Document Verification – Authenticating Customers’ Identity

As the number of digital identity theft and various other fraud cases are rising; online businesses require technology-driven identity verification solutions to sustain in this fast-moving world. Companies are most likely to get prone to criminal activities during customer enrollment. Due to the insufficiency of document checking, the bad actors become part of the system. Due to this, fraudsters get a free hand to carry out illicit activities.

After experiencing heaps of digital fraud and financial losses, businesses are now complying with the regulatory laws and integrating document verification solutions to authenticate their users before getting them on board.

This way, identity document verification solutions are gaining interest as they allow the business to validate customer’s document authentication.

Document Verification Services – A Brief Overview

ID document verification is an automated procedure for identifying customers through their ID documents. This service helps the business to determine the bad actors with potential risks that can harm the company. Using sophisticated high-tech tools, fraudsters can now create illicit identity documents to manipulate business systems.

Usually, fraudsters use legit information to create new documents which are developed to trick out the verification systems. But verification systems are backed with AI and ML technology which can not be bypassed at all.

Moreover, the document verification solution is embedded with OCR technology, which can accurately extract the information from the documents.

The SaaS providers have made identity verification documents a piece of cake. Businesses have to gather identification documents from their customers at the time of registration.

The AI-driven document verification services determine the authenticity of the documents by extracting viable information using OCR technology. Document checks make it possible to detect manipulation or alteration of pictures.

For utmost surety, the customers are requested to upload a facial selfie. The face image matches with the image placed in the government-issued ID documents to verify the clients’ documents.

ID document authentication solutions thoroughly examine the customers’ identifiable information such as name, date of birth, address, issue dates, expiry date, and ID card number placed onto the users’ documents.

Other than that, document features and characteristics, including fonts, templates, watermarks, inks, and maps are verified to check the originality.

How is Automation Enhancing Document Verification?

Using AI and machine learning, the document verification system becomes more accurate. Automation has improved verification and closed all remaining cybersecurity holes.

Validating the quality as well as the features of the ID documents such as watermarks, special inks, etc.
Defects like crumbled edges are detected and are altered.
Documents are visualised is three dimensional to verify the holograms to determine any signs of manipulation.

Industrial Use Case of Digital Document Verification Solution

E-shopping Platforms

Online document verification software is effectively aiding e-commerce businesses to combat fraud. Due to the pandemic, massive audiences have been increased on such platforms, which is why fraudsters are quite active on these sites. Document checks assist in determining the bad entities before they can harm the platform.

With the help of technology-driven document verification services, e-commerce sites can now verify their customers’ identities before onboarding them and also validate them each time before carrying out the transactions. Many online shopping businesses are complying with such SaaS products to authenticate documents that secure their interest and protect them from financial losses.

Financial Sector

Banks, insurance companies, and other businesses that deal with substantial sums of transactions are the primary targets of criminals. Fraudsters using ultra-modern technology have become pro in their action and can manipulate financial systems.

Money laundering, terrorist financing, child, and drug trafficking are increasing, disrupting the financial industry. Therefore, verifying the customers’ identities is mandatory before providing them with any kind of services to combat such suspicious activities. Moreover, financial regulatory bodies have developed identity verification compliance, including document validation, as it can detect bad actors in real time.

Investing Platforms

In today’s world, people are quite active on digital investing platforms. Due to the high volume of transactions, such platforms are increasingly vulnerable to fraud and other forms of criminality. However, due to inadequate security and an increased number of shell companies, criminals manipulate clients and cause financial losses. Therefore, to secure customers’ investments such platforms must employ identity verification software embedded with KYC/AML compliance along with document authenticating checks.
Document authentication will help out the trading sites as well as the customers from becoming victims.

Final Thoughts

It’s obvious from the present situation that online identity verification solutions are the need of the hour. The presence of criminals is disrupting business functionalities. Digital businesses require robust and effective security protocols to combat online scams and crimes. Therefore, online businesses must integrate identity document verification, ensuring utmost fraud prevention. Companies can provide their customers’ identities before onboarding them through verification documents. This will automatically protect their interest.

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