Identity-related fraud has become a global concern for not only consumers but for enterprises as well. Online businesses are always looking for reliable solutions to combat fraud to prevent data breaches through the system. One such method which has gained popularity over the years is identity verification using ID documents.
Document verification utilizes advanced and robust tools to provide customers with remote onboarding rather than coming on-premises to take part in a long and tedious verification procedure. It not only helps organizations meet the regulatory expectations of financial watchdogs but also provide an unparalleled experience to their customers.
Identity Verification? Not a Problem
Document verification allows customers to breeze through an onboarding procedure and verifies them in minutes. The process starts with the end-user uploading an identity document by scanning it through their webcam/smartphone. Once the image is submitted by the user, it is sent to the back-end to verify the document authenticity.
A comprehensive solution for authentication of documents also entails manual audits by verification officials which look for any undetected features in the document. The results are displayed after the completion of the verification process.
Key Benefits – Document Verification Solution
Simple and Easy Procedure
Existing document validation services allow customers to verify their identity by submitting a digital image of their ID documents. The process is intuitive and does not require the user to be technically sound to achieve the required goal. The process can take place either in-person or by an end-user submitting their information through a remote channel.
Cutting on Turnaround Times
Instead of taking ID documents to a verification expert and participating in a lengthy onboarding procedure, identity document verification saves customers from the hassle of investing long waiting hours. A solution to verify digital documents immediately perform validation checks on the submitted documents and deliver results in real-time.
Putting an End to Identity Theft
The Global Fraud Report by Shufti Pro indicates a 13% increase in ID card fraud while a 3.36% rise in passport-related fraud. Both of these account for a surge in identity theft instances that could be significantly taken down using online document verification services. Since user ID documents are scanned for possible modifications and important elements, it does not let bad actors easily bypass the system, ultimately allowing identity theft protection.
Remote Onboarding
What could be better than opening an account without leaving your home? Document authentication services used by enterprises offer customers to easily enrol using their authentic identity documents. The solution usually comes with artificial intelligence technology that makes sure online users don’t get away with fake and forged documents allowing remote onboarding a possibly secure option.
What About Document Originality?
When it comes to verifying customer identity through ID documents, it is important to check if they are actually authentic or not. Document verification should not come at the expense of compromising the quality and state of documents. If that happens, fraudsters can take advantage by modifying existing documents or by creating an imitation of genuine IDs.
These days, document verification solutions come with AI-powered checks to take down ill-created IDs which are used to fraudulently bypass security systems. Here is a list of some of these checks used to validate a credible ID.
Hologram Check
Many documents come with an element called hologram that is used to identify a legitimate ID. Lack of such features depict that an ID could be falsely created or is possibly altered to use it for fraudulent purposes.
MRZ Authentication
Oftentimes, there is a Machine Readable Zone (MRZ) code at the end of ID documents such as travel passports and driver’s license. These incorporate personally identifiable information of the user and a forgery detection number known as “Checksum”. A reliable document verification solution can extract relevant information using MRZ and tell if the ID is compromised.
Potential Modifications
Fraudsters can also photoshop an existing document to use it for their purpose. These altered documents are often not easy to see with the naked human eye and require robust technology. AI-based document checks look for possibly tampered and synthetic IDs being used for illicit gains.
To wrap it up, digital document verification assists businesses in identifying and verifying customer identities through a secure channel remotely. This allows enterprises to deliver a well-rounded experience to their users.