With the rising digital identity theft and other fraud cases, online firms demand technology-driven identity document solutions to uphold themselves in this fast-moving era. Firms have more chances to get prone to illegal activities during client enrollment. Due to insufficient online verification documents, the imposters have become a system part. Due to this, corrupt people have more leeway to execute crimes.
Firms can easily comply with the regulatory rules after experiencing many financial losses and digital fraud. It can also integrate document verification solutions to recognize their users before they get on board. This is how companies identify their customer’ official data by executing document verification solutions.
Online Document Attestation Services – A Quick Overview
ID document verification is a robotic process to recognize customers through their ID papers. This service assists businesses in determining the scammers with potential risks that damage the firm. Imposters now make illicit identity documents to exploit business processes using high-tech services.
Typically, scammers use authentic information to make new documents that trick out the verification systems. Moreover, verification systems are supported with AI and ML technology, which is irreplaceable.
The document verification system is also embedded with advanced OCR technology, efficiently importing information from the papers. The SaaS service providers have made identity verification of documents a piece of cake. That’s why, to register, organizations must gather consumer identity data.
The AI-powered document checking system analyzes the paper’s authenticity by importing viable information utilizing OCR technology. Document checks make it possible to detect manipulation. For the utmost security, the clients must upload a recent selfie. Then, it matches the face image with the picture placed on the government legal ID papers to investigate the customer documents.
Document attestation thoroughly investigates the client’s identifiable data, such as issue/expiry date, DOB, name, and ID card placed into the individual’s documents. Rather than documents, characteristics and features such as templates, inks, watermarks, fonts, and maps are investigated to inspect their originality.
Automation Improves Document Authentication
Document verification verifies the credibility of the user ID documents during client onboarding. It also helps organizations quickly and efficiently verify new applicants. since many companies face identity theft and breaches that urge them to utilize online document verification. Therefore, global document verification using AI drives the market to grow from $28 Billion in 2022 to $71 Billion in 2027.
The document verification system is accurate using artificial intelligence and machine learning. Therefore, automation improves verification and closes all remaining cybersecurity areas.
- Validating the quality and ID document features, such as inks, watermarks, etc.
- Detects faults such as crumbled edges and alters them.
- Documents are created in three dimensions to investigate the holograms and analyze any manipulation signs.
Best Use Cases of Digital Document Verification Solution
1. Electronic Shopping Platforms
Online document verification software effectively aids online commerce companies in reducing fraud. Since COVID-19, many clients have been increased on online platforms, so imposters are more active on these sites. Moreover, document checks help determine the illegal entities before they can do any damage.
E-commerce websites can easily verify their client’s identity before onboarding them with the help of document verification systems. It also authenticates them before carrying out any financial transaction. Most e-shopping firms comply with SaaS products to verify documents that safeguard their interest, protecting them from monetary losses.
2. Financial Sector
Banks, insurance firms, and other companies that deal with significant amounts of transactions are the preliminary targets of imposters. They use ultra-modern and fastest technology, have become excellent in their action, and easily manipulate financial systems.
The cases of money laundering, child, drug trafficking, and terrorist financing are increasing, disturbing the financial industry. That’s why analyzing the client’s identity is essential before giving them any kind of service to fight suspicious activities. Also, compliance is developed by financial regulatory bodies that detect real-time scammers.
3. Investing Platforms
In today’s era, users are very engaged in online communities. As the transactional volume is high, such platforms are vulnerable to fraud and other illegal activities. However, due to insufficient security and an enhanced number of shell firms, criminals deceive consumers, causing financial losses.
Hence, these platforms should employ an identity verification system embedded with KYC compliance and document authentication to safeguard clients’ investments. Lastly, document authentication helps the trading companies and the clients from becoming victims.
Wrap Up
It is clear from the current situation that online document verification is the need of an hour. The criminal presence disturbs the business procedures. Moreover, digital companies need effective and robust security protocols to fight online crimes and scams. This is the stage where firms must incorporate document verification to ensure protection. Firms can investigate their client identities before their onboarding process. It automatically secures their interest.
