Old-aged people face major challenges in continuing their regular life after retirement. When companies can not retain employees after reaching their 60s, they provide a gratifying reward, commonly known as pension funds. However, fraudsters see the exploitation of these benefits as an easy target. From stealing to appearing as a relative for collecting money, fraudsters employ several techniques to exploit premium Pinay Flix funds.
Individuals under 60 often try to illegitimately obtain retirement funds from their elders or some other employees. Therefore, businesses must take preventive measures to restrict fraud risks and ensure the deserving ones are availing of these benefits. Companies require age verification solutions to ensure the safety of retirement accounts.
Read on to grasp more details regarding how AI-powered IDV solutions are streamlining the pension process.
Online Age Verification – Addressing Vulnerability of Elderly People
Physically visiting banks to collect pensions becomes tiresome and in some cases impossible for elderly people. As their health conditions do not allow them to go through this hassle, they use other ways to get the money. Sending their children or some other relative to collect and withdraw funds can lead to the theft of their resources.
In order to provide the elderly with risk-free pension processing, businesses should integrate advanced IDV services. With efficient age verification solutions in place, businesses can limit the chances of inappropriate individuals applying for remittance benefits. Moreover, they can facilitate employees with remote transfer to further reduce hassle.
Incorporating online age verification also aids in reducing the need for physical visits and in-house identification. These solutions further provide the following services to secure pension processing and transferring process:
Ensures the Authentic Person Collects Monthly Payments
Age verification has become a must-have for pension companies in order to ensure they are not transferring funds to someone else. The AI-powered IDV system asks for a short real-time video to build consent and ensure the right individual is availing payment. This not only ensures the actual elderly employee is applying for transfer but also verify age for further authenticity.
The advanced age verification solutions eliminate the need for human interpretation which ticks out human errors. This way, pension companies can pace up the transfer process while accurately determining that the genuine receiver is present during transactions.
Biometric Screening for Liveness Detection
Along with age verification, pension companies should also carry out biometric screening of individuals. Fraudsters easily pass through identification by either uploading pre-recorded videos or performing spoof attacks.
By integrating AI-powered biometric verification along with age verification online, pension companies can detect the liveness of individuals. These advanced tools analyze backgrounds, objects, noises, and colors around the person applying for a remittance transfer. Ultimately, this also helps pension companies to stay in line with KYCC requirements.
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Drives Convenience by Offering Remote Identification
Under-age individuals use deep fakes to impersonate the elderly for availing of pensions. This tactic helps them steer clear of identification as they will not have to leave their house and visit financial institutions physically. This can lead pension companies to KYCC compliance failure and expose them to reputational damages and legal proceedings.
The AI-powered age checks limit access of non-deserving individuals and safeguard the funds of the elderly from fraud. Ultimately, pension companies can provide their retired employees with promised benefits in a timely manner.
Hard-To-Dodge Automated Onboarding
To further streamline the payment processing process, service providers offer remote access and automated onboarding. With AI-powered age verification solutions in place, companies can eliminate the need for using checkboxes and puzzles. These services provide real-time identification where end-users can register and transfer their funds by simply uploading a video.
Fraudsters can fake audio, tamper photos, and camouflage documents but can not recreate facial features. Upon every transaction, uploading a selfie can not only verify age but also ensure the right person is availing this monetary benefit.
Cuts Down Additional Costs and Prevents Fraud Attempts
Manual age verification can take up to days which makes the pension transferring process lengthy and time-consuming. Moreover, physical identification involves more resources with a high risk of human errors. Therefore, in order to make the pension processing process fraud-proof, companies need to incorporate efficient age verification online solutions. This way, they can cut down on additional use of resources while providing the elderly with a secure and user-friendly onboarding process.
Pension companies are facing an increase in fraud risks mainly due to inadequate KYCC solutions for getting the age verified. Individuals not falling on the set requirement for availing retirement benefits deploy other techniques to attain them. Therefore, in order to prevent the exploitation of the elderly’s rights, pension companies need to bring in more efficient fraud countermeasures. Hence, in this process, AI-powered age verification solutions are the service providers’ go-to options.
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