Document Verification: How Digital Oversight Can Protect User Identity
In today’s day and age, verifying a person’s authenticity carries high importance among various businesses. With a high number of fraud attempts, criminals are using sophisticated methods to easily make it through the system. As all customers can’t be honest during a company’s onboarding process – identifying someone’s intention should be the primary goal for most organizations. Therefore, it requires organizations to implement stringent verification methods that are constantly introduced with innovation.
For such reasons, adopting various multi-layered identity proofing techniques can help organizations keep frauds at bay. Moreover, companies could save valuable time and cost with online document verification.
The document authentication process plays an important role to verify the authenticity of identity documents that ensures screening the person’s real identity. Unlike a traditional method of manual verification, an automated document check can help with identifying alterations in different document types. This way enterprises can ensure reliability and the fastest way of verifying people’s identity that helps to reduce duplicity. Because most fraudsters tend to duplicate or fake their credentials to get past the verification systems.
But, it raises the question, “What makes document verification more reliable than few other verification methods”.
What Makes Document Authentication Reliable
As old verification types such as 2-factor are growing weak against various frauds, document verification is comparatively a newer addition to the verification industry. Document verification utilizes an automated solution to verify different identity documents. Here are few reasons that make document validation more reliable;
- AI-enabled document verification processes can help companies to differentiate between fake, counterfeit, and illegitimate documents. Therefore, it offers higher accuracy than manual document verification.
- Contrary to the old verification method, people can conduct verification in mere seconds by sitting at their homes. The software works effectively to verify someone sitting anywhere around the globe.
- Handwritten and computer-made mistakes are often expected with manual document verification. Whereas, in AI-enabled document verification solutions, all mistakes are significantly lowered that ultimately helps with streamlining the process.
- Complying With Regulations: Document verification helps organizations like banks and financial institutions to comply with KYC and AML regulations. Ultimately securing the online environment and preventing heavy fines or penalties in case of non-compliance. Further, customers could also feel confident while working with organizations that comply with regulations.
Layering Document Verification With Face Recognition Biometrics
By combining document verification with facial recognition biometrics, companies could secure confidential data. The AI-based system works automatically to verify the person’s identity that helps to establish the customer’s proof of identity. Here’s how the document verification solution is conducted when coupled with facial recognition to conduct a seamless verification process.
- Customers access the system’s portal to upload their documents, like government-issued ID cards, passports, or utility bills.
- OCR engine integrated within the solution scans and extracts relevant data from the documents. The system automatically stores the data that later helps with matching and verifying the information.
- Facial recognition software automatically takes a picture of a person’s face. The AI solution automatically matches the person’s face with an image on the document. The system tends to scan facial points, thus verifying the entire process.
Therefore while enrolling the customers, selfies or any other secondary proof is saved inside the database to eliminate any suspicions.
How Document Authentication Can Help With Age Verification
As mentioned earlier, most organizations are required to comply with KYC and AML regulations. For this reason alone, document verification is necessary for industries such as online gambling sites or businesses that sell age-restricted goods to verify consumer’s ages. It not only helps companies to follow regulations but also enhances the customer acquisition process.
Eventually, businesses can start gaining the trust of their consumer base through an appropriate age verification process. Thus, it helps businesses to prevent frauds and streamline while eliminating operational challenges.
However, this is just a start. Experts believe that multi-layered verification can help organizations to follow the legislation and protect minors from age-restricted goods. According to the news, industries are already facing huge fines due to non-compliance with age-related regulations.
- An online gambling site, “Rush Street” was fined $30,000 for violating under-age regulations.
- The online retailer was handed a penalty of around $25,000 while selling the knife to an under-age child.
This is the reason, most organizations are utilizing all-in-one solutions like document verification systems to counter threats from fraudsters. As age verification solutions become smarter, industries require more robust solutions.
To verify your identity, document verification can help to reduce frequent breaches of information by fraudsters. Most organizations experience a high number of frauds related to identity theft and high abandonment that ultimately reduces the revenue. The system is incorporated with an intelligent solution that helps organizations to improve overall performance.