Tag: KYC

How has Video KYC Verification evolved in 2023

How has Video KYC Verification evolved in 2023?

Posted on | by Signzian

As the world continues to become increasingly digital, the way we verify identities is also evolving. One such evolution is in video KYC verification, which has taken significant strides forward in recent years. This process involves using video calls to confirm a person’s identity for various purposes, from opening bank accounts to accessing online services. In this blog post, we’ll take a look at how video KYC has evolved since its early days and explore what benefits and challenges it presents. So fasten your seatbelts as we delve into the fascinating world of Video KYC!

The early days of Video KYC

In the early days of video KYC, many companies were still relying on in-person verification processes. However, as technology advanced and more people gained access to high-quality cameras and internet connectivity, KYC verification started gaining popularity.

At first, there were some concerns about the security of this process. Some experts worried that fraudsters could use deep fake videos to bypass KYC checks. Nevertheless, companies soon realized that they could mitigate these risks by using artificial intelligence (AI) algorithms to detect signs of tampering or deception.

Initially, video KYC was primarily used in the financial sector, as it offered a more secure and efficient way to verify identities. However, over time, it has been adopted by a variety of other industries, including healthcare, retail, and transportation. The benefits of video KYC verification

Earlier, it demonstrated its potential for secure identity verification while saving time and resources compared to traditional methods. As we’ll see next, however, it took some time for AI-powered solutions to become widespread enough for most businesses to adopt them fully.

The Rise of AI in Video KYC

The rise of AI in Video KYC has been a game-changer for the verification process. Traditionally, manual verification processes were time-consuming and prone to errors. However, with the integration of artificial intelligence (AI), video KYC has become more efficient and reliable.

Artificial Intelligence algorithms can recognize human faces and compare them with government-issued IDs within seconds. These systems are designed to detect any signs of tampering or fraud and flag suspicious activity immediately.

Moreover, AI technology allows companies to conduct real-time monitoring during the verification process. This means that if there is any fraudulent behavior detected, it will be flagged immediately, reducing the risk of identity theft or financial fraud.

AI-powered Video KYC verification provides better security while improving efficiency through automation. As technology continues to evolve at a rapid pace, we can expect even more advanced solutions in this field in the future.

The future of Video KYC

As we look to the future, it is clear that Video KYC will continue to evolve and adapt to meet the needs of businesses and customers alike. With advancements in AI and machine learning, we can expect even greater accuracy and efficiency in the verification process.

The growth is attributed to the increasing adoption of KYC by businesses across various industries, such as banking, financial services, and insurance (BFSI), retail, and healthcare. It helps businesses to verify the identity of their customers in real-time, which helps to reduce fraud and improve customer experience.

In addition, the increasing adoption of digital channels by businesses is also driving the growth of the video KYC market. It allows businesses to onboard new customers and provide them with services digitally, which helps to improve customer convenience.

Furthermore, the increasing regulatory compliance requirements is also driving the growth of the video KYC market. Governments across the world are imposing stringent regulations on businesses to verify the identity of their customers. It helps businesses to comply with these regulations and avoid penalties.

However, the high cost is a major challenge for the growth of the market. In addition, the lack of awareness about video KYC solutions is also hindering the growth of the market.

Regulations in India and US

India

In India, video KYC verification is regulated by the Reserve Bank of India (RBI). The RBI has issued guidelines for the use which are designed to ensure that it is used in a secure and compliant manner. Some of the key provisions of the RBI guidelines include:

  • The use of video KYC verification must be authorized by the RBI.
  • The verification process must be conducted in a secure manner.
  • The verification process must be compliant with the RBI’s data protection regulations.

The specific regulations that apply in India include:

  • The Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
  • The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011.
  • The Reserve Bank of India (Know Your Customer) Directions, 2016.

USA

In the USA, video KYC verification is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA has issued guidance for the use of video KYC verification, which are designed to ensure that it is used in a secure and compliant manner. Some of the key provisions of the FINRA guidance include:

  • The use of video KYC verification must be authorized by FINRA.
  • The KYC verification process must be conducted in a secure manner.
  • The KYC verification process must be compliant with FINRA’s anti-money laundering regulations.

The specific regulations that apply to video KYC verification in the USA include:

  • The Bank Secrecy Act (BSA).
  • The USA PATRIOT Act.
  • The Dodd-Frank Wall Street Reform and Consumer Protection Act.

Signzy is a leading provider of KYC solutions. We help businesses to verify the identity of their customers in real-time, which helps to reduce fraud and improve customer experience.

Our video KYC solution is easy to use and can be integrated with any existing system. It is also highly secure and reliable. We offer a variety of features, including:

  • Identity verification: We use a variety of methods to verify the identity of our customers, including facial recognition, liveness detection, and document verification.
  • Fraud detection: We use a variety of algorithms to detect fraud, including machine learning and artificial intelligence.
  • Customer support: We offer 24/7 customer support to help you with any problems you may encounter.

We are committed to helping our customers navigate the ever-changing landscape of video KYC. In 2023 and beyond, we will continue to innovate and develop new features to meet the needs of our customers.

Here are some of the ways that Signzy can help businesses navigate KYC in 2023 and beyond:

  • Reduce fraud: Signzy’s video KYC solution can help businesses to reduce fraud by verifying the identity of their customers in real-time. This can help to identify potential fraudsters and prevent them from opening accounts or making transactions.
  • Improve customer experience: Our solution is easy to use and can be completed in minutes. This can help to improve the customer experience by making it easier for customers to onboard and start using a business’s services.
  • Comply with regulations: The solution is designed to comply with the latest regulations. This can help businesses to avoid fines and penalties for non-compliance.
  • Increase efficiency: The solution can help businesses to increase efficiency by automating the verification process. This can free up employees to focus on other tasks, such as customer service.
Vehicle Registration Check API

Signzy’s Vehicle RC API for Logistics Operators

Posted on | by Signzian

Are you a logistics operator looking for an efficient way to manage your fleet of vehicles? Vehicle registration check API might just be what you need! This powerful tool can help automate the process of checking vehicle registrations, saving you time and reducing the risk of errors. In this blog post, we’ll dive into what the vehicle registration check API is, how it works, and its benefits. So buckle up and let’s explore this game-changing technology!

What is the Vehicle RC API?

The Vehicle Registration Check API is a tool that allows logistics operators to check the registration status of their vehicles. It uses real-time data from various sources, including government databases and insurance companies, to provide accurate information about a vehicle’s registration status.

This technology has revolutionized the way logistics operators manage their fleets by automating the process of checking vehicle registrations. Instead of manually checking each vehicle’s registration status, all you need to do is integrate this tool into your system and let it do its magic!

One great advantage of using rc check API is that it helps reduce the risk of errors. Manually inputting data can often lead to mistakes, which could have serious consequences in terms of compliance or safety issues. With this tool, you eliminate human error and ensure that all your vehicles are registered properly.

If you’re looking for an efficient way to manage your fleet while reducing workload and minimizing risks, Vehicle Registration Check API might just be what you need!

How Does the Vehicle RC API Work?

The Vehicle Registration Check API works by accessing a database of vehicle registration information and providing users with real-time data about any registered vehicles in the system. This allows logistics operators to quickly verify the legitimacy of a particular vehicle before engaging in business.

To use the API, you simply need to provide its license plate number or engine & chassis number. The API will then search its database for any matching records and return all relevant information.

The data provided by the Vehicle Registration Check API includes important details like make and model, year of manufacture, status (e.g. whether it’s currently registered), and ownership history. This can help logistics operators avoid potential fraudsters who may be using fake credentials to gain access to their services.

In addition, some APIs also offer additional features like insurance and owner history. By harnessing this wealth of knowledge, logistics companies can make more informed decisions on which vehicles they choose to work with and ensure that they are operating safely and efficiently at all times.

The Vehicle Registration Check API is an invaluable tool for logistics operators looking to streamline their operations while safeguarding against potential risks.

How can Signzy’s Vehicle RC API help?

Signzy’s Vehicle RC API is a powerful tool that can help logistics operators improve their operations in a number of ways. By using the API, logistics operators can:

  • Verify the ownership of vehicles
  • Check the registration status of vehicles
  • Get information about the history of vehicles
  • Prevent fraud and theft
  • Improve customer service

Verifying the ownership of vehicles

One of the most important uses of the Vehicle RC API is to verify the ownership of vehicles. This is essential for logistics operators who need to ensure that the vehicles they are using are properly registered and insured. The API can be used to quickly and easily verify the ownership of a vehicle by simply entering the vehicle’s registration number.

Checking the registration status of vehicles

The Vehicle RC API can also be used to check the registration status of vehicles. This is useful for logistics operators who need to ensure that the vehicles they are using are properly registered and insured. The API can be used to quickly and easily check the registration status of a vehicle by simply entering the vehicle’s registration number.

Getting information about the history of vehicles

The Vehicle RC API can also be used to get information about the history of vehicles. This information can be useful for logistics operators who need to make informed decisions about the vehicles they are using. The API can be used to get information about the following:

  • The vehicle’s make and model
  • The vehicle’s year of manufacture
  • The vehicle’s lien status
  • The vehicle’s owner History

Preventing fraud and theft

The Vehicle RC API can also be used to prevent fraud and theft. The API can be used to verify the ownership of vehicles, check the registration status of vehicles, and get information about the history of vehicles. This information can be used to identify fraudulent transactions and prevent vehicle theft.

Improving customer service

Overall, Signzy’s Vehicle RC API is a powerful tool that can help logistics operators improve their operations in a number of ways. By using the API, logistics operators can verify the ownership of vehicles, check the registration status of vehicles, get information about the history of vehicles, prevent fraud and theft, and improve customer service.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

Posted on | by Signzian

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

 

 

KYC And Cybersecurity: Protecting Data From Cyber Fraud

Posted on | by Signzian

Traditionally, cyberthreats have been largely isolated to attacks on computer systems and networks. However, with the advent of digital transformation, cyberattacks are now targeting people and businesses at an unprecedented rate.

According to a report from Accenture’s State of Cybersecurity Resilience 2021, cyber threats have increased by over 30% from 2020 to 2021. Cyber fraud is fast becoming one of the biggest threats to today’s businesses, with the cost of cybercrime predicted to hit $10.5 trillion by 2025.

KYC And Cyber Fraud

KYC fraud occurs when a cybercriminal uses stolen or fake identity documents to open an account or obtain credit in someone else’s name. This type of fraud can have devastating consequences for both the individual and the business involved.

Fraudsters can trap customers easily by offering services that are too good to be true or by using phishing techniques to obtain sensitive information such as login credentials or financial data. Once they have this information, they can use it to commit identity theft, take out loans in the victim’s name, or make unauthorized purchases.

Types Of KYC Frauds

  • Phishing: Phishing is one of the most common types of cyberattacks. It involves fraudsters masquerading as legitimate entities in order to trick victims into divulging sensitive information.
  • Identity Theft: Identity theft occurs when a criminal obtains and uses someone else’s personal information, including their name and address, to take out loans, make purchases, or apply for credit.
  • Smishing: Smishing is a type of social engineering fraud that involves sending phishing text messages to unsuspecting recipients. This technique can be used to trick people into revealing their login credentials, banking details, or other sensitive information.
  • Fake Re-KYC: Fake re-KYC scams are becoming increasingly common as businesses are required to update their customer records on a regular basis. In this type of fraud, fraudsters pose as representatives from a legitimate organization and request that customers provide updated KYC information, such as their passport or driver’s licence details.

KYC Data Breach

Despite the importance of KYC in cybersecurity, data breaches are still a very real threat. Recent instances of KYC data breaches include the CDSL’s KYC arm which reportedly exposed the personal and financial data of more than 40 million investors twice within just 10 days.

Additionally, the Upstox data breach exposed the personal data of about 2.5 million customers, leading to a probe by the RBI’s cybersecurity team. To protect the data from cyber fraud and cyberattacks, it is important to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems.

Following the incident, Ravi Kumar – the co-founder and CEO of Upstox (India’s largest brokerage firm), stated on the company’s website: “We would like to assure you that your funds and securities are protected and remain safe. Funds can only be moved to your linked bank accounts and your securities are held with the relevant depositories. As a matter of abundant caution, we have also initiated a secure password reset via OTP.” 

KYC And Cybersecurity

Know Your Customer (KYC) has become a vital part of any business’ cybersecurity strategy, as it helps to weed out potential cyber fraudsters and protect customer data. Consumers are vital stakeholders in any cybersecurity strategy, and businesses must take steps to help them protect their personal information online.

There are many KYC best practices that businesses can implement to help protect themselves from cyberattacks, including:

  • Implementing multi-factor authentication (MFA)
  • Conducting regular background checks on employees
  • Keeping up-to-date with the latest security threats
  • Educating employees on cybersecurity risks
  • Implementing strong password policies
  • Monitoring employee activity for suspicious behavior
  • Restricting access to sensitive data
  • Encrypting customer data
  • Backing up

Gaining Trust Of All Stakeholders

According to research, 88% of the customers say that their trust in any business is based on how they handle their data and offer security.

Anil Advani, from Pure VPN, believes that cybersecurity is the means to gain the trust of customers and stakeholders alike. By implementing strong KYC policies and best practices, businesses can help protect their customers from the growing threat of cyber fraud and data breaches.

He quotes, “Due diligence is a routine part of any acquisition. Identity verification is very important these days due to an increase in cybercrime. Customers, partners, shareholders, and prospective employees want evidence that the organization can protect its sensitive data. Without a cybersecurity policy, an organization may not be able to provide such evidence.”

Pairing Cybersecurity With Regulatory Requirements

Dan Blum, Principal Consultant at Security Architects Partner, believes that businesses must pair their cybersecurity efforts with regulatory requirements to be fully compliant.

“Service providers must protect the value of customer’s information systems or data, as well as customer privacy rights using sound, risk-based cybersecurity practices as a matter of due diligence. KYC requirements must be aligned and balanced with a good understanding of the laws and business requirements,” he stated.

He believes that organizations should also consider conducting independent security audits regularly to identify potential vulnerabilities. These audits can help organizations understand where they need to improve their cybersecurity posture and make the necessary changes to mitigate risk.

The Bottomline

In conclusion, as data breaches continue to plague businesses of all sizes, it is more important than ever for organizations to implement robust KYC procedures and invest in state-of-the-art cybersecurity tools and systems. By following the best practices outlined above, businesses can help protect their customers’ personal information online and gain the trust of all stakeholders.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru, and it has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

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Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.