How To Drive Efficiency For Businesses By Digital Document Verification

Customers look for better onboarding options like the ones they can access from their mobile phones anytime anywhere. They might choose some other platform if the company will require physical verification. As per Finextra, 40% of Brits abandon the process because it is time-taking and involves hassle. According to the regulatory standard, every business is obliged to verify their customers. But not all of them have enough resources to carry out in-person Digital Document Verification.

 

Hence, businesses need better, reliable, and cost-effective solutions. Digital document verification here suits every industry. It allows robust data privacy and security alongside seamless onboarding with authentic verification. This way, businesses can prevent hefty fines, frauds, identity thefts and ensure compliance with KYC/AML standards. This very solution allows the platforms to verify customers in real-time with an electronic scan of the documents. There are various document frauds that online verification combats.

Document Verification Services Combat Various Document Frauds

Customers are asked to scan and upload their government-issued documents like ID cards, passports, and driving licenses along with secondary documents like proof of address. The real-time picture is matched with the one on the documents and so is the other information. For more authentic verification, the system cross-checks the data within the database.

 

However, these legit documents can be faked, forged, or duplicated by criminals for self-gain. The Fraudsters tamper with different types of documents for opening a bank account, applying for a loan or insurance, healthcare and age-based benefits, and so much more. Here are some of the most common types of document frauds.

Blank Documents:

Blank documents are a common type because criminals can take advantage of the spaces and put in any information they require. Most of the time, fraudsters use these documents to escape the monogram and hologram checks. They manage to get a blank paper and enter false information. These kinds of documents are provided by the manufacturing supply chains. However, if businesses use digital verification services, they can easily identify such documents. So much so, companies can onboard remote customers through this.

Forged Documents:

Fraudsters who fail to attain the blank documents, look for other ways. Forged documents are the one among them. Criminals simply temper with some details, either they change them partially or completely on the same document. For instance, adding holograms, logos, stamps, or watermarks. Furthermore, altering signatures, removing or adding pages, fall under this as well. Criminals use forged documents to back their fake identities. What can the business do? They can use AI-backed Amazing Technology to accurately identify such tamperings.

Camouflage Documents

Fraudsters wear fake identities and to prove them, they create camouflage documents. By taking hold of these they can trick the finance sector as well as can slide through the manual verification process businesses use. Camouflage documents are hard to identify but the in-depth analysis of online verification services won’t leave a loophole.

Bogus Documents

Bogues documents are the exact fake copies of the original government-issued documents. Criminals use these documents to create fake bank accounts, avail medical benefits, escape the law enforcing sector, and more relevant purposes. Therefore, law enforcement agencies, the finance sector, and other industries can use document attestation and verification to authenticate the customer.

Fake Invoice

Fake invoices are commonly used for reimbursements. Businesses that give perks, support their customers financially and in every other possible way. However, criminals use these invoices to disburse funds to their accounts by using fake identities. Furthermore, another type of this sort is fake prescriptions, fraudsters use them to avail medical benefits.

How Can Online Identity Document Verification Help?

As per reports received by FTC, there were 1.4 million fraud cases due to which customers lost $1.48 billion. Therefore, to prevent fraud and crimes, major authorities have issued regulations that businesses are obliged to adhere to. For instance, FATF has set up KYC/AML standards. As per these, companies identify customers by scanning their documents. Online document verification allows the platforms to diminish any chances of risk.

 

Previously, businesses were used to carry manual verification that was time taking and less accurate. However, with technological advancements, online services are in line to back the industries. Customers can use their digital devices to scan and upload documents and the platforms then use AI-based technologies and within less time identify the customers.

Final Remarks

Online solutions can verify documents in cost-effective ways by using advanced encrypted technologies. Digital document verification identifies all sorts of illegitimate documents whether they are forged or faked. The accuracy is not questionable and is much more seamless and reliable than the manual verifications. Businesses can save their funds and time alongside their reputation as a whole. So much so, companies can readily onboard remote customers through a robust verification process.

Many industries especially finance, e-commerce, and security are the most in need of such solutions to identify criminals and retain them within time. The AI-based document authentication solutions not only help the companies to identify and verify customers but also ensure regulatory compliance.