Age Verification – A Benefit for Pension Centers to Combating Financial Fraud

Elderly citizens encounter various difficulties in carrying on with their usual lives after retirement. When organizations are unable to keep employees after they reach the age of 60, they give them a satisfying incentive known as pension funds. However, this is the most accessible target for scammers. Fraudsters use a variety of tactics to abuse premium funds, ranging from stealing to impersonating a relative in order to collect money.

Individuals under the age of 60 frequently attempt to acquire retirement funds illegally in place of their seniors or other employees. As a result, organizations must take preventive actions to reduce fraud risks and guarantee that only those who are eligible receive these benefits. Age verification solutions meet the needs of businesses to protect their retirement assets. Continue reading to learn more about how AI-powered IDV solutions are accelerating the processing of pension benefits. 

Online Age Verification – Battling to Avoid Pension Fraud 

Older age groups find it difficult and sometimes impossible to physically visit banks to collect their pensions. Since their health prevents them from going through the hassle, they find alternative ways to raise money. Their resources may be stolen if they authorize their children or another relative to collect and withdraw money.

Businesses should incorporate effective IDV services to offer elderly customers risk-free pension processing. Businesses can reduce the likelihood that the wrong people will apply for remittance benefits by putting effective age verification solutions in place. Additionally, they can help with remote transfers for workers to further cut down on the hassle. Reducing the need for in-person interactions and identification at the business is another benefit of incorporating online age verification. These solutions additionally offer the following services to protect the processing and transferring of pensions:

Ensures the Authentic 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 with 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-Dodge Automated Onboarding

Service providers offer automated onboarding and remote access as ways to further simplify the payment processing process. Having AI-powered age verification solutions in place allows businesses to do away with the use of checkboxes and puzzles. These services offer real-time identification, allowing customers to sign up and transfer funds by merely 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.

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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. Additionally, physical identification requires more resources and is highly susceptible to human error. As a result, organizations need to implement efficient online age verification solutions to make the processing of pensions fraud-proof. By doing so, they can reduce the need for additional resource use while still offering an easy-to-use onboarding procedure to the elderly. 

In the End

Due to insufficient KYCC solutions for age verification, pension centers are now more vulnerable to fraud. People who don’t meet the requirements for retirement benefits use illegal strategies to get them. Pension processing centers must therefore implement more effective fraud countermeasures if they want to avoid elders’ rights being exploited. As a result, AI-powered age verification methods are the ones that the service providers favor in this process.

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