Provides an accurate, comprehensive certification solution for anti-money laundering(AML) compliance
Recently, a case of suspected violations of obligations arose during the KYC certification process in the virtual asset industry.
According to media reports, the Financial Intelligence Unit (FIU) under the Financial Services Commission announced its plan to convene a sanctions review committee to address money laundering and terrorist financing linked to violations of the Specific Financial Transaction Information Act.
In fact, issues related to verifying the authenticity of ID cards can occur across various industries, not just the virtual asset sector, due to unclear identification processes similar to this case.
Today, we will explore why eKYC authentication is particularly critical in the virtual asset industry and the importance of online identity verification (eKYC)!
The importance of online identity verification (eKYC)!
First, let’s consider a brief example of a situation that can arise due to unclear ID recognition. Suppose identity authentication is performed based on an ID card. The information available to verify the authenticity of the ID card is limited to items such as the name, photo, resident registration number, address, and date of issuance. If the ID card is old and the resident registration number is blurred, certain details may not be recognized during the OCR (Optical Character Recognition) process, requiring the user to manually edit or input the resident registration number.
Once identity authentication is completed and a Microdeposit Verification is conducted, the entire process—ID registration, authenticity verification, and Microdeposit Verification—may seem successfully finalized, giving the appearance of legitimate identity authentication approval.
However, there is a crucial point often overlooked: the resident registration number in the actual photo of the registered ID card might not have been properly verified! In such cases, the eKYC process may not meet legal standards, potentially leading to vulnerabilities such as exposure to illegal activities like money laundering or terrorist financing, security risks, and challenges to corporate fairness.
What if you used the ARGOS SCORE function? - Ensuring accurate ID authenticity
What happens when the ARGOS SCORE function is added to the same process?
After completing the steps of ID registration ▶ authenticity verification ▶ Microdeposit Verification, the ARGOS SCORE function identifies the cause of any issues through its comprehensive evaluation algorithm and conducts agent inspection as needed.
ARGOS provides 24/7 support, including rejection if the resident registration number cannot be visually confirmed, and manual review based on evaluation results. With the ARGOS SCORE function, all tasks can be handled on a single platform, eliminating the need to purchase or integrate separate SDKs, engines, algorithms, or verification systems. ARGOS automates every step required for identity verification and data validation into a seamless process, minimizing complexity and reducing our customers’ development efforts.
By simplifying the process as much as possible, ARGOS helps save development resources while maximizing operational efficiency. Customers are relieved of the maintenance burden, enabling them to address issues quickly and focus entirely on their business. Additionally, the integrated algorithm enhances security by rejecting authentication if all fields are not fully verified, effectively preventing forged documents and illegal activities by fraudulent users.
ARGOS SCORE optimizes performance in real time, ensuring that all processes—from data processing to field verification and result delivery—are executed in real time, providing fast and accurate authentication.
What makes all of this possible is the unparalleled ARGOS SCORE feature.
Introducing the ARGOS SCORE Function: Enabling Accurate eKYC Beyond OCR Recognition
What is the ARGOS SCORE?
The ARGOS SCORE is a quantitative evaluation of a user's identity verification results. This SCORE is calculated by assessing the following three factors and serves as a numerical representation of whether a specific user has successfully completed the identity verification process:
ID Verification: The authenticity and accuracy of the submitted ID are factored into the SCORE.
Face Comparison: The match between the submitted face photo and the photo on the ID card impacts the SCORE.
Verification of Additional Information: The consistency and accuracy of any additional information provided are also reflected in the SCORE.
The ARGOS SCORE is critical for assessing the accuracy and reliability of identity verification because it evaluates whether each piece of identity information has been accurately processed. It combines factors such as OCR recognition, user input, and authenticity verification into a comprehensive evaluation.
What Do the Criteria and SCORE Represent in the ARGOS SCORE?
The ARGOS SCORE can be interpreted based on the following criteria:
High SCORE : Indicates that the identity verification is accurate and the information provided is reliable.
Low SCORE: Suggests uncertainty regarding the user's identity, requiring further review.
The score standard is based on ARGOS’s patented “User Authentication Method for eKYC Automation,” which sets specific thresholds and applies algorithms tailored to the company’s unique requirements. This approach enables customers to efficiently manage only the necessary data without needing complex configurations.
By leveraging the ARGOS SCORE, businesses can streamline identity verification processes while maintaining high accuracy and security standards.
Utilizing ARGOS SCORE for Efficient Management
The ARGOS SCORE is a valuable tool for both the virtual asset industry and customers seeking to ensure clarity in their users' identity verification results. ARGOS manages and operates advanced algorithms that go beyond OCR recognition, enabling precise online identity authentication (eKYC).
By using ARGOS services, customers can mitigate legal risks related to money laundering and terrorist financing, as well as address issues surrounding service legality and fairness. Moreover, ARGOS provides an end-to-end comprehensive solution that not only ensures accurate eKYC but also prevents secondary damages caused by unclear ID recognition. This includes handling all post-processing tasks, such as halting follow-up actions if recognition is not accurate.
With ARGOS SCORE, decisions based on identity verification results are streamlined, allowing for faster and more efficient progress. Protect yourself from unpredictable secondary damages with ARGOS and experience highly accurate identity verification through our advanced processes!
