The rapid stride of technology has given birth to some serious cyber threats. Any person having a Digital Document Verification is vulnerable to fall prey to cybercriminals. Online businesses are losing millions of dollars due to the rising fraud activities in the digital market. A recent study revealed that only due to identity theft frauds businesses had to lose over $26 billion in 2018.
Lack of cybersecurity awareness and security practices like identity verification solutions are the main reason behind it. Businesses need some secure and reliable ways to mitigate frauds like a data breach, identity theft, and other digital scams. Digital identity verification solutions are of great help in this regard. Document verification powered by artificial intelligence has gained the spotlight in the last few years. This helps the business to verify the identities and details of people over the internet in real-time, combatting online frauds.
Document Verification- A Must Identity Verification:
Documents are standing proof of individual identity that shows different aspects of our caliber making them an important part of our lives and careers. These documents include passport, ID card, driving license to give proof of originality of a person. Even if anyone wants to open his bank account, purchase any item online, apply for a job, decision-makers have to rely on these documents to verify a person. Background checks on the individuals to evaluate the competency and risk factors are done by identity verification through provided documents.
This identity verification enables organizations and businesses to meet regulatory obligations including KYC know your customer, customer due diligence (CDD), anti-money laundering (AML) and counter-terrorism financing (CTF) compliances.
Why Use Digital Document Verification?
Digital document verification has many benefits over manual verification system. Some benefits are summed below:
- Improves Customer Experience:
Online document verification provides a competitive edge to the organization in terms of improved customer experience. There is no need for filling out the forms or scanning and uploading multiples documents to verify the identity. The verification process is as simple as taking a selfie. Modern verification solutions utilizing OCR technology and other advanced technology can extract the information from the document automatically and verify the identity of the individual.
- Effort-less and Cost-effective:
Unlike manual verification service, digital document verification is seamless and requires no time and labor. This eradicates the chances of errors that can occur during manual verification.
❏ Fast turn around time
Manual identity verification, especially for the KYC process, is quite a time-taking and costly process. Moreover, instead of waiting for someone to verify and authenticate in person, document verification services can do it in real-time saving the people from the hassle of the manual verification process. Just take the picture from the webcam or phone camera and the verification is done within seconds
❏ Fraud prevention in real-time
Documents aren’t only for the verification of a person, in fact, document verification is the perfect solution to authenticate the authorized users in real-time before allowing them access to the systems. This helps businesses to prevent fraudsters from exploiting user’s identities and hence combatting digital fraud in real-time.
3 Businesses that Need Document Verification:
Following are the businesses that are in dire need of document verification:
Online Recruitment Sites
Who needs to be sure of original documents more than recruitment sites. In an industry that’s all about people, it’s critical that you know that a candidate is who they say they are. Most recruitment business will have a process in place for making identity checks, but a manual process is time-consuming and inconsistent. Document verification is crucial so that only candidates with original documents and identity are recruited to job sites.
Identity protection in freelance protection should be the primary prevention step freelancers can take to save their reputable identity online. This identity is the source of income and should be protected to avoid scammers’ misuse of your identity by fake documents.
E-learning sites provide platforms for students to get registered in online courses. This needs digital document verification of students to be sure that the original student is being enrolled.