Since the pandemic led to global digitization, numerous economic and social activities have migrated online. Responding to market demand, many industries were forced to complete digital transformation in a short time. One of these industries is telecom.
However, most telecom businesses face multiple problems during digital transformation, such as system integration and user experience optimization. Moreover, while the world edging toward a global recession, the current solution seems inefficient to fight the increasing identity crime schemes. How can an eKYC solution help the telecom industry overcome all of the difficulties during the digital transformation process?
A SIM card allows people to sign up for most online platforms, online trading, and even to prove their identity through SMS 2FA authentication. However, the wide application of SIM card makes it attractive to the fraudster.
For example, during the covid epidemic, telecom businesses started to take on online applications. However, it has caused many fraud victims. It was found that the fraudster first obtained the victim’s bank account number and the ID card photo, and then applied for a phone number through an online business. Nevertheless, the telecom carrier did not notice it was an identity scam but approved this application. After getting the SIM card, the fraudster can use it as a scam call number or steal money from the victim’s bank account.
The online application process of telecom businesses lacks strict identity verification, which forms a security vulnerability that allows the fraudster to take advantage. Except for the security problem, the system is not smooth enough to streamline the onboarding experience. Customers are requested to upload their ID cards and wait for manual checking for several days. Even worse, the customers still have to visit physical stores in person if they refuse to upload ID cards.
Authme’s AI-powered eKYC solution, which aims at fighting against fraud, is one of the best ways to help telecom businesses defeat scams from the very beginning: identity verification. It not only enables telecom businesses to automate the identity verification process of phone number applications but proves user identity speedily. Authme eKYC solution includes two main functions, ID verification and Face matching.
Through OCR technology, it can automatically extract information by scanning ID cards. The system utilizes computer vision and artificial intelligence to detect fake ID photos by verifying security features to ensure authenticity in real-time, which can effectively defend against identity fraud. Users don’t need to upload ID cards and take the potential risk of information leaking, nor do they need to visit physical stores to verify their identities.
Through the facial recognition engine, the system will compare the photo on the ID card and the face in the camera to ensure that the user and the ID holder are the same person. By Strengthening identity verification procedures, identity fraud can be greatly reduced. Furthermore, it only takes the user a second to take a selfie to complete the strict identity verification within seconds!
Authme solution provides an SDK package or API connection that businesses can integrate without effort. While the services successfully migrate to the online space, the telecom businesses can expand their services scope and customer profile. Furthermore, you can create a smoother verification service process for users and improves their experiences.
With AI engine and edge computing, the system can provide instant feedback for verifying results, helping the employees save 90% of the manual review time and allowing them to focus on their core business operations. Besides, it helps coordinate all identity verifying history in one platform, so businesses can easily manage customer information.
Authme participated in the “5G Metaverse Accelerator 2022,” which was held by Far EasTone, one of the leading telecom companies in Taiwan. During this project, we combined Authme eKYC solution in FET eStore service and make complicate process and paper work simplify into only three steps.