Most organizations are annoyed by the growing number of fraudulent activities and concerned about the protection of sensitive client information. As a result, they are all well aware of the issue and looking for thorough methods to identify falsified cases, but they are unsure of where to begin.
To address this, online document verification was introduced, which will allow for the validation of fictitious businesses and the documents they have produced. Additionally, this compliance will assist a facility in protecting the private information of legal clients. It is predicted that the majority of enterprises will be implementing identifying document verification in the near future.
Online Document Verification – What is it?
The online document verification solution is a SaaS that offers correct results for all institutions. It is done to protect end users’ personally identifiable information. This method of examining falsified documents that have been altered, manipulated, or photo-shopped involves someone taking advantage of the identities of some other individual for their gain. Document verification solution assists an organization in determining that this individual isn’t on red alert for the system by providing accurate results following the validation process in real-time.
In the modern era, the online document verification solution is regarded as the most advanced form of verification. It operates electronically with artificial intelligence as well as machine algorithms which eliminate all possibility of errors and verify individuals and their documents in real-time while the users are in the convenience of their homes. But on the other hand, there is a physical authentication method that is not appropriate at any of the work sites since it takes a while to verify and requires a physical presence, which is impossible for the client to make throughout this corona pandemic. It also does not deliver reliable results. The end-driving user’s license, national ID card, and certain other verification documents are needed for this entire process, and they must be displayed on the cameras for authentication along with a picture of the individual.
Credentials Needed in Online Document Verification
For the process of the document verification system to attest to the individuality of the customers, specific legal documents are required as proof of identity documents. Examples include;
- National identity cards
- Live clicked selfie
- Driving license
Three Kinds of Fraud Documents
Fraudsters devote all of their work to producing false documents for their own gain, which helps them tarnish the image of the firm. These phoney documents are listed below;
- Forged documents
- Counterfeit documents
- Modified documents
Documents that are completely faked, lack holograms and rainbow patterns, and otherwise do not resemble genuine documents.
Misleading documents, which aid in eluding an institution, are those that are not only actually stolen and changed but also weren’t recently made.
Documents that have been manipulated, cropped, changed, or otherwise tampered with by con artists in order to harm a legitimate company. Additionally, Artificial Intelligence (AI) and Machine Learning (ML) algorithms for attesting photoshopped and modified documents by monitoring the typefaces and alterations in the pixels meet all regulations for the validation of documents.
Document Verification in Different Sectors
Document verification service authenticates that the individual is who they confess to being and protects firms from fraudsters and criminals. Companies that employ online document verification system in their daily operations are:
- Healthcare industries
- Travel agencies
- Legal sectors
- Banking institution
- Insurance departments
- Cryptocurrency exchanges
AI and MI for Client Verification
The use of an AI-enabled document verification process is one of the greatest steps that organizations can take to identify fake documents and authenticate legitimate ones, protecting their customers’ personal information. The following list of checks is important for detection;
- Authenticating the uniqueness of the document
- Attestation of format
- Examining the folded and crumbled edges of a document
- Distinguishing the photoshopped, edited, and forged documents
- Checking the MRZ code
- Holograms and rainbow prints are monitored in depth
- Micro prints are also verified
- Attestation of particular ink and paper used by governments
Considering everything discussed above, it is obvious that all enterprises deal with problems like document fraud, which significantly harms their reputation while lowering their value and productivity as a company. In this situation, the verification of the client’s documents is done using an online document verification method that aids firms in ensuring customer security concerns. Not only does it provide super security but also makes the firm stay compliant with regulations, protecting them from paying hefty fines and penalties. Moreover, when compared to the physical method, digital document verification is not only error-free but also automates business in this era of the technologically advanced world.