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Document Verification Solutions – An Automated Solution To Effectively Identifying Customers

Companies, banks, and all the other corporate sectors are needed to identify their users to provide them with the best experience and to adhere to the laws. Staying compliant with all these regulations becomes difficult sometimes. Client issues, absence of resources, and data protection are the common problems for companies to follow the given regulations. However, document verification solutions seem to be a comparatively convenient verification measure to fulfill businesses’ needs of facilitating their customers with a seamless exposure by completing data security techniques in real-time. 

Document Verification Solutions: Why Is It Important?

False personation is the scam of deploying a synthetic identity to harm other people. Imposters have come up with many advanced methods to get fake identities. It can be as convenient as developing a screen name of anyone and then uploading or posting on social platforms on victims’ behalf. It has been noted that imposters associated with activities harm other persons’ reputations in the online world. 

It is illegal to steal the identity of someone else to carry out prohibited actions. In 1998, Congress passed the Assumption Deterrence Act and Identity Theft. The regulation addressed the idea that it is prohibited to obtain fake identities with the aim of deploying that synthetic identity to commit scams that incorporate the violation of regulations. Document verification solutions are an efficient way to practice this regulation. 

The ratio of scams is skyrocketing with each passing year. According to the FTC (Federal Trade Commission), almost 1.8 million cases of fraud were reported in the year 2018 and the number is estimated to double by the end of the year 2024. 

How to verify documents online?

AI-backed software is integrated into the websites of digital companies. It is a simpler task that starts when businesses have to onboard customers. At the time of customer onboarding, when users try to enroll themselves on the website, the software requires users to upload pictures of their ID documents. The software then verifies documents in real-time by fetching data deploying state-of-the-art optical character recognition (OCR) technology. If the information submitted is correct, the user would be permitted to access the services. 

Documents For Identity Proof 

Any government-issued identity documents are taken as worthy documents worldwide. No one can refuse to accept their worth. Thus, document verification solutions require these documents to authenticate the identity of users. Following kinds of global documents are employed in the online document verification portal:

  • ID cards 
  • Passports 
  • Driving Licenses 
  • Credit/ Debit cards

Document Frauds 

Some fraudsters employ the following fake documents to destroy companies by their presence:

  1. False Documents 

These kinds of documents are real, they hold no problem in themselves. But the issue is, they are not possessed by their real owners. Imposters steal someones’ real documents and try to deploy them for their own benefit. The document verification process easily catches the cybercriminals who show up with other people’s documents. 

  1. Illegal Documents

The other kind of fraudulent document that document verification solutions detect is illegal documents. They are fake developed documents that do not hold the characteristics of real documents. The lack of holograms, specific use of ink, etc. prove to be reasons for illegitimate documents to get caught in the document attestation. 

  1. Modified Documents

As the name shows, fraudsters try to change or alter genuine documents. They try to hide behind the font and writing styles to spoof the document verification solutions services. 

Efficacy Of Document Verification Solutions 

AI-supported online document authentication is the ultimate answer to identify customers on the basis of their documents. It provides users a choice to identify documents from the comfort of their homes. Automated document verification solutions minimize human interference in the process, therefore, adding in the realness of results. 

Final Words 

Documentation verification services provider has become an utmost need of companies nowadays. Advancement in technology also gave a chance for fraudsters to bypass the system with their illegal activities. Keeping the cases in mind, compliance professionals have designed several verification measures like document verification solutions to make companies follow the laws.

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