Tech & Innovation

Online Document Verification Services For Preventing Identity Scams

Online Document Verification Services For Preventing Identity Scams

Business platforms are being shaped through technological innovations. As a result, digital businesses, banks, the travel industry, and many other platforms require customer verification. These verifications are necessary to comply with changing and strict regulations. Customer identity verification is also mandatory to rule out the risk of rising frauds, scams, and thefts and protect the business’s sanctity. 

The corporate world is surrounded by inescapable challenges of identifying customers and monitoring their activities. Moreover, they face additional difficulties since they do not have sufficient resources and have incomplete knowledge. This further leads to an inadequate verification system that does not catch frauds and scams effectively. 

Incorporating online document verification is the best choice for all businesses to combat these threats and comply with regulations. 

Online Document Verification – The Need of the Hour

Technological innovation has provided benefits along with drawbacks. Fraudsters have adopted heinous tactics that destroy the workflow processes. They also damage the reputation of the businesses along with financial losses. These fraudsters are trained to bypass security measures through multiple activities. Hence, many innocent individuals and businesses are in compromising situations without being the culprit. 

Additionally, stealing the identity of an individual is prohibited by law and ethics. Stealing private information of individuals to conduct illegal activities is an added prohibition. The identity theft and assumption deterrence act’ 98 mentions that violation of the law of thieving the individual’s identity is against the rules. 

But through ID document verification, a business can avoid penalties, thefts, scams, and all major types of fraud. As a result, online document authentication services are the need of the hour.

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Document Verification Eradicating Potential Frauds 

Manual ID document verification is easier said than done. It requires great physical and mental effort. Other than updated regulations, keeping track of changing holograms, prints, inks, and other verification stickers gets difficult. This is why online document verification came into the digital world, to make identity verification easier. 

Several identity verification services can be performed to identify an individual, such as facial recognition technology, online document verification, address verification, age verification, and consent verification. All these verifications must be performed when identifying an individual to rule out any manipulation of the verification system. By doing so, if an individual has messed with the verification systems, any single verification will pick up the criminal and alert the authorities. But for now, we will be diving into document authentication. 

Brief Benefits of Document Validation

Regulatory authorities have made it compulsory to perform know your customer verification, anti-money laundering screening, and counter-terrorist financing. These were made mandatory to rule out the manifestation of cyber thefts. 

Regulatory authorities regularly update regulations by evaluating any loopholes in the previous rules. In addition, these regulations provide a set of instructions businesses must perform to stay protected from frauds and scams. 

Other than these mere facts, document verification services have aided businesses in verifying several of their clients or customers before onboarding them. Hence, corporations are increasing their work efficiency and have been able to direct their resources to valuable places.

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Types of ID Document Manipulation 

The artificial intelligence-based document verification system has made it possible to streamline customer due diligence. It has additionally deterred the risk of multiple crimes. However, cybercriminals use various tactics to manipulate the security system. 

1. False Documents

These are documents that are directly stolen from the owner. They are original documents but not presented by the sole owner of those documents. The documents are stolen to take benefits of products and services through their identity documents. But with online document verification services, businesses can catch such culprits and send them behind bars. 

2. Modification of Documents 

Documents are modified to make them look like they are original. Maybe the picture would be changed or the name. Criminals try to bypass the security system through these modified documents. It gets difficult for verification officers to detect any changes, but businesses can bust criminals’ tactics through online document checks. Additionally, the document validation runs a deep check, such as changes in pixels and fonts. After any manipulation is found, the document verification software flags the profile and alerts the authorities.

3. Illegal Documents

Illegal documents are documents that are copies of original documents. The copied version does not have verification stickers such as holograms, and inks, etc. Government authorities issue the documents that are photocopied. But through document verification solutions, illegal documents can be detected.

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Conclusion

Businesses need to up their game to combat changing tactics of cybercriminals. The only way to do so is to adopt all online verifications to maximize authenticity. Companies must also know that they provide a great customer experience and increase their reputation through these verifications.

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