Document Verification Solution- A Way of Identity Verification to Combat Scams

Document Verification Solution- A Way of Identity Verification to Combat Scams

Crimes like money laundering and tax evasions are increasing in online business platforms. Identity theft with stolen data is also part of these operating online businesses. Though digital sites are using technologies and automatic processes, there is still an accumulation of identity fraud and money laundering cases. The criticism is not just for fraudsters, because there is also carelessness of businesses in implementing required proper security checking. This can give a chance to scammers to be successful in their illicit aims. To cope up with such measures document verification solutions are introduced in the digital world. This document verification system provides seamless security for the identity of end-users.

document verification

Identity Theft

Having unauthorized access, hacking, and identity fraud are not new crimes, all of these are traditionally done for many years and are increasing day by day. If the rate of digitization is noticed the verification measures are not enough for security and privacy purposes. Furthermore, unfortunately, the Covid19 outbreak was one of the worst scenarios created in this world which increases online operations. Work from home was practiced and allowed businesses to continue their online work without any disturbance. This gave chance to criminals to fulfill their unlawful motives and threatened the business’s operations. Fraudsters interact with officials through online meetings and pretend to be real by using fake identities. When organizations have loopholes like these, they are exposed to identity fraud. This is because of online platforms where fake identities are easy to use. These fake identities can be captured through online document verification. 

Documents Used For Identity Fraud

Illegal Documents

Illegal documents are those documents that are made from stolen data of another person’s ID card. These fake documents are designed the same as real documents to ditch the organizations.  

Tampered Documents

Creating new fake documents is sometimes hard for scammers to find it easy to modify the identity documents that belong to the legal individual.

Stolen Documents

The documents which are stolen are used by criminals that do not want to expose their information. This is an ideal way to get access to authorized data.

Authenticate Documents Services

To prevent identity theft digital businesses are now easily using document verification solutions. These breaches are risky for monetary losses that can lead your business to bankruptcy. Due to such reasons, KYC/AML compliance is followed by businesses. Furthermore, companies that are willingly avoiding the security measures of clients are bound to pay penalties. The customers of these organizations become victims of identity scams and lose their money because of no implication of identity document verification.  

Working of Digital Document Verification

Online Businesses incorporate AI-based software into websites that capture the fake identities of customers. The document verification services are performed only on documents that are provided by the government like driving licenses, passports, credit cards, and debit cards. There are some steps given below which show the process of online document verification;

  • While onboarding clients are asked to submit a picture of their identity documents
  • The software identifies the documents and extracts the related data from them by using OCR compliance
  • The data is accessed by software, which takes less time for verification
  • The accurate results are presented to clients which they can access on time 
  • Documents are automatically rejected by the software in case they are forged or fake

Digital Document Verification

It is obvious that traditional methods of manual identification were not accurate. The procedure was not comprehensive and an individual can not even detect the little changes just by looking at the verification documents. Hence, AI-based software works efficiently in that it can access different characteristics and can also extract information saved in MRZ (machine readable zone) code. This tricky procedure of assessment is possible just because of machine learning algorithms and deep learning. A large number o0f documents which may be unique 0or new can be verified by using document checks.

Final Thoughts

In a nutshell, document verification solutions help online corporate sectors with an effective security measure for shielding their digital platforms. With the assistance of AI and OCR technology, these document frauds are checked conveniently and provide authentic results to customers.

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