KYC with Biometrics - Know Your Customer
eKYC and AML with Biometric Selfie Verification
Like no other authentication method, biometrics explicitly binds individuals to their digital identity. In the online world, this is the key to preventing identity theft and fraud issues. KYC with biometrics is strongly on the rise to prevent identity fraud. The reason is, that KYC (Know Your Customer) as well as Anti Money Laundering (AML) regulations challenge service providers to deliver strong as well as intuitive identity proofing.
With advances in biometrics BioID supports real-time eKYC implementations in multiple European and non-EU countries. The gamechanger is BioID’s ISO compliant liveness detection which enhances the long-proven face recognition technology. Through face live detection, user presence is checked and presentation attack detection (PAD) is carried out. Service providers can trust that the authenticating or registering person is no fraudster trying to fake the identity of a customer.
For a KYC with biometrics onboarding process, our PhotoVerify technology additionally matches the image on an ID with the live person in front of the camera. This way, it can be clarified whether the used ID actually belongs to the person presenting it.
WITH BIOID PHOTOVERIFY, AUTOMATED KYC & AML IMPLEMENTATIONS ARE RAISED TO A “FACE-TO-FACE” LEVEL OF ASSURANCE (LoA).
How to Perform
automated KYC Onboarding
- Let the user take a snapshot of his ID on his cellphone.
- The ID is checked for authenticity/validity.
- You ask the user to take two selfies.
- The selfies are checked for liveness and compared to the image on the ID.
- The ID ownership is verified biometrically, the identity proofing process is done!
KYC identity verification
- Regulations like KYC and AML can be addressed with a low-cost remote identity proofing process.
- Real-time selfie verification & frictionless user experience.
- Effective fraud prevention through liveness detection and highly accurate biometric ID-photo matching.
Interested in our fraud prevention for biometrics?
Trusted AML & KYC with Biometrics
The Know Your Customer guidelines have been introduced to prevent financial institutions from being used for money laundering. There is a great need for capturing anti-corruption due diligence information with high trust-levels. As KYC processes are costly for banks and cumbersome for customers, innovative solutions for ID verification support automation and raise trust levels at the same time.
For being anti-bribery compliant service providers need to be sure of their customers’ legal identities. Thus, user presence has to be guaranteed in unsupervised situations. At the same time, customers demand convenient and quick processes.
KYC with biometrics is the solution for remote identity verification. As a key component, BioID PhotoVerify enables fraud-proof biometric verification of ID ownership and is the key for eKYC and AML compliance.
Find out how biometric identity verification can assist
your KYC authentication and onboarding