Businesses need to keep a vigilant eye on their customers as well as those who show themselves as potential customers. In recent years, identity theft has grown from an organizational concern to a global issue. In this regard, corporate entities are quick in adopting smart solutions to safeguard their customers’ identities and enterprise data. One of these is digital document verification that takes into account original user documents to verify their identity.
With the utility of robust tools, document verification. Allows businesses to remotely onboard customers without them engaging in a tedious and boring manual onboarding procedure. This way, financial firms, and businesses can open accounts for their customers keeping in view Know Your Customer and other regulatory obligations.
ID Verification in a Breeze
Document verification services provide customers with an effortless onboarding method that verifies them in an instance. The process initiates when the user uploads a photo of their ID document. The OCR software running at the back-end scans the document and extracts relevant identity information needed to determine the user’s legitimacy. The document undergoes authenticity checks that look for possible alterations often used in digital ID fraud.
If the document authentication solution is comprehensive enough, it can also incorporate manual identification of falsified documents. This helps enterprises take down any undetected fraud traces in the document leading to a foolproof verification. Once the process of verifying the document and user details is completed, the result (failed or successful) is shared with the end-user.
Corporate Benefits for Verifying Documents Digitally
Streamlined and User-friendly
Identity document verification is convenient and easy to understand for the end-user. All the user needs is to submit a digital copy of their ID document and the rest of the procedure is taken care of by the system. The user need not be technically educated about the process or whatsoever to carry out the verification procedure. Document validation can either be done on the premises or remotely, whatever suits the business, however, the latter is efficient and reliable for the customer as well as the business.
Efficient & Effective
No need to go out for a manual and tiring onboarding process to open an account with a business. Digital document verification has got your business all covered with its reliable, quick, and efficient ways of user onboarding. The document authentication solution works as a real-time identity verification service that addresses document authenticity and customer onboarding concerns simultaneously.
Identity Theft has no Chance
According to Shufti Pro’s Global Fraud Report, there has been a 13% increase in ID card fraud whereas passport document fraud increased 3.36% in 2020. This depicts that identity-related theft increased significantly and businesses need to take timely measures. Online document verification systems are a good bet when it comes to dealing with digital fraud of this kind. As the ID verification solution looks for possible fraud-like changes in user documents, it keeps fraudsters at bay while keeping intact customer experience.
Remote & Quick Account Openings
Wouldn’t you like to open an account with a bank or a business entity without having to leave your home? With digital document verification, it is possible for enterprises to remotely onboard customers using their legitimate identity documents. These days, the service comes with artificial intelligence that ensures no bad actors bypass the system and genuine users are provided the service they deserve.
How are Fake Documents Taken Down?
If you are a business, it is essential to perform document originality checks before you extract personally identifiable information for user verification. Confirming if the document is authentic or fake lets you decide whether to proceed with the process or not. One important thing to note here is that document verification checks must not come at the expense of compromised and fake documents, that is why document authentication is increasingly important.
Some document authenticity checks are listed below:
- Looking for missing hologram marks on ID documents
- Extracting information from MRZ codes on the document and comparing it with the submitted user information
- Detecting possible modifications such as photoshopped images in IDs, compromised documents, and the tampering and folded edges
To sum it all up, document verification solutions allow online businesses to identify who their users are and verify the personal information they provide, all through a safe and secure remote channel. This helps businesses offer customer-oriented service and build good market credibility.