Nowadays, identity theft is accumulating on a regular basis with the advancement of the world. This is becoming very common because of scammers who are using the identity of someone else for their own constants. For the safety of such breaches, verification documents are established. Therefore, document verification is a necessity in several institutions such as e-commerce, social media, online businesses, and banks to combat fraud cases. The only solution for such outcomes is digital document attestation which provides results with accurate security of data.
Traditional Verification Documents for Identity Proof
The Manual method of identification is very hard, it takes more time as compared to the present method of verification. This causes a lot of queries for both the verifier and the customers. In the traditional method of attestation, clients visit organizations on their own along with their documents. This takes several days to complete this process of document examination which also does not accomplish accurate results and has more errors, that is the main reason that manual documents check is not a worthwhile choice to eliminate the fraud. To diminish such provocations online document verification is merchandise. The documents examination process uses AI technology to fight against fraudsters. This document verification system offers guaranteed and accurate outcomes and is convenient for both the verification officers and the customers.
Document Verification Process to Combat Fraud Cases
To diminish the scam cases, financial institutions like FinMA, FINTRAC, FATF, etc are using KYC and AML compliance to acknowledge the businesses about accurate diligence of their customers. This is done by consideration of clients’ documents for the verification of the identity of an entity and the avoidance of fraud cases. Thus, the KYC mechanism is practiced in person by banks, legal departments, embassies, and financial institutions. All the credit goes to the SaaS providers that accomplished new technologies like artificial intelligence in the document attestation services. The examination can be performed in real-time that can confirm the customers’ identity and filter that the users are who they say they are.
How do a Company Verify Documents?
The verification process of a document is covered in three steps :
- First, the user has to submit their personal credentials, in which the scanned picture from government-approved documents is required.
- In the second step, an attestation process of the provided information is performed and the provided photo is also double-checked that whether it is edited, tampered with, or altered. For further checking customers also have to share their current selfies.
- In last, after verifying documents in real-time outcomes are provided to end-users that are accurate and authentic.
Benefits of Identity Document Verification
When it is all about verification of documents, there are countless advantages, such as;
- The procedure of document verification is a robust way that verifies the documents of end-users in real-time, this electronic document authentication give accurate outcomes
- This is the secure and fastest way to distinguish online frauds
- Document verification Softwares helps businesses in maintaining their reputation
- In the process of authentication of customers the businesses, as well as their clients both become much confident after availing of such business policies
- The procedure of verification reduces human errors which are seen while performing manual methods
- KYC and AML obligations are practiced to prevent the identity of customers.
Components for the Authentication of Documents
There are many components that can examine the genuineness of documents for the sake of satisfaction that the document is not a fake. For the verification of documents rainbow prints, holograms, MRZ codes, document edges, editing and tempering are observed. This determines whether the documents are authorized, unauthorized, customized, or deceptive.
Use Cases of e verify Document
Digital document verification is used in the workflow of many businesses, such as,
- Healthcare industries
- Travel agencies
- Legal sectors
- Banking institution
- Insurance departments
- Cryptocurrency exchanges institutions
In a Nutshell
In the document verification, the time of clients is saved and helps them in authentication by staying at the comfort of their home. This is much easier for clients as it does not take a long time for verification. Hence, this software is very smart for the safety of fraud. All authorized industries and institutions are using it to verify the customers and provide them with the best customer service.