KYC verification is an identity verification procedure that prevents fraud and losses caused by unlawful funds and activities. Outsourcing KYC verification services can help you gather identity proof without spending much time, effort, and money because of their automated or digital KYC verification process. We at Cogito can assist you to have authentic and complete information as we can check and rectify the information which is crucial for your business.
It’s crucial to verify the identity and financial conditions of your potential clients. KYC identity verifications are necessary not just when onboarding new clients, but also at regular intervals to guarantee that their status has not altered over time.
Digital KYC verification is the best-automated solution to onboard as well as keep a record of any client because you can typically perform the process at any point in time.
Identity falsification has been a major problem over the years. The paperwork is changed over the years, documents can be easily altered. Cogito can help you to get rid of these types of problems through our services that are mentioned below:
1. Check Box Compliance: Ensure that all necessary fields are filled out.
2. Documentary ID Verification – Checking for expiration dates, signatures, and barcodes, among other things.
3. Checking databases or consumer reporting agencies for non-documentary ID verification.
4. Data Extraction Using OCR
5. Photo Comparison: Comparing an ID photo and a selfie photo.
6. Fraud Analytics: Examining documents for altered or doctored content
Several businesses & organizations use Artificial Intelligence (AI) in KYC procedure to achieve their objectives, boost efficiency, and lower the overall cost. This technology is perfect for knowing the entire image of the client by combining data from several sources, examining common money transfer patterns, and learning to distinguish between normal & suspicious activities.
In order to have a quality AI-based model, you need high-quality training data and we, at Cogito, provide annotated or labeled datasets for machine learning and computer vision, allowing you to build a high-quality AI model.