Traditional vs Digital Identity Verification.
Identity verification is a critical aspect of many industries and businesses. It helps ensure that individuals are who they claim to be and protects against identity theft and fraud. With the rise of the internet and digital technologies, traditional identity verification methods have evolved into online verification methods. In this blog, we will compare traditional […]
Facial recognition and hospitality sector: why future holds so much of their collaboration
Facial Recognition and hospitality segment: Introduction In recent years, the hospitality industry has increasingly adopted facial recognition technology and uses biometric information to identify a person automatically. Facial recognition has been used in the hospitality industry for a number of functions, including access control, security, customer service, and marketing. This is a potent tool with […]
The Impact of Insurance Fraud on Consumers and the Industry in India
Insurance fraud is an illicit act by the customer or agent to defraud an insurance contract. For example, a seller may sell policies from non-existent businesses, fail to submit the premiums, and sell policies to earn more commissions. Similarly, a claimant attempts to obtain some benefit or advantage they are not entitled to, or when […]
The Role of Technology in Preventing Insurance Fraud
Insurance fraud is a major challenge in the industry, costing insurance companies billions of dollars annually. Fraudsters try to take advantage of the system by making false claims, misrepresenting facts, or manipulating information to get benefits they are not entitled to. Fortunately, technology is playing an increasingly important role in preventing fraud and safeguarding against […]
Unsung heroes of Compliance
We have become quite used to the technology around us, from cellular subscriptions and internet banking to subscription-based sundry. These services that are so crucial to our lives individually and collectively are also quite vulnerable to fraudulent activities. Most of us don’t really feel vulnerable, do we? Since viscerally know that there is a layer […]
Efficient Identity Verification: The Importance of Reusable KYC and Secure Digital Identity
KYC as a process is overdue for an overhaul. Some KYC processes are mired in procedural loops and redundant practices. KYC processes, like paper-based or digital processes involving mere data entry sans tangible data verification or security best practices, allow fraud to happen. The lack of a concrete and foolproof system for KYC has allowed […]
Layering the security protocols: Pathway from Facial recognition to facial liveness
Technology, AI, and facial recognition: Introduction to this streamlined pathway Technology, AI, and facial recognition have all been making advancements in the past few years, leading to a more streamlined pathway that has led to easier and more efficient ways to identify, authenticate, and verify individuals using their facial features. With these advancements in technology, […]
Banks are getting fined for not following KYC regulations.
Why do the compliance bodies urge for KYC best practices? Compliance bodies worldwide have several regulations for banks and NBFCs to identify a customer to prevent fraudulent financial practices. With banking operations becoming digital and physical forms of banking transactions getting substituted by digital and electronic modes, fraudsters are devising new methodologies for siphoning out […]
How AI can streamline KYC/AML compliance: Living the future today
KYC and AI: A honeyed link Know-your-customer (KYC) compliance is one area that has shown especially noteworthy development with regards to Artificial intelligence (AI) which has been increasingly used in the finance industry in recent years. Making sure financial institutions identify and confirm the identity of their clients, KYC compliance embeds a crucial component within […]
Relevance of Jukshio KYC solutions in the banking industry
What are KYC and its relevance in Banking and Financial institutions? Any economy’s main propellers are the banking sector and financial institutions. KYC (know your customers) is an important step in their procedure for onboarding new clients. It helps the banks and the government understand the customers’ financial situation and confirm the customers’ legitimacy in […]
