DORA and Video Identification: technology serving the future of the financial industry

Established solutions such as video identification are revolutionising the way organisations approach regulatory compliance, particularly with frameworks like DORA.

T

he DORA Regulation (Digital Operational Resilience Act) will be a watershed moment in financial sector regulation, establishing a robust framework to ensure operational resilience and cybersecurity. 

Key technological improvements to comply with DORA 

There are many technological advancements that can help businesses comply with DORA, such as the implementation of real-time monitoring systems, risk management platforms, and multi-factor authentication solutions. These tools help organisations identify and mitigate threats before incidents occur. 

Among these improvements, we will focus on video identification: an essential solution, both in its assisted version—where an agent interacts with the customer in real time—and in the automated version, which allows for identity verification in an efficient and secure manner without human operator intervention. This flexibility and efficiency make video identification a key tool for meeting new standards like DORA, at a time when users demand agility in processes and legal guarantees. 

Video Identification: a versatile and effective solution 

As we know, video identification, by using facial recognition technologies and other biometric methods, allows for real-time identity verification through a video call. 

This technology not only speeds up the process but also significantly raises the security standards of digital authentication. By comparing the user’s facial features with a reference image, such as an identity document, it drastically reduces the risk of fraud—one of the main concerns in today’s digital environment. 

Advanced fraud detection and impersonation prevention   

DORA sets out specific requirements for security and identity verification, demanding that financial institutions implement robust measures to protect customer data and ensure the authenticity of transactions. 

Video identification aligns perfectly with these requirements, providing real-time identity verification that meets the strictest standards. Automating the identification process reduces human errors and minimises the risk of fraud, such as identity theft. 

If equipped with advanced fraud detection features like deepfake detection, these systems become an even more effective barrier against sophisticated impersonation techniques. By identifying facial manipulations in real time, organisations can stay ahead of emerging threats, ensuring user authenticity and strengthening compliance with demanding regulations like DORA. 

In addition to boosting security, video identification also enhances the user experience. By simplifying the compliance process, financial institutions can offer a faster and more efficient onboarding experience, reducing friction in customer relations. This translates into higher user satisfaction and increased customer loyalty. 

Building a more resilient and secure future with Video Identification 

All the advantages that video identification offers contribute to building a more resilient and trustworthy financial sector. As regulation evolves and cyber threats become increasingly sophisticated, video identification will continue to play a critical role in protecting customer data and preventing fraud. 

The future of video identification within the framework of DORA is promising, and this technology is expected to continue transforming the way financial institutions interact with their customers. 

Find out how TrustCloud helps you to comply with DORA