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Key takeaways
Identity verification (KYC) is crucial for security and regulatory compliance in various industries.
Online KYC processes involve document verification, facial recognition, and AML screening.
Reusable verified credentials enhance user experience and operational efficiency.
Free KYC solutions like Didit are available, making compliance accessible for businesses of all sizes.
Identity validation or verification is a highly useful process for many companies, allowing them to ensure that the person trying to identify themselves is truly who they claim to be. This procedure, also known as the KYC (Know Your Customer) process, is crucial for many companies due to regulatory requirements.
For many years, this process has been almost exclusively linked to the banking sector. During this period, people had to visit company branches and complete this process in person, making identity verification relatively straightforward. However, digital transformation has made it almost mandatory for this process to be conducted remotely and online: How is security guaranteed when the KYC process is performed over the internet?
In this post, we'll attempt to answer this and other related questions, as well as explain the best method for verifying your customers' identities online.
Before we begin, what do we mean by identification? It can be defined as all the information that people provide to carry out this identity verification or KYC process. This procedure is usually accompanied by other analyses and checks, typically linked to AML (Anti-Money Laundering) verifications, which aim to combat money laundering and terrorist financing.
The first step is document verification. During this initial phase, information is extracted from the documentation (National Identity Documents, Passports, Driver's Licenses...) provided by the person interested in verification, in addition to checking the authenticity of the document using various technologies.
Once this information has been extracted, it's time for facial recognition. This stage aims to ensure that the person who initiated the validation process is indeed the same person. To do this, KYC solutions rely on facial biometrics and liveness tests, which allow comparing the identity on the documentation with that of the person on the other side of the screen, preventing frauds such as deepfakes.
After passing the identity verification or KYC process, many companies need to comply with AML regulations. Therefore, analyses are conducted in various international databases that detect PEPs (Politically Exposed Persons) or sanctions related to money laundering.
With all of the above completed, it's time for authentication, that is, allowing the verified data to be useful and valid each time the person intends to use the service. In other words, allowing reusable verified credentials, one of Didit's most revolutionary proposals.
Yes, it is possible to reuse verified credentials in different services. Thanks to Didit's digital identity infrastructure, people can verify themselves once using the Didit App and authenticate directly on their favorite platform.
What is achieved with this? Providing a brilliant user experience, with verified authentications in less than three seconds, complying with current KYC regulations with maximum security, and optimizing operational costs.
Identity verification is fundamental in some sectors, mainly those related to finance, to prove that people are truly who they claim to be. But it's also a matter of security and regulatory compliance in unique industries, such as cryptocurrencies or gambling, with demanding KYC and AML regulations.
Recent news shows that scammers never rest and take advantage of any loophole to overcome weak identity verification processes with false identities or stolen documentation. The emergence of various services on the Dark Web that create documentation using artificial intelligence has highlighted that some identity verification systems are obsolete. Identity theft in neobanks has also skyrocketed in recent times.
For all the above reasons, and more that we haven't mentioned, identity verification and KYC are fundamental in our times.
While it was previously necessary to visit a company branch to complete the identity verification process, technology has made remote KYC a reality. An optimized, automated solution that enhances security.
What are the most common uses of online KYC? From opening bank accounts in neobanks or other financial platforms, to signing up on centralized cryptocurrency platforms or preventing fraud in the telecommunications sector, as evidenced by our collaboration with Orange.
More and more companies understand the importance of having a robust identity verification or KYC solution. Most of them prefer to outsource this service, as it's usually much more affordable than having an in-house team dedicated exclusively to controlling this process in its entirety. In fact, in many cases, these departments work with manual, obsolete processes prone to human errors.
If your business needs to verify the identity of your users and comply with demanding KYC and AML regulations, at Didit we want to help you. That's why we offer a completely free, unlimited, and forever identity verification solution, so you can comply with Know Your Customer regulations without burdening your bottom line.
Our solution consists of three parts:
Are you wondering how we can offer a free KYC solution for all companies, regardless of the size of the companies that integrate us? We explain it in this blog article.
If you want to know more about our identity verification and KYC solution, we invite you to contact our team through the banner below. You're just one click away from enjoying skyrocketing your company's ROI!
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