The government of every state allocates various approved documents such as identity cards, bank statements, driving licenses, and officially recognized educational certificates. Legal documents have their own watermarks, stamps, typefaces, and transport materials, but many people fabricate them to use for illegal means. They try to reach companies with fake or fabricated documents to perform money laundering, financial terrorism, and many other crimes. Companies use online document verification processes to identify the legitimacy of provided documents to overcome fraud attempts. It enables firms to have remote onboarding with smooth verification methods.
Document Verification – An Overview
Document verification is the process of verifying the legitimacy and authenticity of papers provided by individuals. It enables firms to ensure that the provided documents are real and out of any fabrication. Many criminals use forged and faded documents that cannot be identified through the human eye. Robust methods along with AI used in the online document verification process offer colonies to find variations regarding fabrication or fakeness. The online document process utilises optical character recognition technology which identifies every minor variation and identifies the legitimacy of the provided paper. Additionally, this process is highly efficient, quick, and reliable regarding clients’ identity verification.
Major Areas Of Online Document Verification
Following are the major areas of document verification that different colonies use to identify the legitimacy of their clients.
- Identity Card Verification
Many businesses verify the identity card along with government-issued databases and identify the legitimacy of users. Clients are asked to provide scanned images of their ID card, which is processed through OCR technology. The OCR device helps to fetch data and convert it into text format which can be stored in electronic form. This data is verified through automated cross-matched information stored in the biometric verification process for government-issued databases.
- Address Verification
Companies use an online document verification process to acknowledge the address of their client. Organizations can use automated solutions to verify their users’ addresses and other information through an online document process. It provides security against future complexities during online customers’ onboarding as a verified address ensures their authenticity.
- Biometric Verification
The online document verification process is often used to compare information during the biometric identity accessing process. Information obtained through the verification of documents process is stored in electronic form and it is crossed-matched during the facial recognition process.
- Database Check
During the online document process, clients’ data is matched against various government and private databases to check their legitimacy. Automatic AI and ML algorithms provide digital solutions to cross-match information digitally.
Areas Of Strength-Online Document Verification Process
The online document verification process provides numerous benefits to organizations. Some of the key benefits of online KYC documents verification are the following;
- Companies use online document verification solutions to enhance their business’s security against prevailing fraud. It helps organizations to overcome the risk of fake clients onboard and to avoid future complexities. Verification of identity documents offers firms an insight into clients’ risk profiles which helps them to overcome every possible compilation.
- The online document’s verification process enables forms to have remote client onboarding and enhance business revenue with clients all over the globe.
- This process works along OCR technology which uses AI and Ml algorithms to identify variations and identifies fakeness and fabrication.
- The process of online document verification is highly cost-effective as it reduces expenses for multiple hiring. Also, it eradicates the travel expense as clients can be verified remotely.
The online document verification system is used in various industries for security and efficient workflow. Following are some of the major industries which use online document processes;
- Educational institutes: use online document verification regarding admission and online hiring applications. Online academic establishments use document verification processes to [preserve the integrity of online study packages and to avoid fraudsters.
- Travel agencies: use online document while account registration to acknowledge the authenticity of individuals. Many travel agencies provide online booking apps and use a document verification process to avoid every possible future complexity.
- E-Trade platforms: use online verification of documents to prevent fraud and protect their accounts from fraudsters and hackers. Many imposters use fake documents to reach e-trade platforms to breach their business networks. Therefore, online document checker provide every kind of fraud prevention and make companies secure.
Online document verification processes enable organizations to fight against prevailing fraud such as money laundering and financial terrorism. It utilizes OCR and AI technology which keeps fraudsters away and identifies every kind of fakeness to expose fraudsters. The process of document checking allows only legitimate clients to be on board and protects organizations from every kind of financial and reputational damage.