Document Verification Solution – Tackling Imposters In The Digital Era
In today’s digital world, every industry needs to incorporate the valuable techniques of online verification into its systems. Whether it’s an airport, financial institution, an e-commerce company, or any business corporation. All need to authenticate their clients before onboarding them. The primary reason is to protect the business from any financial risks of fraud. It could eventually affect business reputation while complying with the global regulations. But fulfilling all these requirements is not an easy job due to the ineffective methods of verification. These methods consumed a lack of resources and data breaches. Therefore, for properly assessing the client. A company first needs to evaluate the authenticity of its documents through the process of digital document verification solutions.
Is there a Need for Online Document Verification Services?
Identity theft is a major crime. It arises if documents did not check before customer onboarding. Once a criminal gets access to a user’s account through illicit methods, they can perform various harmful actions on it. Impersonating an identity to bypass the legitimate process of onboarding can cause the company huge losses of money in seconds. Moreover, by using a fake identity through forged documents, they can change the other individual’s online profile. It can start making racist remarks while pretending to be a victim. That’s the reason document verification has become a need for hours.
Has the Problem of Identity thefts Increased During Covid-19?
With the majority of the customer-to-customers interaction going online as per the restrictions posed due to the Covid-19, many businesses have seen an upsurge in document fraud. This has opened a new platform for thefts to occur at an increasingly high rate. According to the Federal Trade Commission (FTC), a significant increase in theft reports find from 444,3444 in 2018 to 1,387,615 in 2020. The main triggering force is the pandemic due to which businesses were forced to operate online which caused them to instill online document verification services for onboarding authentic clients only making it not a choice but a must-have.
How to initiate the Online Document Verification Process?
AI-based ID document authentication service verifies documents. The user needs to fill in the information. After which they will upload an image of any government-issued document such as a passport, driver’s license, ID document, etc. The system pulls out important details such as name, date of birth, and address details from these documents by using the software of OCR, as a data extraction tool. The details match with proof of evidence so that the probability of any scams and frauds diminishes. By checking the client’s compliance with AML regulations, verification results are dispatched letting the client know about the status and storing the results in the back office.
What are the Various Kinds of Frauds that Affect the Document Verification Services?
Even though document attestation services based on the technology of artificial intelligence have entered the market. There are some common frauds companies can deal with if they are still operating on the traditional methods of identity document verification. Some of these scams are listed below:
- Illegitimate Documents: Fraudsters utilize these documents that miss the element which requires any legal document to proceed for purpose of verification. This is also known as a fake document scam. Fraudsters carry it to fulfill their illicit desirable motives.
- Modified Documents: By using various software for photoshopping, different segments of the document can be modified for altering the original document such as changing the writing style or font.
- Stolen Documents: The documents which genuinely belong to someone else. But the fraudsters pretend to verify their documents. Multiple criminals can impersonate the identities of deceased people by stealing their documents.
Is the Digital Document Verification Solution Effective?
Multiple businesses have now transformed their work from manual labor work to effectual techniques based on artificial intelligence. It depends upon how company verify documents which makes document safe. It has provided them with numerous benefits. They can catch fraudsters a quick way efficiently at the initial stage of customer onboarding. Since the online document verification system has a better accuracy rate. The naked eye can not detect these minor modifications. So that’s why this technology is helping out businesses in winning customer trust. It makes their businesses secure and private.
Wrapping it Up
Several businesses have started to operate online since the surge of Covid-19. It has created problems in identifying the authenticity of the documents of the clients. Various types of document frauds have prevailed worldwide such as stolen, forged, and illegitimate documents. Manual document verification solutions have proved to be fatal for distinguishing between fake and original documents. This is the reason AI technology gain popularity. Not only does it is saving the company’s time and resources. Document verification is a must for every business to make its business secure. The future of Artificial intelligence is bright for sure.