a preferred choice for verifying and authorising guests, especially at check-in.
  • Marketing: The Facematch algorithm helps you analyse your customers’ gender and age and allows you to evaluate your marketing strategy.
  • Trading platforms and exchanges: Facematch and liveness tools can be integrated into the platforms for distant account registration and verification of the account owner.

Other similar fields that choose Kwik.ID’s video KYC for its automated AI tools include insurance companies, brokerages, e-wallets, and NBFCs too.

At Kwik.ID, your data security and privacy have always been our top priority, therefore adopting these AI-powered tools for our instant Video KYC process was a pre-requisite.

The biggest benefit to you is making sure you aren’t being spoofed by a potential customer. But there are so many more benefits too:

  • Aids organisations in speedy KYC / authentication process
  • Authentication methods are efficient and highly accurate
  • Saves time and resources
  • Convenient and cost-effective
  • Determines real user presence during any type of financial transactions
  • Prevents duplicate ids and multiple account registrations for the same user

All of these features make Kwik.ID’s Video KYC a promising tool, which when integrated with your business platform, seamlessly differentiates between actual customers and fake ones. Also with Kwik.ID you will be able to enjoy Video KYC at low bandwith.

So far, after conducting over 50,000+ sessions, and achieving a success rate of over 85% on Video KYC sessions, our biggest learning has been that AI-powered tools have been a major success factor to build trust among KwikID’s clientele, helping us help you.

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Our Learnings from Completing 50,000 Video KYC Sessions

When we started Kwik.ID, it was with the simple idea of offering a ‘Kwik’ solution to organizations across every financial sector, who want to expedite their KYC processes and onboard customers almost instantly. Today, we have to our credit over 50,000 video KYC sessions and a loyal clientele who encourage us to push the envelope.

Having worked with almost every finance-based segment out there, including Banks, NBFCs, Insurance organizations, FinTechs, and even Gaming and Forex, among others, our journey along with 50,000+ Video KYC verification sessions has taught us plenty.

On average we conduct 1500 sessions a day and can handle 15 parallel sessions at any given point of time. All these sessions across markets gave us an insight into how each customer is unique in terms of requirement. How then does a single product benefit them all?

We learnt that one of the key factors that organizations feared with online KYC, was frauds and identity theft. Our immediate response was to include a Fraud Check that verifies customer identity with AI-powered Facematch. Our Liveliness engine protects against fraudsters by ensuring they are physically present and do not use digital photos/printed photos at any time during the process. Features like central database verification of OVDs, fuzzy text matching between details on all OVDs, and document tampering risk score are some of the additional measures that we incorporated to protect organizations’ interest.

Another problem we witnessed were the rejections due to lack of awareness among customers and the drop-offs owing to internet connectivity. While the former has seen immense growth, with more organizations moving towards a quicker video KYC approach for their business, the latter was a matter of concern because we didn’t want to disappoint keen customers. We configured our solution to work on low bandwidth mode and support lower android versions too, (currently supporting 4.4+ which is compatible with 97% of handsets in India), to ensure that customers and agents (authorized personnel from an organization) both enjoy a seamless journey, no matter where they access our Kwik.ID solution from.

Apart from all of this, we aspire to cater to our clientele with an easy 4-step process and scheduling of calls for a suitable time, so customers can attend the video KYC session as per their convenience and your business can #KeepMoving too. Win-win for all!

One of the greatest learnings came in January 2020, when we went live with one of the largest FinTech organizations in India with our 100% API driven solution which supports IOS, Android and Web. It has reduced the organization’s KYC timeframe drastically with a session lasting an average of 1.5 minutes, instead of the traditional week-long KYC process. Tests were carried out across tier 1, 2, and 3 cities, and we found that there have been zero bugs since we went live. 

Other features like providing software updates for free, eliminating the need for additional applications, being 100% RBI Complaint, and providing daily, weekly and monthly statistics for monitoring growth, are add-ons that other organizations enjoy and trust us with. All of these add up to our excellence in Video based KYC identification.

As they say, success is a 2-way street. While organizations rely on us, we rely on them to help us better our product. So that we can design a finely-honed solution that effectively delivers on all the stringent KYC norms, and promises you the ease of doing business, wherever, whenever.

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Minimizing fraud with Video KYC

Financial institutions are mandated by law to carry out KYC to meet strict regulatory guidelines. It not only allows them to understand who their customer is but also functions as a pre-emptive safeguard against any potential illegal transactions.

While carrying out stringent KYC is quite a meticulous process, it is being remedied through the use of Adaptive AI. Wherein technology implements the necessary KYC processes and also incorporates learnings gained by observing the behavior of customers to differentiate between legitimate behavior patterns and suspicious ones.

By automating the KYC process, Video KYC securely verifies identities whilst detecting frauds and spoofing attempts on a real-time basis. This is done via the assimilation of a clear fraud decision-making framework coupled with robust data gathering and analysis. The different types of fraud checks during Video KYC verification are as follows:

Document Tampering: Kwik.ID’s AI based technology enables a quick face match between the selfie & photo on the identity document of the customer to check if the person submitting the documents matches the picture in them to avoid identity theft. Through its access to the central database, it also quickly verifies the legitimacy of the documents.

Further, an inbuilt feature in the video KYC solution checks if the official government ID provided has been tampered with. A risk score is generated to determine the legitimacy of the document. This ensures that the documents provided are the originals and not just a color photocopy.

Location Spoofing: Kwik.ID delivers very robust location intelligence to identify safe customers. At the beginning of Video based KYC identification, the live location (lat/long) of the customer through web browser/mobile is captured and in subsequent steps instant OCR of the POA document is done. Both the locations are fed into the distance algorithm and the address of POA is converted to lat/long. The distance between both location is calculated & if distance < 300 meters (configurable) then the current location gets tagged as HOME LOCATION.

Security Questions: A security question that needs to be answered by the customer undergoing the video KYC is included in this process to ensure that it is a live video session and not a pre-recorded one made by hackers.

All these features are integrated into Kwik.ID’s Video KYC solution to make it a comprehensive AI and data-driven decision-making platform.  This will serve as a valuable tool for FIs and other organizations to easily and seamlessly validate actual KYCs from fraudulent ones on a real-time basis.

To know more, reach out to us on info@getkwikid.com