BetPro Exchange recently implemented biometric know your customer (KYC) technology to enhance security and streamline the customer onboarding process. This technology uses facial recognition and liveness detection to verify user identities remotely.
Implementing biometric KYC brings numerous benefits for BetPro Exchange and its customers. This article provides a comprehensive overview of biometric KYC, how it works, its advantages, and what customers can expect from the updated verification process on BetPro Exchange.
What is Biometric KYC?
Biometric know your customer (KYC) utilizes facial recognition, liveness detection, and official ID verification to confirm users’ real-world identities remotely.
It captures a selfie from the user and matches it against their government-issued photo ID. Advanced algorithms check that the selfie comes from a live person to prevent spoofing.
How Does Biometric KYC Work?
BetPro Exchange’s biometric KYC solution uses the following steps to verify real users:
Face Matching
Users take a clear selfie photo and upload a scanned official ID or passport photo. Cutting-edge face matching technology confirms the selfie matches the ID picture.
Liveness Checks
Built-in liveness detection checks that selfies come from a live person, not a photo or video. This prevents fraudsters from spoofing legitimate users’ identities.
ID Validation
Optical character recognition extracts data from ID documents and checks security features to confirm legitimacy.
Watchlist Screening
User data runs through global watchlists and sanctions lists to meet KYC and anti-money laundering regulations.
User Authentication
With identity, liveness, and ID validity confirmed, the technology authenticates the user for access to BetPro Exchange services.
Why Did BetPro Exchange Adopt Biometric KYC?
BetPro Exchange implemented biometric KYC to:
Increase Security
Facial recognition, liveness detection, and ID validation make it much harder for fraudsters to spoof legitimate user accounts. This enhances protection against money laundering, terrorist financing, and other financial crimes.
Improve Customer Experience
Biometric KYC verifies users in under 5 minutes in most cases, allowing near-instant access to services after sign-up. This is much faster than manual verification.
Meet Compliance Regulations
By verifying identities and screening users globally, biometric KYC helps BetPro Exchange meet KYC, AML, and responsible gambling regulations.
Expand Globally
Fast and fully remote identity proofing allows BetPro Exchange to efficiently onboard users from over 190 countries, fueling global expansion.
Reduce Costs
Automating KYC verification with biometric technology is far cheaper than manual checks by compliance staff. This reduces overhead costs.
Biometric KYC Vendors
BetPro Exchange evaluated different biometric KYC solutions before selecting Onfido.
Onfido is an award-winning regulatory technology company serving over 600 businesses. It uses artificial intelligence (AI) to validate identities remotely while preventing fraud.
Key reasons BetPro Exchange chose Onfido include:
- 98.5% automation rate — minimizes manual reviews for faster user onboarding.
- 192-country coverage — supports global expansion plans.
- Advanced liveness detection — detects fake selfies and prevents spoofing.
- Regulatory compliance — helps meet global AML, KYC and responsible gambling requirements.
- Data privacy — protects sensitive personal data throughout identity verification.
How Biometric KYC Enhances Security on BetPro Exchange
Biometric KYC makes it extremely difficult for criminals and fraudsters to access BetPro Exchange under fake identities.
Facial recognition guarantees new accounts belong to real people properly identified against official documents. Liveness detection confirms selfies come from living users, not spoofed photos or videos.
Watchlist screening further blocks banned entities like politically exposed persons (PEPs) and individuals on global sanctions lists.
Together, these safeguards fight:
Identity fraud
Criminals can no longer create accounts using stolen or synthetic identities. Facial recognition matches each user to their legitimate ID documents.
Account takeovers
Fraudsters can’t spoof existing user accounts by impersonating their selfie photos during re-verification. Liveness detection spots fake selfies.
Money laundering
The enhanced due diligence makes it much harder for criminals to conceal illicit funds or finance terrorism via BetPro Exchange accounts.
Underage gambling
Age verification technology estimates users’ ages from selfies, blocking under 18s from opening accounts.
The end result is greatly strengthened KYC procedures and compliance standards across BetPro Exchange. This increases protection for both the business and its customers.
What to Expect from Biometric KYC Verification on BetPro Exchange
BetPro Exchange customers sign up and verify accounts as follows under the new biometric KYC system:
- Enter Personal DetailsUsers fill out the usual personal fields like name, address, date of birth when creating an account.
- Capture Selfie & Upload IDFollowing signup, users snap a selfie and upload images of their passport, driver’s license or other national ID documents.
- Pass Automated ChecksIf the selfie adequately matches the ID and confirms liveness, users pass the automated checks. About 98% of users successfully validate at this stage.
- Receive Account ConfirmationBetPro Exchange immediately confirms verified accounts. Users gain full access to the exchange’s services.
- Manual Review (If Needed)The 2% of applicants that fail automated checks queue for manual reviews by compliance staff. Reviews check for issues like low-quality selfies and complete quickly in most cases.
The majority of customers spend under 5 minutes verifying accounts with BetPro Exchange’s new biometric KYC system.
They can instantly trade, deposit, withdraw and use all other services safely and securely following automated facial recognition checks.
Conclusion
Biometric KYC delivers faster, more secure, fully remote identity verification for BetPro Exchange customers. Cutting-edge face matching, liveness detection and ID validation techniques verify users in just minutes.
By preventing identity fraud, account takeovers, money laundering and underage gambling, biometric KYC allows BetPro Exchange to provide a trusted trading environment to legitimately verified users worldwide.
Both the business and its customers benefit from robust compliance standards, enhanced security, excellent customer experience and lower costs.
BetPro Exchange plans to continue optimizing and upgrading its biometric KYC checks by working closely with regulatory technology partners like Onfido. This ensures it offers the most efficient and fraud-resistant identity proofing systems to users across the globe.
Frequently Asked Questions
What personal data does biometric KYC collect?
Biometric KYC collects a facial biometric (selfie), scans of government-issued ID documents (passport, driver’s license, etc.) plus standard personal details like name, address and date of birth entered during signup.
Is my data secure?
Yes, biometric templates and personal data are encrypted using industry standards like AES-256. Data only stays on servers the duration needed for ID verification then deletes after signup.
What happens if my selfie fails the automated check?
About 2% of selfies fail the initial automated verification, usually from poor lighting or face visibility issues. These users enter manual review by compliance staff, which normally completes quickly if the user provides an adequate replacement selfie.
Can I vouch for other users?
No, biometric KYC depends wholly on automated face scan checks against government IDs, with no proxy verification permitted. All users must personally complete facial recognition and liveness detection for security reasons.
How long does verification take?
98% of applicants pass instant automated checks in under 5 minutes. If your selfie fails, manual review generally completes within 1 business day after you provide a replacement selfie. Support staff can assist if reviews take longer.