Security features of an eKYC solution that can streamline identity verifications

 As digitization is transforming the world at a faster pace, the security features of eKYC solution is streamlining the identity verification process. However, with increasing digitization, fraud risks are also piling up. But kudos to the eKYC solutions that help your business verify customers online regardless of the time and location.

Without any human intervention, the process is performed automatically in alignment with the compliance regulations. eKYC helps you in onboarding customers easily and quickly. Certain security features support your business in making the customer onboarding process trouble-free.

In this article, you'll witness robust eKYC security features that help prevent fraud using various techniques. These advanced features using cutting-edge technologies benefit your business by reducing human errors and ultimately contributing to providing top-notch security to your customers.

So let's start to know more about these in detail.

Face Matching

Face scans or face matching is one of the best eKYC technologies used for customer verification. It identifies users based on their faces in live videos or photos.

Face scans use AI algorithms that figure out unique features on a user's face. These features, including chin shape, distance between eyes, and more, are compared with all the data available in the face-matching database.

Data regarding a user's face is known as their face template. Contrary to portraits, face templates encompass specific details that a face-matching system requires to distinguish a particular face of a user from another one.

There exist several reasons why face matching plays a significant role in eKYC solutions:

• It's easy for users to take a live video or selfie

• Every smartphone has a camera

• The majority of face-matching technologies are 98% accurate.

Liveness Detection

When fraudsters take pictures of someone else's ID, then face-matching technology becomes a little tough to prevent fraud. Thus, liveness detection comes into the frame to protect you from bots, deepfake technologies, fraudulent activities, and spoofs. Such scams use pre-recorded videos or static images to create fake identities.

Therefore, liveness detection is one of the leading eKYC solution features that has the potential to detect if the person present physically in front of the camera is genuine or not.

Considering the customer's perspective, liveness detection functions in the form of asking users to smile, nod, turn, make random faces, blink, and a lot more while posing in front of the camera.

The Liveness detection of eKYC solution must have the following features:

• Real-time monitoring of live videos and images

• The live detection process captures even the tiniest movement of any object.

OCR - Optical Character Recognition

The integration of OCR technology in your system helps your business to streamline the identity verification process.

OCR extracts data from documents that users capture with the help of their smartphones. Further, it compares this data with verified databases. This entire extraction process generally takes around 3 seconds with 99% accuracy.

OCR can extract data from documents, including ID cards, driver's licenses, and passports.

The role of OCR includes:

• Authenticate address of residence, DOB, and name of users

• Check barcode and ID number's accuracy

• Identify creases and folds

• Detects folded edges

• Easily detect fake or photoshopped images

• Detect fraudulent fonts, signatures, and holograms

• Check and verify the correct format of the document.

• Detects the format of the passport.

• Detect opaque images

In all, OCR checks all other related data for every document type, which helps prevent fraud.

Adjustable FRR (False Rejection Rate) and FAR (False Acceptance Rate)

FAR and FRR are some of the most effective measures of eKYC solutions for the identity verification process.

FAR refers to the percentage of times when scammers or fraudsters are passed incorrectly. On the other hand, FRR refers to the rate at which legal customers are rejected incorrectly.

The lower the FRR and FAR, the more highly secure your eKYC solution. The best part is you can adjust FAR and FRR as per your requirements.

Blur & Glare Detection

With the eKYC solution, you can even correct blurry images as this identity verification process comes with a system to notify and suggest to users if the picture they captured is fuzzy, glared, or blurry so that they can correct it there. In this situation, you'll get a pop-up notification saying - "The image has glares; please retake it," and it will be good to go.

Barcode Reader

Newly issued IDs now have barcodes on their backside. Thus, your eKYC solution must have the potential to decode the information, like first name, last name, DOB, and contact number of users. It will automatically lessen your burden to identify if a user is real.

Electronic Signature

E-signatures help you digitally sign significant contracts and various other documents anytime, anywhere, speedily on their smartphones only.

Moreover, it helps you reduce tons of paperwork. With the help of e-signatures, you can safely store parts of documents on the cloud that are convenient to retrieve and supervise for your business and customers. This act helps in serving your customers better.

With the help of this security feature of the eKYC solution, you can ask your customers to give their signatures on the mobile screen, which will erase the physical presence of users.

Conclusion

These security features of eKYC solutions help streamline your identity verification process, which is of utmost importance when you talk of guaranteeing the security of your business and your customers.

The advanced security features of eKYC solutions securely automate your identity verification process and help your business stay unique from the rest.