Document Verification: How can the Businesses Reap Benefits

Companies need to keep an observant sight of their users as well as those who present themselves as genuine clients. In present years,  identity fraud has increased from a corporational concern to a global problem. In this aspect, business entities are swift in adopting robust solutions to shield their clients’ identities and company information. One of these is document verification that takes into account legitimate user documents to authenticate their identity. 

With the adoption of intelligent solutions, document verification enables companies to remotely onboard users without employing themselves in a cumbersome and tiresome manual onboarding process. Due to this, monetary institutions, and companies can enroll in the bank for their users keeping in picture KYC and other laws.

Document Authentication in a Breeze

Document verification gives clients an effortless onboarding technique that authenticates them in real-time. The procedure begins when the clients upload an image of their identity document. The optical character recognition system operating at the back-end verifies the document and extracts similar identity data required to recognize the client’s authenticity. The document underwent authenticity checks that scan for potential modification often utilized in digital identity document fraud. 

If the document verification solution is extensive enough, it can also include manually verifying ID or document checking of tampered documents. This assists companies take down any unidentified scam traces in the document pointing to a reliable authentication. Once the procedure of authenticating the document and client information is completed, the result is given to the client. 

Company advantages for authenticating documents digitally

Smooth and User-Friendly

The document validation process is simple and helpful to understand for the client. All the client requires are to submit an online copy of their identity document and the rest of the process is taken charge of by the software. The client doesn’t be technically trained about the procedure or whatsoever to perform the document verification process. Documentation verification can either be carried on the premises or digitally, whatever satisfies the company, therefore, the latter is effective and authentic for the client as well as the company. 

Efficient & Productive 

No need to go out for a physical and cumbersome onboarding procedure to open an account with a company. Document verification has got your company all covered with its genuine, swift, and effective ways of client onboarding. The document verification solution operates as a real-time IDV service that addresses document legitimacy and user onboarding problems simultaneously. 

Identity Scam has no Opportunity

As stated by Shufti Pro’s Global Fraud Report, there has been a 14% rise in identity document card scams whereas passport document scams increased by 4% in 2020. This shows that identity-associated scams arose drastically and companies need to take appropriate measures. Document verification software is a solid bet when it appears to deal with online fraud of this kind. As the identity document verification scans for potential scam-like changes in client documents, it keeps criminals at stake while keeping a safe user experience. 

Remote & Quick Account Openings

Wouldn’t you want to open an account with a banking sector or a company entity without having to physically leave home? With digital document authentication, it is feasible for companies to digitally onboard users using their genuine ID documents, Nowadays, the service comes with AI that makes sure no con-artists deceive the software and legitimate users are given the service they need. 

How are False Documents Brought Down?

If you are a company, it is vital to perform a legitimacy document check before you extract PII for client verification. Validating if the document is genuine or tampered with lets you examine whether to progress with the procedure or not. One significant substance to note here is that document authentication checks must not come at the account of jeopardized and tampered documents, that is why document verification is rising significantly. 

Some document verification measures are listed below:
1. Looking for missing rainbow prints on identity documents.

2. Extracting data from QR codes on the document and matching it with the submitted client data. 

3. Detecting potential alterations such as photoshopped pictures in identity documents, jeopardize documents, and the rainbow or folded corners.

To conclude, document verification enables companies to recognize who their clients are and authenticate the private data they give, all through a reliable and safe remote channel. This assists companies offer user-oriented service and develop solid marker credibility.