Category: KYC & KYB

Welcome to our meticulously curated KYC/KYB category, a comprehensive repository dedicated entirely to the multifaceted dimensions of Know Your Customer (KYC) and Know Your Business (KYB). As we stride deeper into the digital era, the procedures around KYC/KYB have emerged as a fundamental pillar, ensuring secure and compliant operations within the financial landscape.

The articles housed in this category plunge into the complexities of KYC/KYB, discussing its inherent challenges, potential solutions, and its indispensable role in the realm of identity verification. Our articles traverse a wide array of topics, ranging from the application of artificial intelligence in customer due diligence processes to the impact of regulatory shifts on KYC methodologies. These writings cover a broad spectrum of subjects, offering relevance to businesses and professionals operating within the financial industry.

As a leading industry player in the domain of digital identity verification, Signzy stands at the helm of innovation in KYC/KYB. Our cutting-edge solutions are engineered to simplify KYC, making these procedures faster, more efficient, and notably secure.

Regardless of whether you’re a compliance officer diligently maintaining regulatory standards, a fintech entrepreneur navigating the challenging waters of the financial industry, or simply an individual interested in gaining a deeper understanding of the evolving world of KYC/KYB, our category offers a treasure trove of information and insights.

We invite you to join us on this journey of exploration as we dive into the future of KYC in the rapidly evolving digital age. Our articles aim to enlighten, inform, and provide a well-rounded perspective on the significant role that KYC processes play in today’s digital financial landscape. Welcome to a world where knowledge becomes power, and compliance becomes simplified.

Vehicle Registration Check API

Signzy’s Vehicle RC API for Logistics Operators

Posted on | by Signzian

Are you a logistics operator looking for an efficient way to manage your fleet of vehicles? Vehicle registration check API might just be what you need! This powerful tool can help automate the process of checking vehicle registrations, saving you time and reducing the risk of errors. In this blog post, we’ll dive into what the vehicle registration check API is, how it works, and its benefits. So buckle up and let’s explore this game-changing technology!

What is the Vehicle RC API?

The Vehicle Registration Check API is a tool that allows logistics operators to check the registration status of their vehicles. It uses real-time data from various sources, including government databases and insurance companies, to provide accurate information about a vehicle’s registration status.

This technology has revolutionized the way logistics operators manage their fleets by automating the process of checking vehicle registrations. Instead of manually checking each vehicle’s registration status, all you need to do is integrate this tool into your system and let it do its magic!

One great advantage of using rc check API is that it helps reduce the risk of errors. Manually inputting data can often lead to mistakes, which could have serious consequences in terms of compliance or safety issues. With this tool, you eliminate human error and ensure that all your vehicles are registered properly.

If you’re looking for an efficient way to manage your fleet while reducing workload and minimizing risks, Vehicle Registration Check API might just be what you need!

How Does the Vehicle RC API Work?

The Vehicle Registration Check API works by accessing a database of vehicle registration information and providing users with real-time data about any registered vehicles in the system. This allows logistics operators to quickly verify the legitimacy of a particular vehicle before engaging in business.

To use the API, you simply need to provide its license plate number or engine & chassis number. The API will then search its database for any matching records and return all relevant information.

The data provided by the Vehicle Registration Check API includes important details like make and model, year of manufacture, status (e.g. whether it’s currently registered), and ownership history. This can help logistics operators avoid potential fraudsters who may be using fake credentials to gain access to their services.

In addition, some APIs also offer additional features like insurance and owner history. By harnessing this wealth of knowledge, logistics companies can make more informed decisions on which vehicles they choose to work with and ensure that they are operating safely and efficiently at all times.

The Vehicle Registration Check API is an invaluable tool for logistics operators looking to streamline their operations while safeguarding against potential risks.

How can Signzy’s Vehicle RC API help?

Signzy’s Vehicle RC API is a powerful tool that can help logistics operators improve their operations in a number of ways. By using the API, logistics operators can:

  • Verify the ownership of vehicles
  • Check the registration status of vehicles
  • Get information about the history of vehicles
  • Prevent fraud and theft
  • Improve customer service

Verifying the ownership of vehicles

One of the most important uses of the Vehicle RC API is to verify the ownership of vehicles. This is essential for logistics operators who need to ensure that the vehicles they are using are properly registered and insured. The API can be used to quickly and easily verify the ownership of a vehicle by simply entering the vehicle’s registration number.

Checking the registration status of vehicles

The Vehicle RC API can also be used to check the registration status of vehicles. This is useful for logistics operators who need to ensure that the vehicles they are using are properly registered and insured. The API can be used to quickly and easily check the registration status of a vehicle by simply entering the vehicle’s registration number.

Getting information about the history of vehicles

The Vehicle RC API can also be used to get information about the history of vehicles. This information can be useful for logistics operators who need to make informed decisions about the vehicles they are using. The API can be used to get information about the following:

  • The vehicle’s make and model
  • The vehicle’s year of manufacture
  • The vehicle’s lien status
  • The vehicle’s owner History

Preventing fraud and theft

The Vehicle RC API can also be used to prevent fraud and theft. The API can be used to verify the ownership of vehicles, check the registration status of vehicles, and get information about the history of vehicles. This information can be used to identify fraudulent transactions and prevent vehicle theft.

Improving customer service

Overall, Signzy’s Vehicle RC API is a powerful tool that can help logistics operators improve their operations in a number of ways. By using the API, logistics operators can verify the ownership of vehicles, check the registration status of vehicles, get information about the history of vehicles, prevent fraud and theft, and improve customer service.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

RBI Rules for Wire Transfer

RBI Updates Wire Transfer Rules to Combat Money Laundering

Posted on | by Signzian

The Reserve Bank of India (RBI) has updated its wire transfer rules in an effort to combat money laundering. The new rules, which came into effect on May 10, 2023, require banks and other financial institutions to collect more information about wire transfer senders and recipients.

The new rules also require banks to report all wire transfers of more than $50,000 to the Financial Intelligence Unit of India (FIU-IND). The FIU-IND is India’s central agency for receiving, processing, analyzing, and disseminating information relating to suspected or actual instances of money laundering or terrorist financing.

The RBI’s decision to update its wire transfer rules is part of a broader effort to combat money laundering and terrorist financing. Under the new rules, banks and other financial institutions must collect the following information for all wire transfers:

  1. The name of the sender and recipient
  2. The sender’s and recipient’s account numbers
  3. The reason for the wire transfer
  4. The source of the funds being transferred

Banks and other financial institutions are also required to verify the identity of the sender and recipient of each wire transfer. This can be done by requiring the sender and recipient to provide government-issued identification documents.

The RBI has said that the new rules are necessary to “strengthen the fight against money laundering and terrorist financing.” The RBI has also said that the new rules will not have a significant impact on the cost of wire transfers for businesses and individuals.

What does New Wire Transfer Rules mean for businesses and individuals?

The new wire transfer rules by RBI mean that businesses and individuals will need to provide more information when sending or receiving wire transfers. This information will include the name, address, and account number of the sender and recipient. The new rules also require businesses and individuals to provide a reason for the wire transfer.

The new rules are designed to prevent money laundering and terrorist financing. By requiring businesses and individuals to provide more information, RBI can better track and monitor wire transfers. This will help to identify and stop suspicious transactions.

It will have a number of implications for businesses and individuals. Businesses will need to update their systems and procedures to comply with the new rules. This may involve investing in new software and training staff. Individuals may also experience some inconvenience as they will need to provide more information when sending or receiving wire transfers.

However, the new rules are important for protecting the financial system from money laundering and terrorist financing. By complying with the rules, businesses and individuals can help to keep their money safe and help to make the financial system more secure.

Here are some of the key implications of the new wire transfer rules for businesses and individuals:

  • Businesses will need to update their systems and procedures to comply with the new rules.
  • Individuals may experience some inconvenience as they will need to provide more information when sending or receiving wire transfers.
  • They are designed to prevent money laundering and terrorist financing.
  • By complying with the rules, businesses and individuals can help to keep their money safe and help to make the financial system more secure.

What can businesses and individuals do to comply with the new rules?

Businesses and individuals can comply with the new RBI wire transfer rules by:

  1. Gathering the required information about the sender and recipient of each wire transfer.
  2. Verifying the identity of the sender and recipient of each wire transfer.
  3. Using a bank or other financial institution that is familiar with the new RBI wire transfer rules.

By taking these steps, businesses and individuals can help to ensure that they are complying with the new RBI wire transfer rules and that they are not inadvertently aiding in money laundering or terrorist financing.

Implications of the Wire Transfer Rules

The RBI’s updated wire transfer rules are a step in the right direction, however, they are just one part of the solution. India needs to do more to combat money laundering and terrorist financing, including strengthening its anti-money laundering and terrorist financing laws, improving its enforcement of these laws, and increasing public awareness of the risks of money laundering and terrorist financing.

Here are some of the implications of the new rules:

  1. Increased compliance costs for banks and other financial institutions: The new rules will require banks and other financial institutions to collect more information about wire transfer senders and recipients, and to report all wire transfers of more than Rs.50,000 to the FIU-IND. This will increase the compliance costs for these institutions.
  2. Reduced anonymity for wire transfer senders and recipients: The information required about wire transfer senders & recipients will reduce the anonymity of these individuals, which could make it more difficult for them to launder money or finance terrorism.
  3. Improved detection of money laundering and terrorist financing: The new rules will require banks and other financial institutions to report all wire transfers of more than Rs.50,000 to the FIU-IND. This will help the FIU-IND to identify and investigate potential cases of money laundering and terrorist financing.

How can Signzy help in the KYC of Wire Transfers? 

One of the ways that Signzy can help with wire transfer compliance is by automating the process of collecting and verifying customer information at a reasonable cost. Our solution also helps to reduce the risk of human error and ensure that all required information is collected efficiently. The solution is best to comply with wire transfer regulations and reduce the risk of money laundering and terrorist financing.

Here are some of the specific ways that Signzy can help with compliance:

  • Customer onboarding: Signzy can help financial institutions to onboard new customers quickly and easily. Our platform automates the process of collecting and verifying customer information. This can help to reduce the risk of human error. We have ready-to-use flows to quickly verify KYC and comply with applicable laws.
  • Transaction monitoring: Our platform uses artificial intelligence and machine learning to identify and flag suspicious transactions. Further it helps to prevent money laundering and terrorist financing.
  • Reporting: The platform can generate reports on customer activity, transaction monitoring, and other compliance-related data.

Our Take

Overall, the RBI’s updated wire transfer rules are a positive step in the fight against money laundering and terrorist financing. But this is not it. It is important to note that these rules are just one part of the solution. India needs to do more to combat these crimes, including strengthening its anti-money laundering and terrorist financing laws, improving its enforcement of these laws, and increasing public awareness of the risks of money laundering and terrorist financing.

Online Gaming

How does the New Era of Online Gaming look like?

Posted on | by Signzian

Online gaming has come a long way since the early days of Pong and Tetris. Today, millions of people worldwide engage in online games such as PUBG, Call of Duty, and League of Legends as both players and spectators. This growth is due to several factors, including the explosion of mobile devices and high-speed internet connections that have made gaming more accessible. 

The rise has also led to new opportunities for socialization and community-building. Many players enjoy not only the competitive aspect but also the chance to connect with others who share their interests from around the world.

However, with the growth of online gaming has also come a rise in the number of associated problems, such as gambling addiction, underage gambling, and fraud. In order to address these problems and ensure that playing games online remains enjoyable for everyone involved, the industry has begun to adopt a new era of responsible online gaming.

 In this blog post, we’ll explore what this new era looks like and how we can ensure that the gaming experience remains enjoyable for everyone involved while minimizing its risks.

The Era of Responsible Online Gaming

The new era of responsible online gaming is one that is focused on the safety and well-being of players. This means that operators are taking steps to prevent gambling addiction, protect minors, and ensure that players know the risks involved in online gaming.

Here are some of the key features:

  • KYC of Gamers: KYC is an important part of responsible online gaming. By implementing KYC, operators can help to protect their customers and ensure that their businesses are compliant with the law.
  • Self-exclusion tools: Players should be able to self-exclude themselves from online gaming if they feel they are developing a gambling problem. In this case, using a self-exclusion service helps.
  • Gambling awareness tools:  Operators should provide information about gambling addiction, responsible gaming, and self-exclusion.
  • Minor protection: This can be done by requiring players to verify their age before they can create an account or by using age verification software.
  • Social responsibility: This can be done by donating to charities, supporting responsible gaming initiatives, and educating players about the risks of gambling.

Types of Fraud in Online Gaming

There are many different types of fraud in online gaming. Some of the most common types include:

  • Account takeover: This is when a fraudster gains unauthorized access to a player’s account and uses it to make fraudulent transactions.
  • Credit card fraud: This is when a fraudster uses a stolen credit card to make a deposit or withdrawal from an online gaming account.
  • Money laundering: This is when a fraudster uses an online gaming account to launder money from illegal activities.
  • Impersonation: This is when a fraudster pretends to be someone else, such as a customer service representative, in order to gain access to a player’s account or personal information.
  • Botting: This is when a fraudster uses a computer program to automate tasks in an online game, such as playing the game or making in-game purchases.
  • Hacking: This is when a fraudster gains unauthorized access to an online gaming platform or server.
  • Scamming: This is when a fraudster uses deception to trick a player into giving up their personal information or money.

To protect themselves from these attacks, gamers should only sign up for gaming platforms and services using secure passwords and payment methods. They should also be wary of any emails or messages that contain links, even if they appear to.

KYC – The best practice

Know Your Customer (KYC) is a set of processes that a business uses to verify the identity of its customers. KYC is important for online gaming operators because it helps to prevent fraud, money laundering, and other illegal activities.

There are a number of different ways that online gaming operators can implement KYC. Some common methods include:

  • Requiring players to provide identification documents, such as a driver’s license or passport.
  • Checking players’ names against government databases to verify their identity.
  • Using facial recognition software to verify players’ identities.

Here are some of the benefits of KYC in online gaming:

  • Prevents fraud: KYC helps to prevent fraud by verifying the identity of players. This helps to ensure that players are who they say they are and that they are not using stolen or fraudulent credit cards.
  • Combats money laundering: KYC helps to combat money laundering by verifying the source of players’ funds. This helps to ensure that players are not using their online gaming accounts to launder money from illegal activities.
  • Protects minors: KYC helps to protect minors by verifying their age before they can create an account. This helps to prevent minors from gambling online.
  • Enhances customer experience: KYC can enhance the customer experience by making players feel more confident that their personal information is safe. This can lead to increased customer loyalty and satisfaction.

KYC is an important part of responsible online gaming. By implementing KYC, operators can help to protect their customers, ensure that their businesses are compliant with the law, and enhance the customer experience.

How can Signzy help with KYC in Online Gaming?

Signzy’s KYC solutions can help online gaming operators to:

  • Verify the identity of their players: Signzy’s solutions can verify the identity of players using a variety of methods, including government-issued ID documents, facial recognition, and biometrics.
  • Check the risk profile of their players: Signzy’s solutions can check the risk profile of players using a variety of data sources, including credit bureaus, government databases, and social media.
  • Monitor for suspicious activity: Signzy’s solutions can monitor for suspicious activity, such as money laundering and account takeover.

By using Signzy’s KYC solutions, online gaming operators can help to protect themselves from fraud and money laundering. Signzy’s solutions can also help to improve the customer experience by making it easier and faster for players to sign up and start playing.

Here are some of the benefits of using Signzy for KYC in online gaming:

  • Reduced fraud: Signzy’s solutions can help to reduce fraud by verifying the identity of players and checking their risk profiles.
  • Improved customer experience: Signzy’s solutions can make it easier and faster for players to sign up and start playing, which can improve the customer experience.
  • Compliance: Signzy’s solutions are designed to help businesses comply with KYC and AML regulations.
  • Scalability: Signzy’s solutions are designed to be scalable, so they can be used by businesses of all sizes.

If you are an online gaming operator, Signzy can help you to protect your business from fraud and money laundering. Signzy’s solutions are easy to use and scalable, and they can help you to improve the customer experience.

Final Thoughts

The new era of responsible online gaming is here, and it’s up to us as both consumers and developers to make sure that players are protected. By implementing measures such as self-exclusion, setting maximum deposit limits, monitoring for signs of problem gambling behavior, and enforcing age restrictions on platforms we can ensure that everyone playing games is doing so safely within their means. As the industry continues to grow, let’s make sure that player safety remains at the forefront of our minds.

Compliance in Banking

How To Make Compliance Your Bank’s Competitive Advantage

Posted on | by Signzian

Banking regulations are ever-changing, and staying compliant is essential for financial institutions, but it doesn’t have to be a burden. In fact, by leveraging compliance activities as a competitive advantage, your bank can increase its profitability and gain a leg up on the competition. In this blog post, we’ll look at how banks can leverage compliance to create an edge in the industry. We’ll discuss managing risk, using customer data safely, developing innovative products and services, and more—all while staying compliant with the law. So, if you want to make compliance your bank’s secret weapon, this blog post is for you!

Understanding compliance

Today’s consumers are looking for a banking experience that is personalized, convenient and offers value. In addition, they want to bank with an institution that understands their needs and is willing to work with them to find solutions. A recent study by Boston Consulting Group found that 43% of consumers would switch banks if their primary bank did not offer the digital capabilities they were looking for.

Banks must provide a superior customer experience to keep up with the competition. That starts with understanding compliance. Consumers expect banks to protect their personal information and comply with regulations. They also want transparency from their financial institution. They must know that their bank works in their best interest and protects their money.

Compliance is more than just following the rules. It’s about creating a culture of compliance within your organization. Everyone from the CEO to the tellers must comply with regulations. This can be achieved by establishing clear policies and procedures, providing training and education on compliance topics, and promoting a culture of ethical behavior.

When done correctly, compliance can be a competitive advantage for your bank. In addition, consumers will trust that you keep their best interests in mind and feel confident doing business with you.

The benefits of compliance in bank

The McKinsey Global Institute estimates that advanced analytics (AA) and artificial intelligence (AI) in banking could generate up to $1 trillion in annual economic value globally. Credit underwriting, fraud detection, and trade surveillance are some of the opportunities related to risk management. 

Banks are under pressure to do more to comply with rules and regulations in a world of increasing regulation. But, at the same time, they are looking for ways to improve their customer experience and grow their business. A compliant bank meets all the requirements of the regulators and provides an excellent experience for its customers.

There are many benefits of being a compliant bank:

  1. It allows you to avoid costly fines and penalties.
  2. It helps you build trust with your customers by showing that you are committed to protecting their information and meeting their needs.
  3. It can give you a competitive advantage in the marketplace by differentiating you from other banks that may not be as compliant.

Fourth, being compliant can help you attract and retain the best talent. Fifth, it can help you manage risk more effectively. And sixth, it can help you improve your bottom line.

So, consider these six benefits if you’re looking for ways to make your bank more compliant. They might make compliance your bank’s competitive advantage.

Compliance technology

Technology has always been crucial to compliance, from simple audits to more complex monitoring and analysis. But with the ever-changing compliance landscape, technology must constantly adapt to new regulations and threats.

That’s where compliance technology comes in. Compliance technology uses software and other tools to help organizations meet their compliance obligations. This can include everything from automating regulatory filings, tracking employee training, and monitoring customer interactions for signs of fraud or money laundering.

With the right technology, banks can meet regulatory requirements and gain a competitive advantage. By using technology to automate repetitive tasks, banks can free up staff time for more strategic work. And by using data analytics to identify risk areas, banks can proactively address potential problems before they arise.

When it comes to compliance, technology is your friend. Investing in the right tools can make compliance more uncomplicated, efficient, and effective—and give your bank a leg up on the competition.

Conclusion

Compliance is becoming increasingly important in the banking industry, and making it your bank’s competitive advantage can help ensure sustainable long-term success. By providing that your compliance strategy is up-to-date and effective, you can create an environment of trust with customers and regulators alike. Additionally, a clear understanding of regulatory requirements will enable you to adapt to any industry changes quickly, ensuring your unique competitive edge remains intact.

Identity Theft in Banking – Things you need to know!

Posted on | by Signzian

30% of consumers said that they had been victims of online identity theft is one of the surveys by Experian in July 2022. 

Identity theft is a serious problem, and with the rapid advancement of technology, it’s only getting worse. Every year, millions of Americans become victims of identity theft and financial fraud.

According to the FTC, identity theft and related fraud increased nationwide in 2021:

  1. More than 5.8 million fraud complaints were filed for the year, an increase of 19%.
  2. The financial losses from fraud increased by 77% from the previous year to more than $6.1 billion.
  3. Consumer identity theft complaints increased by 3.3% to just over 1.43 million.

While there are steps you can take to reduce your risk, it’s important to be aware of the tactics criminals use to gain access to your personal information. In today’s blog post, we will discuss how identity theft works in banking and what measures you can take to detect it. By understanding the methods criminals use and taking the necessary precautions, you can put yourself in a better position to protect yourself from potential identity theft.

What is identity theft?

Identity theft is when someone uses your personal information without permission to commit fraud or other crimes. Your personal information can include your name, Social Security number, date of birth, bank account numbers, credit card numbers, or other sensitive information.

1,434,695 identity theft complaints topped the FTC’s list of fraud complaints in 2021, accounting for about 24 percent of the 5,883,409 fraud, identity theft, and other complaints received. Imposter scams were the second most reported fraud category after identity theft, with 995,789 reports and $2.4 billion in losses—nearly double the $1.2 billion loss caused by the category in 2020.

Identity theft can happen in many ways: Phishing, smishing, spoofing, and vishing are some techniques Fraudsters use.

Phishing:

As a method of identity theft, phishing involves individuals unwittingly providing personal information that can be misused. Fraud is usually carried out by creating fake websites, emails, or texts that appear to be from a legitimate firm. 

On Feb 20th, 2023, a farmer from Rajasthan almost lost more than Rs 8 lakh to a cyber fraudster when his son clicked on a phishing link. In the past few years, cyber fraud cases have witnessed a significant rise. According to the EY report, 53% of respondents in India state that cybercrime and ransomware risk have increased in India in the last 1 year. 

Vishing:

Vishing (voice phishing) is an attempt where fraudsters try to seek personal information like Paytm Bank PIN, Paytm OTP, Card expiry date, CVV, etc. via a phone call. The miscreant acts as an employee from Paytm, the government, or a bank. He/she asks you for your KYC details. They will state various reasons, like reward points, free cashback, reactivation of account, etc., for this. These details are then used for accessing your account without your knowledge.

Smishing:

Smishing (SMS phishing) is when an SMS/Email/WhatsApp message is used to lure you to call back on a fraudulent phone number, visit fraud websites, or download malicious content via your phone. Fraudsters will send you SMS/Facebook Requests/WhatsApp messages to inform you that you’ve won some prize money, a cashback offer, or the like. They’ll ask you to share your Paytm account/Paytm Payments Bank account details. Unaware of what might happen, they will initiate fraudulent transactions using your account details once you do that.

How does identity theft happen?

There are a few ways that identity theft can happen in banking. One way is if someone steals your personal information, such as your Social Security or account number. They can then use this information to open new accounts in your name and rack up debt. 

Another way is if someone gains access to your bank account and makes unauthorized withdrawals. This can happen if your bank account number is stolen or if you have an online account that is not secure. 

Finally, identity theft can also happen if you receive a phishing email that looks like it’s from your bank. This type of email will try to get you to click on a link or download an attachment that will install malware on your computer. If you do this, the cybercriminal will have access to all of the information on your computer, including your banking information.

How can Banks Detect & Prevent Identity Theft?

The process of detecting stolen identities begins at the onboarding stage. Adding new customers can be risky for banks regarding digital onboarding – there is the need to satisfy regulations such as KYC (know your customer) and AML (anti-money laundering). These legal obligations must be obeyed to prevent any kind of financial fraud. Criminals often use false or synthetic IDs to deceive the process and open bank accounts, so confirming identities can be expensive – with costs reaching $35.2 billion in 2020. This is especially daunting for neobanks and challenger banks, who strive to make the customer onboarding experience quick and straightforward. 

With video KYC verification, banks can verify their customers’ identities remotely through a video call, which is quick, convenient, and reliable. As a result, businesses can detect potential fraudsters beforehand and eliminate the need for physical presence. 

Use Cases:

  1. By using video KYC, banks can onboard new users digitally via a video call, making the process more efficient and productive. 
  2. The real-time video call helps banks identify money laundering, identity theft, and terrorist financing while onboarding new users. 
  3. In any country where the Bank operates, they must ensure that their businesses comply with KYC & AML regulations. Signzy’s Video KYC verification helps businesses meet those regulations while avoiding being penalized.

Features: 

  1. Text Match is used to ensure PAN card data corresponds with Aadhaar records. Simultaneously, high-definition snapshots of the ID and video can be taken for comparison. 
  2. Documents no longer need to be stored since recorded videos, and captured documents can easily be retrieved. 
  3. Geo-Location capture and IP check detect Proxy or VPNs while scanning for spam or abuse reports in established blacklists. 
  4. End-to-end encryption is enabled for full data security, applying the most reliable security protocols.

Conclusion

Identifying identity theft and synthetic ID fraud starts with thorough identification verification. While most banks and financial institutions will have a robust KYC process that includes IDV, Signzy’s Video KYC will let risk managers work with real-time alternative intel and in-depth technical data points. 

The following are key advantages.

  1. Real-time enrichment is applied to all data.
  2. To save time and money, you can perform Video KYC checks.
  3. In the digital age, digital footprint analysis is becoming more important than traditional ID checks.
  4. You can catch more fraudsters by combining these with velocity checks and device fingerprinting.

Identity theft can be scary, and banks are one of the main targets for criminals trying to steal your identity. Through liveliness checks, image forensics, face matching, and randomized questions, Signzy utilizes artificial intelligence to perform comprehensive identity verification. The solution offers inherent safety by making the process directly between the bank, and the consumer and is completely paperless and contactless. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

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