In today’s digitization-space banks, financial
institutions, insurance, healthcare, and telecommunication companies face a critical challenge: distinguishing
genuine customers from fraudsters. With the increasing cases in identity theft
and document fraud, verifying customer identities has become increasingly
complex, especially during the on-boarding process. These institutions handle tons of customer documents daily, spanning departments like loans, accounts,
and insurance policies. Fraudsters exploit this vulnerability by presenting
fake documents, resulting in significant losses for both companies and
customers.
To combat these challenges, x-Biz Techventures Private
Limited has launched “TrueCheck.ai“,
India’s leading “AI-powered Offline Identity Verification Platform”. It’s
available for both ‘On-premises’ and ‘SaaS’ platforms. Over the last five years,
x-Biz Techventures Private Limited's “Online Identity Verification platform” has
been trusted in the BFSI sector, completing over 200 million verifications. Now
the launch of “TrueCheck.ai” is a game-changer, offering unlimited usage at a
fixed cost. It’s great for industries like banking, insurance, telecom, and
small investment firms. TrueCheck.ai makes customer onboarding and verification
easier, more flexible, and compliant.
Pushkar Singh, Associate Director at x-Biz Techventures
Private Limited, explains on the platform’s capabilities, stating,
“TrueCheck.ai incorporates advanced computer vision technologies such as
AI-driven document tamper detection, face matching, signature matching,
liveliness detection, cross-document verification, and auto-form filling. These
features help financial institutions accept real customers while stopping
fraudsters in their tracks.”
In addition to increasing security measures, “TrueCheck.ai”
simplifies the customer on-boarding journey by eliminating dependency on online
solutions/internet and leveraging advanced offline techniques like O-KYC and
Video-KYC with liveliness detection. This ensures that only genuine individuals
complete verification, significantly reducing the likelihood of identity fraud.
Moreover, the Re-KYC Engine facilitates seamless updates of customer details
with banks and organizations, enhancing data accuracy and compliance.
“TrueCheck.ai prioritizes swift, easy, and secure customer
on-boarding processes to meet the evolving demands of the digital banking and
fintech landscape,” emphasizes Pushkar Singh. The platform incorporates
features such as auto-form prefilling, intelligent document recognition, and
selfie-based authentication to streamline user on-boarding, thus enhancing
efficiency and accuracy while minimizing friction for customers, employees, and
vendors. User authentication is fortified with multi-factor methods like
one-time passwords (OTPs) and facial recognition, ensuring robust security
without compromising user experience. With a single-click onboarding and
verification platform, x-Biz Techventures Private Limited completes the entire
customer on-boarding process within two minutes, courtesy of its AI-assisted
Engine.
Furthermore, our proprietary Document Fraud Detection AI module also plays a pivotal role in enhancing security measures and combating fraudulent activities. Verifying client identities and assessing risks in business relationships, aiming to prevent money laundering, terrorist financing, Loan fraud, and other illegal activities. These technologies offer secure, fast, and accurate data capture and integration, mitigating security risks and enhancing productivity.
As the banking, insurance, and financial industries navigate
the complexities of digital transformation, x-Biz Techventures Private Limited
remains steadfast in empowering businesses with a robust Identity Verification,
Fraud Detection, and Prevention Platform. By addressing the industry’s most
pressing challenges, x-Biz Techventures Private Limited facilitates secure,
efficient, and compliant customer on-boarding processes, thereby driving
success in the digital era.
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