Companies must implement a reliable method for consumer identity verification due to the rise in online identity theft. Such fraud only occurs when firms don’t perform the necessary identity authentication checks while onboarding new customers. This is why sectors are deploying robust identity document verification services to confirm a customer’s individuality.
Vendors can make sure that only authentic people become their customers in a number of ways, including ID documents, address verification, etc. Firms use verification procedures based on their requirements to offer clients greater security while also staying compliant with KYC regulations on how to draw stairs.
What is Identity Document Verification?
Identity document verification is the technique of confirming people based on their official identity documents. Eliminating the possibility of dealing with any form of fraud that could be committed by scammers benefits the business. Who wouldn’t want to bring on clients who enrich their company and make a name for themselves? Well, all would! This can only be accomplished by having robust document verification services.
Process of Identity Document Verification
Fraudsters use a variety of techniques to alter documents in an effort to commit crimes similar to identity theft. They just change the information in real documents to create altered documents. Such documents that are falsely presented are real, but they don’t belong to the people who are claiming them. Documents that are not legitimate are wholly fake documents.
It’s as simple to verify documents as it is to use the internet nowadays. Customers simply have to provide a government-issued ID document while registering with the company. The document verification software extracts data using cutting-edge optical character recognition to determine the document’s authenticity. It further examines the document to see whether they have folded edges or photo-shopped.
It is necessary to verify the customer’s identity through documentation. The client has to submit a live picture capture of their face. To confirm that the document corresponds to the user, the software cross-matches the customer’s submitted photo and the photograph on the document.
The document verifies details such as the name, age, address, and issue and expiration dates. Throughout the process, other document elements like fonts, stamps, and watermarks are checked.
Types of Documents Required for Identity Verification
The authenticity of the customer can be confirmed using almost any kind of identity verification document. Here are a few examples:
- ID document
- Passports
- Driving licenses
- Bank statement
- Rent agreement
- Employee letter
Prior to the emergence of cutting-edge technology, traditional techniques of document verification were time-consuming and laborious. Due to the fact that humans performed the verification tasks, those traditional methods posed a risk of error. On the contrary, by lowering the likelihood of errors, computerized methods of validation have made the process easier for both vendors and clients. Additionally, the digital approach reduced the need for clients to physically travel to the premises to have their documents verified.
Benefits of Identity Document Verification
The method of document verification has the following several advantages:
- Eliminating the possibility of online fraud is one of the main justifications for any ID document verification process in the company. When it comes to documents, the software checks the consistency of data within them to confirm their veracity.
- Firms no more need human labor in document authentication because they can now perform it online. The digital procedure is not only error-free but also completes in no time.
- An AI-driven examination procedure makes sure that a client is who they say they are. To secure client identity, regulatory and legal organizations such as the Financial Action Task Force (FATF) created measures like KYC and AML.
- A superior method of authentication is when firms combine face detection with document validation. In this, the technique compares the user’s photo to the picture on their document for accuracy.
- Document checks online can stop transaction fraud in various businesses. When the document is put through verification procedures, it also attests to the claimant’s ownership.
Final Thoughts
Verifying customer identity can significantly reduce cybercrimes in the digital age. Thus, businesses particularly in the shipping and logistics sectors are verifying individuals through identity document verification. Due to their ability to deliver accurate results, computer reliable internet services have decreased human labor. Not only this, these automated verification procedures take no time to complete, provide accurate results, and make the firm compliant with regulations.