Video Confirmation of Identity a must have for financial services teams adopting eSignatures

Financial services companies must know who is signing their documents. If there is any doubt that the correct person has signed the loan, agreement, authority to proceed, or whatever the document may be, the business leaves itself open to fraud, is exposed to unnecessary risk and faces the possibility of loss, not to mention becoming non-compliant with ‘Know Your Customer’ legislative requirements. Secured Signing provides the most robust verification of signer identity with the world first use of video confirmation as part of the signing process.

Online signing by its nature provides much stronger confirmation of who is signing your documents than simply sending documents by post or email and taking it on faith they have been signed by the correct person. The addition of video recording of the signer, in a way that is uniquely and irrevocably tied to the document being signed, provides a degree of confidence in signer identity that cannot be reasonably challenged. It is a genuinely innovative approach that provides a degree of confidence in identity that is unmatched by any other signing method. It builds on the already robust authenticity of the underlying PKI Based digital signatures used by Secured Signing and existing additional identity verification tools such as two factor authentication and identity document searches.

Let’s drill into how the process works to really appreciate how robust and reliable this new approach is.

Video confirmation is quick and simple for the signer. They are asked to activate the camera on their device and record themselves performing specific gestures. It takes less than 10 seconds. The required gestures are specific to the document being signed, recorded in the document log and are analysed in real time. The nature of the verification and the changing requirements make it impossible to pass the verification using an image or pre-recorded video. Video confirmation provides much stronger confirmation of identity than static biometric verification such as facial or fingerprint recognition.

The confirmation video is retained in a secure, encrypted repository. The signed document contains both a reference to the location of the video confirmation and the password required to access it. The tamper proof mechanisms inherent in PKI based digital signatures means neither the reference nor the password can be modified, without invalidating the signature. All documents signed with Secured Signing can be verified independently to confirm the document content is unchanged. Video confirmation enhances the inherent security and authenticity of PKI based digital signatures with the recorded video of the person signing the document.

Video confirmation is available to all Secured Signing customers now. Once enabled in My Settings, the option to require a signer to provide video confirmation is available on the signing workflow screen. You can try Secured Signing, including video confirmation of identity for free.  Register for your account now.

‘Til next time
Cheers, John