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All companies now have a Policy to Know Your Customer (KYC). For institutions, the KYC onboarding process is not only about managing risk, but about complying with Anti-Money Laundering Laws (AML) and the Customer Identification Program (CIP. Similar procedures are being pursued across the globe to deter money laundering, terrorist funding and robbery. Identity confirmation for banks and financial and Telecom institutions is a critically important component of KYC and the automated on-boarding process.

The Challenges with Remote Identity Verification

Validating each new customer directly is expensive, costly and time consuming. Remote onboarding of new accounts is not only simpler for banks and customers alike, but also suits with changing business models and customer behavior (when was the last time you visited a branch of the bank or your local Telecom provider?). Yet remote banking onboarding new customers or Telecom New customers come with an elevated chance of the device being spoofed by a fraudster. A lot of companies have adopted systems that integrate tools for facial recognition.

Customers take a selfie and compare the image against the image on the ID provided by their government. Unfortunately, bad actors can spoof facial biometrics with the help of high cut out resolution, masks, or video. Biometric matching is pointless, without understanding that the matching person is a living individual.