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Identity theft is a growing concern for global businesses as criminals are adopting new ways to attempt fraud. With this in mind, identity verification companies have to constantly seek out innovation with new solutions. However, with a rising threat of data breaches, companies are preparing new ways to fight the most sophisticated fraud types. Although, document verification service has gained massive popularity to confirm people’s identity.
Coupled with address verification documents like drivers license and passport, document verification provides a multi-layered security system to verify id and it helps with eliminating errors and inaccuracies. It allows customers to authenticate their details either online, in-store, or in-branch. Businesses could also keep up with the stringent regulatory requirements to counter money laundering and terror financing through customer identity proofing.
Moreover, an automated document verification system acts in real-time for seamless onboarding of customers or new hires. This means that only the honest customers convert into purchasers and there’s no other way around.
Companies could screen customer’s previous history and monitor their behavior. The system automatically helps to catch any malicious attempt to either forge or fake real documents. Criminals that are attempting to be someone else are immediately caught in their tracks. Therefore, the document verification solution holds its importance among different customer verification methods.
How Document Verification Solution Verifies Your Identity?
To verify documents, customers first hold their identity documents in front of the camera that helps the software to scan the information. The solution runs a documents check to validate the document after receiving an image. Although, in a few cases the documents are also examined by human experts. The person could also have their photo taken in real-time and the software quickly compares it with the available information. Within a few seconds, the results let the organization know if the person’s identity is verified or not.
The entire verification process enables organizations to confirm the legitimacy of a person. Nowadays, banks and financial institutions have included this solution in their suite of security measures. Ultimately, it offers a multi-layered security system that conducts verification in various ways to stop the spread of fraud.
Combating Fraud With AI-Enabled ID Document Authentication Process
The AI-enabled document verification process is integrated with various websites or applications for smooth online business. During a customer onboarding process, the software automatically real-time picture of the user and compares it with the image on a document. OCR engine working within the document verification system helps with scanning and extracting the relevant information. The extracted data is automatically examined by the software in mere seconds and the results for verification are delivered to the customer. Customers gain easy access if the platform authenticates the information.
For an obvious reason, the document verification process can only be conducted on government-issued identity documents. The software checks for any counterfeit or forged documents and automatically rejects any fraudulent attempt within the document. Some of the most common document types that fraudsters tend to use are:
- Illegitimate Documents: Such document types are counted as fake as they include certain features such as a missing hologram, signs, or other characteristics. These features are essential to determine the authenticity of a document.
- False Documents: Fraudsters are usually trying to gain entry into the system by using a document that belongs to someone else. They do this in order to steal confidential information or commit a crime by showing their identity as someone else.
- Modified Documents: Fraudsters try to alter fonts or the writing style to fool the system and gain entry with an ingenious document.
Advantages of Using AI With Document Verification
During the document verification process, artificial intelligence helps to counter any fraud attempts. The solution further helps organizations to keep up with the existing regulations, therefore maximizing the customer experience. Here are few examples of how organizations can accomplish higher accuracy while keeping the errors to a minimum.
Enable Speed and Accuracy To Increase Customer Satisfaction
Speed, accuracy, and consistency are mandatory to increase the consumer experience that also helps with providing convenience. As manual verification takes long hours and drives up the cost that ultimately slows down the entire verification process. By utilizing an advanced document verification solution, organizations can authenticate customers swiftly and with ease. Although, the documents required to authenticate the users are usually the passport, driver’s license, or an identity card. The users would have to simply upload a photo of their ID on the system while software does rest of the work.
Minimize Risks and Errors During Customer Onboarding Process
Organizations could minimize the fraud risks while onboarding real customers and more importantly conduct fast verification speed. Moreover, the company could also reduce the customer abandonment rate during an online process. This practice ensures a reduction in business risks and instills customers with confidence.
The document verification process is essential to protect businesses from fraud attempts and ensure compliance with existing regulations. For this reason, KYC documents such as drivers licenses and passports require robust verification. Moreover, the process ensures customer satisfaction by offering speed, accuracy, and consistency with higher results.