Use Case
KYC Verification with Biometrics
AML & eKYC with biometric ID ownership validation
ID ownership validation is one of the two mandatory requirements of a legal digital KYC verification that binds an individual to his e-identity by preventing spoofing and from using a stolen identity. ID ownership validation is an essential component for most online financial transactions to be compliant with KYC/AML regulations.
Why KYC
Benefits of Digital KYC with Biometrics
Cost Effective
Identification without the need for an additional employee doing the check
User Experience
24/7 self-service identity proofing
Fraud Prevention
Secure liveness detection and highly accurate ID photo matching
With BioID PhotoVerify, automated KYC & AML implementations are equivalent
to a „face-to-face“ Level of Assurance (LoA)
Demo
Trusted AML & KYC Secured with BiometricIdentity Authentication
The Know Your Customer guidelines have been introduced to prevent financial institutions from being used for money laundering. The legally required process must acquire and validate information with high trust levels. As such, digital KYC processes are costly for service providers (e.g. banks) and cumbersome for customers.
ID verification provided by BioID automates the process with biometrics while raising trust levels at the same time.
How it works
How PhotoVerify Performs ID Ownership Validation
For a KYC ID ownership validation process, our PhotoVerify technology matches the image on an ID with the live person in front of the camera.
1
The user captures an image of the ID photo from the ID document (e.g. passport, driver’s license) using a camera or via Near Field Communication (NFC)
2
The user takes two selfies using a camera
3
BioID’s PhotoVerify verifies (1) the selfies were captured from a live person and (2) the ID photo and the selfies are from the same person
Details
The biometric KYC/AML process is entering a new era of 24/7 self-service
In this digital world, all online services must be available 24/7 with high assurance levels of user authenticity at all times.
As identity fraud is by far the highest risk of all, rigorous identity validation practice is now being followed by all kinds of industries, not just for KYC/AML or onboarding purposes but also throughout the whole identity lifecycle, e.g. for account recovery, password reset, user attribute changes, etc.
BioID’s PhotoVerify is now the synonym for ID ownership validation supporting real-time eKYC implementations worldwide.
It also makes unattended high-security online services possible with tremendous savings in both time and cost.