eKYC – A Safe and Efficient Customer Identity Verification Solution

Have you ever heard of eKYC?
eKYC, short for electronic Know Your Customer, is a digital identity verification solution that allows customers to open accounts and access banking services quickly, conveniently, and securely.

According to statistics, by the end of 2022, 40 banks in Vietnam had officially implemented eKYC, resulting in 11.9 million payment accounts being opened through this method.
However, not all eKYC solutions are created equal in terms of efficiency and security. Both banks and customers should be aware of potential issues such as data extraction accuracy from ID documents and resilience against identity fraud.

Accuracy – A Crucial Factor in eKYC Solutions

Accuracy plays a key role in customer identity verification.
Low accuracy can lead to serious consequences for both banks and customers, such as:

• Customers may have to re-enter their personal information, leading to frustration and wasted time.

• Customers might lose trust in the security of their personal data.

• Banks could face penalties for violating data privacy regulations.

The accuracy of current eKYC systems remains limited, often affected by external factors such as lighting conditions and document quality.
To improve reliability, eKYC solutions must integrate advanced technologies like:

• Artificial Intelligence (AI)

• Machine Learning (ML)

• Facial Recognition

These technologies help enhance automation, minimize errors, and ensure a faster and more secure verification process.

Anti-Spoofing Capabilities

Identity fraud is one of the most significant risks associated with eKYC.
Fraudsters may use advanced technologies to create fake documents or employ sophisticated tactics to steal customers’ personal information.
These actions can lead to serious consequences for both banks and customers, such as:

• Banks losing credibility and customer trust.

• Banks suffering financial losses as fraudsters use fake identities to conduct illegal transactions.

• Customers losing money or having their personal information exploited for unlawful activities.

To prevent fraud, eKYC solutions must incorporate robust security measures, such as:

• Multi-factor identity verification methods, including online authentication, in-person verification at service counters, and video call verification.

• Document authenticity checks using technologies like OCR (Optical Character Recognition), MRZ (Machine Readable Zone), and QR code scanning.

• Facial recognition to compare the customer’s face with the photo on their identity documents.

• Liveness detection, which prompts users to blink, smile, or turn their head to confirm they are a real, live person—not a static image or recording.

By implementing these measures, banks can greatly reduce the risk of identity fraud and ensure a safe, reliable onboarding process for their customers.

GMO-Z.com RUNSYSTEM’s eKYC Solution

GMO-Z.com RUNSYSTEM is one of Vietnam’s leading providers of eKYC (electronic Know Your Customer) solutions. Our eKYC offering stands out from the competition thanks to its advanced features and superior performance, including:

• Exceptional accuracy up to 99.9%, enabled by cutting-edge technologies such as AI, machine learning, and facial recognition.
• Robust anti-spoofing capabilities, supported by multi-factor authentication, document verification, facial liveness detection, and validity checks to ensure the authenticity of submitted data.
• Seamless integration with CRM systems, allowing banks to centrally manage customer information and streamline workflows.
• Comprehensive identity verification reports, help banks monitor customer onboarding processes and manage potential risks more effectively.

GMO’s eKYC solution has already been trusted and adopted by many of Vietnam’s top banks. It plays a crucial role in strengthening security, enhancing customer experience, and reducing fraud risk.

Conclusion

eKYC is a powerful and secure solution for online customer identity verification. However, not all eKYC solutions are created equal. It is essential for banks and businesses to carefully evaluate their options. GMO-Z.com RUNSYSTEM’s SmartKYC is among the best-in-class solutions available today. If you are interested in learning more about our eKYC solution, don’t hesitate to contact us for consultation and support.

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Smart Solutions – A Comprehensive Digital Transformation Ecosystem
Digital Transformation Division, GMO-Z.com RUNSYSTEM

Website: https://ssolutions.vn/

Hotline: 097 583 0096

Locations: Hanoi – Hue – Danang – Ho Chi Minh City – Tokyo