Over the past few years, KYC remediation and ID verification have become increasingly more critical. Even if it’s not required by law, participating in these practices could help protect sensitive information and your customers. Unfortunately, many companies use ID verification practices that they think are safe and effective, when this is not the case.
One such example of inefficient ID verification is video chats. Many companies have begun using video chat-based identity verification. Upwork, the platform for freelancers, is one of the most notable companies to have utilized video chat ID verification. However, there are many pitfalls and problems associated with this technology. Below, we’ll outline the issues with video chat ID verification and the alternatives that companies should consider using instead.
Inconsistencies And Long Delays
One of the most significant problems with video chat ID verification is that it takes a long time for it to work. That’s because it requires manual verification. This not only proves frustrating to customers, but it can cost companies valuable time and money as well. To perform a video chat, customers must submit some form of identification. Then, they need to contact a rep on the other end, who ensures that the face on the screen matches the ID.
Typically, however, the person on the video chat does not have the authorization to complete the verification. They must then make their recommendation to an agent, who processes the paperwork. The verification process can often take at least 24 hours, if not longer.
Poor Connection Issues
Another issue with video ID verification is poor connection issues. When one of the users has a poor connection, the video can appear grainy or pixelated. This can pose a challenge to the individual looking to confirm the identification. Furthermore, it could make it easier for someone to spoof the system. If the person conducting the verification cannot see the fine details of an individual’s face, there’s a chance that they authorize a fraudulent individual.
Inconvenient Scheduling Options
One of the other problems with video chat ID verification is that it is incredibly inconvenient to schedule a time to connect. Imagine you are trying to verify the identity of someone across the globe. Not only do you have to find a time in both of your schedules to connect, but you also must consider time changes.
Ultimately, you may have to end up blocking your schedule just so that you can connect with the individual on the other end. This creates a headache that is by no means worth it. There are much easier ways for you to verify an identity without you having to drop everything you’re doing.
New ID Authentication Technology
Many of today’s ID authentication technologies don’t require any manual labor. Instead, the technology relies on algorithms to conduct the searches. Investing in this software requires an investment up front, but it quickly pays for itself when considering the time and money you’ll save by not having to conduct manual video chat authentication.
Furthermore, today’s ID authentication technology allows users to upload the documents at their convenience. For instance, one type of technology that you could use is a barcode scanner. The individual could upload a picture of themselves and a picture of their government-issued ID that features a barcode.
An automated process will then scan the barcode and match the picture on file to the image the individual submitted. This second-generation technology is as efficient as physical barcode scanners. However, they don’t require any manual labor. All of the processes take place in the background. The only thing the back-end user sees is whether the person’s identity is legitimate. This should also give customers peace of mind, knowing that their information is safe.
Because these processes happen in real-time, the waiting time is minimal. Whereas video chat requires a least a day of onboarding time, if not longer, barcode scanners and other similar ID authentication processes can happen immediately.
Looking To Upgrade Your Current Video Chat Verification?
If you currently verify clients by video chat, it’s time for you to update your outdated system. Fortunately, at AU10Tix, we are here for you. We have numerous identification solutions available that meet international regulations. We’ll take the time to understand your business processes so that we can provide you with the identification solution that best fits your needs.
Our solutions are fully-automated and allow for KYC Initiation. We understand how valuable your time is, which is why our systems eliminate the need for data entry and back-office reviews. We provide our customers with forensic-level forgery and counterfeiting protection, reducing your chances of opening your business to:
• Fraudulent activities
• Money laundering
• Terrorist activities
Our verification checks exceed those set forth by regulators. Why take the risk of opening of your business to illegal activity or individuals? Contact us today to learn more about how our solutions could secure your business.