Everyone is well aware of identity fraud and even may have become the victim of this fraud. This rising problem is increasing massive financial loss in the business domain. Around the globe, almost 14 million fraud cases have been reported so far and this number is also increasing. Keeping this situation different id document authentication software is in the market which is embedded with AI technology to overcome this crime rate. By this, the documents have been verified for document verification and the real identity of the person is known.
The importance of Document Verification-
The technology revolutions and exceptional road towards digitalization are very promising in providing a better future for people around the globe. In a world in which the population is constantly increasing at a high pace yet challenging to keep the identity unique and unusable by any criminal activist. today ranging from banks, fintech companies to hospitals, government departments, etc has to be precise regarding the identities of their customers before onboarding them or providing them with services. Due to the pandemic situation throughout the globe, the e-commerce industry is of great interest where millions of transactions have to be made. where the identity has to be most accurate in order to avoid fraud.to make sure to avoid these uncertainties, criminal activities and identity theft modernized solutions like online document verification are the most suitable ways to identity verification and protecting user data.
Role of Document Authentication to Mitigate Fraud-
The documents authentication is now mandatory in order to minimize the criminal’s activities and such frauds in which someone’s identity is used by someone else to hide actual identity.so, multiple laws and regulations with the affiliation with sanction making organizations are made mandatory in every domain where requires identity documents to prove identity and is been done through certain Document Verification Process in which the user is asked to provide the necessary document by which the actual identities can be known and to also verify whether the document provided is also original or also been tempered. The enhancement of these services through AI technology makes this process run effectively.
How does Document Validation Process Works-
The AI-based software is embedded into different sites and in hardware scanners devices where new users or customers have to become part of the system. This process smoothly works and generates highly accurate results as compared to manual document checking. Before onboarding, the user uploads his picture as well as all necessary documents issued by the government like Identity cards, Passport, Votings Cards, and many other documents to prove the identity. These documents are deeply analyzed and verified through various checks to authenticate that the documents provided are not forged or edited. Afterward, if the documents and the provided identity matches the user is good to enter the system this all happens in just blinks of the eye taking less than 30 seconds to do so.
Various types of fake documents-
These types of documents are referred to as fake documents in which the documents are prepared privately and alter the information as provided by the legal agencies. These types of documents lack minor and major characteristics like the holographic pattern of defined ink shades as used in the legal documents.
Such documents which are not fake but belong to someone else come under this section. This is used in the time of identity theft where someone tries to verify himself as someone else.
Purposely edited Documents
These documents are purposely made by the criminals for system manipulation to run their criminal activities. They just take the original documents then slightly alter them and make them ready to use.
Checkpoints of Document Attestation
AI-based documentation verification solutions authenticate documents by checking the pattern and different characteristics some of which are listed below
Checks the authenticity of the document
Formation identification of the document
MRZ code authentication
Detection of folded sides or crumbled edges
Photoshop or alteration sign detection
Verification of special ink
Micro prints document validation
Effectiveness of Documents Verification Service in Deterring Fraud –
The digital document verification is well equipped to accurately differentiate between the verified document and the document which are purposely made to manipulate in order to do frauds or criminal activities. These digitally designed verification services verify the document with an accuracy of 98.67% and are also able to authenticate documents around the globe. In today’s world almost in every domain like banks, corporate agencies, and even in business these services are being used and giving the desired results. Due to this the number of crimes and frauds is deliberately decreasing.
The benefits of using Document attestation and verification services-
ID document authentication and verification services contribute their parts in minimizing fraud and criminal activities. Enhancements in these processes have made the user experience better.
Eliminate the risk of onboarding unreal customers
Saves cost, time and provides accurate results
Convenience for customers
Identity authentication is an effective way to verify someone’s identity to know the real side rather than just blindly trusting someone’s words. These services will be fruitful and be the amazing source of eliminating the fraud rate and providing the customers a safe place where their identity is kept private and fraud-free.