With the advancement of the world, Businesses Against identity thefts are also becoming very common nowadays. The scammers are also becoming sophisticated in carrying out their illicit activities. The reason for these common frauds is the lack of advanced technology. Fraudsters are committing crimes by stealing the identity of someone else and pretending to be their authentic selves. To control the prevalence of such scams, online document verification is the ultimate solution for businesses. Almost all the organizations like online businesses, e-commerce, and banks deploy this verification measure to eliminate fraud cases. So, digital documents verification is the only process to combat fraud in this age.
What is KYC Documents Verification?
Know your customer (KYC) is an identity verification measure that helps to identify the end-user in real-time and with accuracy. This form of identification is helpful for both the customer and the verifier as it does not incorporate hectic manual processes. This advanced technology of identity verification employs artificial intelligence along with machine learning. The best way to investigate the identity of an individual is to check the authentication of the documents. For that digital verification of documents is performed. This online document verification procedure is helping out many institutions in extracting the real data and catching the fake personalities. The organizations like banks, legal departments, financial institutions, and embassies are using this software for better and accurate results.
How to Verify Documents Digitally?
As it is a well-known fact that the verification of documents is an essential part to determine the genuineness of a person. But as the universe is getting advanced, manual verification is replaced with advanced technology-driven verification systems. The process of e-document verification is enfolded in three steps given below :
- First, the end-user has to submit government-issued documents like ID cards, passports, and driving licenses in order to proceed with the document verification process
- In the second step, The submitted picture is also double-checked, to find out whether this document is cropped, edited, compressed, or tempered. To enhance checking one has to submit his selfie
- In the end step of the KYC documents process, a whole verification of documents is performed and accurate results are provided to clients in real-time
Characteristics that Need To Be Checked for Authentication of Documents
There are some features that need to be checked for the documents whether they are real or fake. For that MRZ codes, rainbow prints, holograms, edges of the documents, and tempering are noticed. By this, businesses can determine that the documents are customized, deceptive, authorized, or unauthorized.
Advantages of Document Verification Solution
When we talk about document verification, we all know that there are several use-cases and advantages which are helping out countless organizations worldwide. Some are given below;
- Document verification is a robust way of authentication, that can verify the documents in real-time and substantiate the documents within seconds with high accuracy
- This is the best and fastest way to find online breaches
- Software like verification of documents raises the reputation of the businesses and maintain the trust level of their clients
- In this process of verification of clients identity, businesses and clients both feel reputed and confident after availing of such business policies
- This verification process reduces manual efforts
- This procedure of verification fulfills KYC and AML obligations for the safety of clients from identity theft
Use-cases of Online Document Verification Systems
There are different businesses in this advanced world that practice online document verification.
- Traveling agencies
- Legal sectors
- Banking institution
- Insurance sectors
- Cryptocurrency exchanges
- Healthcare industry
- Financial institution
In a Nutshell
The online KYC document verification process is very efficient in saving time and providing results remotely with accuracy. This process of verification is very helpful for end-users as it does not require time for identification. Hence, this process is very efficient for the prevention of scams and breaches. Many industries are using this advanced software for verification purposes and to provide the best client experience.
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