The financial industries and banks have always been a target of the fraudsters due to their financial dealings. The customer onboarding procedure for them is critical. They need to ensure the legitimacy of the customers and avoid any fraudulent activity. However, when focused on the customer verification process, what most first end up neglecting is the verification of employees. Verification of the employee is as significant as the customer’s before the onboarding them. Employee onboarding video KYC can be applied to streamline the whole process. Read this blog further to find out more about the employee onboarding video verification process.

The Need for Digital Onboarding

Due to the COVID-19, business operations have moved online and have started a trend of remote working. Many businesses have permanently started remote-working operations. However, the issue arises when fraudsters impersonate employees and steal the company’s data or even secretly use the firm to conduct financial crimes. Employees have access to a company’s data as well as their computer systems and they can be a source of data breaches or identity theft of their fellow employees.

The most common cause of identity theft in tax refund is done through employees impersonating their colleagues. In most money laundering cases, higher-level or executive-level employees of the firms are behind such endeavours. Once the firms are associated with such employees, their name is tainted forever and they lose credibility in the eyes of the customers as well as law enforcement bodies. If a bank or financial institute is found with questionable employees, they can be fined millions of dollars for not performing proper employee onboarding verification.

However, due to remote working, it has become a bit difficult to carry out the verification process. The hiring process usually requires a physical presence, but the situation has left the world with no other choice, and they must comply with the social distancing protocols and operate digitally. This is when the digital means of verification through employee onboarding video KYC can be the need of the hour.

Let’s discuss the process of the video KYC solution.

What and How of Video KYC?

Shufti Pro Video KYC is the process of performing KYC but through digital means with both the involvement of AI and HI. This process is performed through a live video call with a human agent who guides the employee with the whole verification process.

Below are some steps of video-based identification explained in detail

  1. The employee has to register through the online site via a form
  2. Then the employee is connected to an agent through a video call
  3. The employee has to show his identity document on the camera. The AI-powered solution verifies the identity document. The AI is trained with different types of identity documents and prove its legitimacy within no time by analyzing its format and the MRZ
  4. The AI-powered facial recognition technology is trained to analyze the facial features of the individual and detect any spoof attacks
  5. The human KYC expert is also there to analyze and observe the whole process as a cross-check.
  6. The employee is asked a few questions by the agent to make sure of the physical presence of the employee.
  7. The face of the employee can be matched against the photo of the identity document to validate the identity.
  8.  The permission of the employee records the whole process.

 

Once the identity of the employee is verified they can be checked against the global watchlists, PEPs, or sanction lists that global regulatory bodies have provided. This is done to find out if they have had any connection with money laundering or any other financial crimes.

Wrapping it up

Most KYC processes are done with the customers but why stop there? This is process enhances security and all security threats should be dealt with it. Through employee onboarding video verification, only onboard verified customers. Through this, the company can be secure about their employee loyalty and will not have to worry about any criminal attacks done internally. This process is fast and accurate and can help the firm to ensure compliance with the regulatory bodies.