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Why is eKYC still the solution for sustainable development of digital finance?
On September 21, the Department of Informatics and Financial Statistics under the Ministry of Finance hosted the Vietnam Digital Finance 2023 Conference and Exhibition in Hanoi, themed "Digital Data: Foundation for Sustainable Digital Finance Development." This prestigious annual event for the finance sector aims to be a platform where policymakers, strategic planners, top industry experts, and leading solution providers from both domestic and international spheres can meet, exchange ideas, and discuss new trends in the digital transformation of the finance industry.
eKYC technology (short for electronic Know Your Customer) is an electronic identification and authentication method, enabling businesses to verify customer identities entirely online without the need for face-to-face meetings as required in traditional KYC processes. Using artificial intelligence (AI) technology, information from identity documents and biometric data is automatically extracted from images provided by customers during the KYC process. This information is then digitized into data to be analyzed, checked, and cross-referenced with existing databases to verify the customer’s identity.
By implementing eKYC, financial institutions can effectively combat various forms of fraud, from manual methods like editing and erasing ID cards to high-tech schemes such as Photoshop, color printing, 3D masks, and deepfake video calls.
Author: FTECH AI
