Age Verification – An Advantage for Banks to Combat Financial Scams

Companies cannot keep their employees after they reach the age of 60, so they provide a satisfying incentive called a pension fund or provident fund. However, it is a very accessible target for fraudsters. Scammers use a variety of tactics to misuse bonus funds, from stealing to get the money to impersonating a relative.

People under 60 often try to illegally replace their older workers with pension funds. As a result, companies must take preventive measures to reduce the risks of fraud and ensure that only qualified individuals receive these benefits. Age verification solutions meet the needs of companies to protect their retirement assets. 

Continue reading to learn more about how AI-powered IDV solutions are accelerating the processing of pension benefits. 

For Detailed Demo of Age Verification

Online Age Verification – Battling to Avoid Pension Fraud 

Older age groups find it difficult and sometimes impossible to physically go to the bank to collect their pension. As their health prevents them from coping with problems, they find alternative ways to raise money.

Businesses must include effective IDV services to provide risk-free retirement processing to older customers. Businesses can reduce the chances of the wrong people applying for remittances by introducing effective age verification solutions.

Additionally, they can help employees with long-distance transmissions further reduce effort. Reducing the need for face-to-face interactions and corporate identification is another benefit of integrating age verification online.

To further safeguard the processing and transfer of pensions, these solutions additionally provide the following services:

Ensures the Legit Person Collects Monthly Payments 

To make sure they are not transferring money to the wrong person, pension processing centers now require age verification. The AI-powered IDV system requests a brief real-time video in order to obtain building consent and confirm that the correct person is receiving payment.

This confirms that the elderly employee who is applying for transfer actually is applying, and it also verifies their age to add to the legitimacy.

Modern age verification solutions do away with the requirement for human interpretation, which exposes errors. As a result, pension processing businesses can expedite the transfer procedure while accurately confirming that the true receiver is physically present at the time of the transaction. 

Biometric Screening for Liveness Detection

Companies that process pensions should conduct biometric screenings on people in addition to age verification. Uploading pre-recorded videos or carrying out spoof attacks both make it simple for fraudsters to avoid detection.

Pension processing businesses are able to determine a person’s liveness by combining online age verification as a part of biometric verification powered by AI.

These sophisticated tools evaluate the surroundings of the person requesting a remittance transfer by looking at the backgrounds, objects, noises, and colors. In the end, this aids pension processing businesses in adhering to KYCC regulations. 

Drives Convenience by Offering Remote Identification 

By avoiding having to leave their home and physically visit financial organizations, this strategy aids them in avoiding identification. This puts pension centers at risk of failing to comply with KYCC, as well as reputational harm and legal action. 

The AI-powered age checks restrict access for undeserving people and protect senior citizens’ funds from fraud. Companies that process pensions will eventually be able to give their retired workers all of the benefits they were promised without any gaps. 

Hard-to-Bypass Automatic Onboarding

To further streamline the payment processing process, service providers offer automatic onboarding and remote access. Having AI-powered age verification solutions in place allows businesses to do away with the use of checkboxes and puzzles. Customers can sign up and transfer funds using these services’ real-time identification features by simply uploading a video. 

Fraudsters are able to alter documents, alter photographs, and alter audio, but they are unable to duplicate facial features. Uploading a selfie can be done after every purchase to confirm the recipient’s identity and age when receiving the financial benefit. 

Reduces Additional Costs and Shield Against Fraud Attempts

The manual age verification process can take several days, which adds to the length and complexity of the pension transfer procedure. Physical identification is also more expensive to implement and prone to human error.

As a result, organizations need to implement efficient online age verification solutions to make the processing of pensions fraud-proof. Businesses can do this while still providing the seniors with a simple onboarding process, thereby lowering the need for additional resource use. 

Final Note

Pension centers are now more vulnerable to fraud. Retirement benefits are illegally obtained by those who do not meet the requirements. If pension processing centers want to avoid elders’ rights being exploited, they must employ more effective fraud countermeasures.

As a result, AI-powered age verification methods are the ones that the service providers favor in this process.