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‍What are the benefits of eKYC over traditional modes of onboarding customers? 

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• Increased customer convenience: eKYC allows customers to complete the KYC process from anywhere, at any time. This is a major convenience, especially for customers who live in rural areas or who do not have easy access to physical branches.
• Reduced costs: eKYC can help businesses save money on the cost of manual KYC checks. This is because eKYC can be automated, which eliminates the need for human labor.
• Improved security: eKYC uses advanced security technologies to protect customer data. This is important, as customer data is a valuable asset that businesses need to protect.
• Compliance: eKYC can help businesses to comply with regulations. In India, the Reserve Bank of India (RBI) has made eKYC mandatory for certain types of financial transactions.

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What are the loopholes and limitations of deploying only eKYC for verification? 

While eKYC holds significant promise and offers various benefits, its implementation does come with its own set of challenges and drawbacks. Several limitations and hurdles organizations encounter during the implementation of eKYC include -

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• Cost associated per verification - For deploying eKYC, the charges paid to UIDAI per transaction is INR 20. This is topped up by additional costs charged by service providers hence making eKYC a costly affair. 
• Limitation to use only Aadhaar for verification - Although Aadhaar has become one of the most held Identity documents, there are still cases in which people have only other documents like voter card or PAN or Driving license as identification. This is especially relevant to rural India which is the target market for a lot of Microfinance companies. 
• CapEx for Biometric-based Online eKYC - Biometric-based online eKYC is primarily performed using devices for taking fingerprints and iris scans. These devices add to the overall cost, while purchasing & maintenance and also create training requirements & dependency for performing KYC. Additionally using these devices can be error-prone resulting in poor customer experience and bottlenecks for smooth operations.
• Emerging frauds with Biometrics - UIDAI is now focussing on employing Face based identification after the emergence of recent fraud trends like Silicon fingerprints(as reported by Gurgaon police) and Iris scan(as reported by Delhi Police) to dupe the system.
• Loopholes for theft of digital Identity - In both offline and online eKYC there are loopholes wherein anyone with an Aadhaar number and few basic details can extract the offline eKYC XML file and anyone having access to one’s mobile number can use OTP to perform online eKYC. These patterns have resulted in a surge in identity theft.
• Tedious process of getting eKYC license - For doing online eKYC it requires NBFCs to first apply to the RBI, which then forwards the application to UIDAI for further approval, a two-level process that can add a lot of time and bureaucracy.

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How does Jukshio provide a holistic Identity risk aversion solution?

Jukshio’s advanced AI-based KYC processes can help the organization mitigate the risks involved with eKYC. Our AI-based fraud prevention solutions have 99.9998% accuracy and come at a fraction of the cost of eKYC. Our solutions triangulate various fraud prevention mechanisms, including liveness check, face match, document fraud check, and verification of documents from government databases.

Here is a typical flow of our solution:

1. Check if a person is actually present or not: We perform a liveness check, where the customer's photo is taken and our AI tells us if the customer is live or if the image is taken from a physical or digital photo. This helps to prevent cases where someone is trying to create an account on behalf of someone else.
2. Document verification: Once the customer's identity is verified, we then ask for an identity document. We accept multiple documents, including an Aadhaar card, PAN card, voter ID, driver's license, and passport.
3. AI verification to detect spoofs: We then run hundreds of AI checks to validate if the submitted document is in the government-approved template and also check for any spoofing or tampering done with the document. This includes checking if any Photoshop is done with the document, or if the photo is pasted on the document.
4. Face match: Once we have verified that the document is original and without any spoofing, we do a face match between the live image and the image on the document.
5. Validation from government databases: Once it is established that the person is live, the document is spoof-free, and the face is matched, we validate the document number through the government database.

This entire user flow ensures that no fraudulent case enters the system. We also have additional capabilities, such as OCR, which removes the need for manual data entry. Our solution also helps to prevent fraud by agents. Agents are often used by fraudsters to open fraudulent accounts or make fraudulent transactions. Our solution can detect agents who are involved in fraud by tracking their behavior and identifying patterns.

What are the offerings of Jukshio’s product suite for 360-degree fraud detection and prevention?

Our comprehensive suite of solutions extends to critical areas such as identity deduplication, blacklisting, PEP and sanction list checks, and AML compliance. These solutions form an impenetrable fortress against the ever-present threat of fraud.

What sets us apart? Our AI models are in a continuous state of learning and evolution. They're dynamic guardians that evolve with the evolving landscape of fraud. This means we're equipped to identify and thwart even the most sophisticated and novel fraud patterns before they can inflict damage. But it doesn't stop there. We understand that integration is key. That's why we provide businesses with hassle-free ready-to-deploy SDKs and APIs. Seamlessly weave our powerful solutions into your existing workflows, ensuring your operations remain uninterrupted and fortified against fraud.

Our commitment lies in delivering cutting-edge AI-driven fraud prevention tools to businesses. Our solutions are known for their accuracy, reliability, and user-friendly nature. We are confident that our solutions have the potential to assist businesses in safeguarding against fraudulent activities while improving their bottom line.

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