What does Document Verification Do?
‘Documents are the mediums that contain authentic information about customers as well as businesses through which any of them can be identified.’
Document verification services help identify the customers a company is dealing with. These have minimized the physical identification procedures which are contained with errors. Verification can be carried out within seconds by scanning and matching information on driving licenses, passports, utility bills, and government-issued ID cards. When scanned the actual and accurate information is kept for future identification which prevents imposters from manipulating the data furthermore, it ensures the safety and privacy of the customer’s details. Document verification not only checks the authenticity of the information but also scans the feature, for instance, stamps, signatures, watermarks, and fonts. As per FTC, 4.8 million identity theft and fraud reports were received in 2020 this identifies the need for id documents authentication.
Which Documents Are Checked?
With an electronic device in use, physical presence for the verification of documents is no longer needed. Customers just have to take a photograph, upload it along with an ID card, and there, the results are displayed. The advancement has risen to another level as verifying in real-time with a video that has been freshly shot has become a reality. The software can authenticate the identity by using visual verification. The document verification process is carried out by scanning documents. Documents to be uploaded should be scanned without folds and blurring. In primary and secondary identification documents that are to be uploaded are different:
|Primary Identification||Secondary Identification|
|National ID CardDriving LicencePhotograph Passport||Credit Card DetailsUtility BillsInsurance DocumentsEmployment LetterSocial Security CardBirth Certificate|
How Does Document Verification Work?
Whether during opening an account, making a transaction, applying for a license, ID card, or a passport, almost everyone goes through the process of providing identity-proving documents. To make sure that the customer, company is dealing with is not an impersonator, the face is matched with the photograph, and details on the government-issued ID card are verified.
Machine Learning and Document Verification
The part of the verification officer is now replaced by AI technology which remotely identifies customers and their presence in the real world. Artificial technology is used to verify documents in seconds and store the data from which the system learns, how to identify the same person again, and also to process large-scale data which is machine learning. This kind of document verification system is now gaining popularity. The system guides the customer through a step-by-step mechanism, simultaneously proceeding with the identification process. It detects the forgeries if any and that with better accuracy. Automated machine learning technique train itself with the data fed to it, possessing the following pertinent features;
- Identifies frauds that are hard to detect by humans
- Provides easy access to databases
- A low-cost process with effectiveness
- Matches data with global databases
- Is Accurate and authentic
- Empowers businesses while ensuring the better customer experience
Document Verification Assists Businesses to Comply with KYC Guidelines
Authorities have set some standards for companies to comply with Know Your Customer (KYC) guidelines. They are required to identify the customers they are dealing with and minimize the risks involved. To verify the identity, due diligence information is required from the customers which are up-to-date and none forged. This information is obtained in form of documents which are later verified to identify the customer whom they claim to be. Using digital and improved verification solutions they can be identified within seconds and in real-time. With the help of a camera, images of the documents are scanned which are analyzed by artificial intelligence (AI) algorithms.
The identification market, in 2020, was estimated at $ 7.66 billion, expected to increase up to $ 16.65 billion by 2026.
Gratifying Customer Satisfaction By Opting For Automated Ways
With customer expectations increasing drastically, companies need to adapt with innovative automated solutions. Clients are in search of a seamless experience that ensures their privacy along with untroubled onboarding. Industries failing to deliver this can be in trouble with losing their reputation as well as clients. Document attestation can help in the smooth running of this process because the double-check documents have passed through.
The Way Forward
After the digital shift caused by the pandemic, it has become tricky for companies to comply with the standards that authorities have set. They can not stop identifying their customers; rather they can make it easier for both sides by incorporating digital document verification services. The online available testing tools use artificial intelligence (AI) tech for in-depth verification of identity documents, so much so with video identification, they can conduct real-time authentication of the customer by analyzing the backgrounds and surroundings.