The customer experience at the world’s biggest banks and fintech firms is undergoing a significant change. Because of technological advancements, account users may now not only transfer money online but also log in using Identity Verification using face match technology and do a variety of operations using simply their smartphone and its front camera. Technology in this area has made things faster, easier, and safer during the last decade.

APIs provide rapid and scalable applications for banking, payments, and other businesses that require identity verification for AML and KYC compliance. In most countries, some firms are obliged by law to comply with AML and KYC. When such firms authenticate their consumers, APIs may provide a faster, simpler, and less expensive way to comply while fulfilling speed, security, and privacy demands.

Airtel’s latest initiative prioritizes digital onboarding methods to assist online customer onboarding for its payments bank to create an account simply by doing a face match eKYC check on mobile devices. Airtel Payments Bank is the country’s first Payments Bank to offer this service, and it foreshadows India’s shift toward complete digital banking.

The Unique Identification Authority of India (UIDAI), which issues Aadhaar cards, has advised states and organizations to verify a person’s Aadhaar number before accepting it as proof of identity in physical or online platforms. The UIDAI has proposed the move to prevent Aadhaar misuse and to verify the authenticity of the individual’s ID verification evidence in any form (Aadhaar Card, PAN card, Driver’s license, Voter ID).

A new paper outlines the impact of fraud on customer trust. According to the study paper “Fraud vs.

The Telecom Regulatory Authority of India (TRAI), the government’s telecom authority, would implement a caller identification system similar to other caller ID applications on the app store within the next three weeks. The new system will employ KYC verification to guarantee that callers’ identities are real and aren’t forged with synthetic identities.

Since 2018, identity fraud rates have risen by up to 15% year on year throughout November and December, as criminals try to take advantage of an increase in online transactions, lowering businesses’ capacity to investigate suspected fraud and access credit using stolen personal information. The issue grows more acute around the holiday season, with incidents increasing over the previous four years to attempt to obtain credit using stolen personal information.

There have been several reports of counterfeit passports. But what does a document verification for passport reveal? A passport is regarded as one of the most reliable sources of personal information. Passport verification checks the candidate’s personal information on the passport verification documents. It does not validate fraudulent passport issues, but just tampering with personal information to verify passport number and the passport MRZ code.

Due to the growing acceptance of distance learning, digital courses, and most recently, the COVID-19 epidemic, online education has seen a significant increase. Online student identity verification has become more popular as a quick and secure method of verifying student IDs and a cost-effective approach to onboarding new students and employees. The rapidly disappearing manual and paper-based student verification procedures are neither scalable nor practical for educational institutions.

You cannot start walking on the road with your eyes blindfolded, you cannot get into a lifetime relationship by not knowing the person/family inside out. Wedding – once considered to be a family affair in India where parents used to decide and choose partners for their kids within their social circle. But nowadays the situation is different, youth is finding a partner in their friends, colleagues, clients, and sometimes strangers also whom they know through matrimonial sites.