We are living in the age of technology and with the passage of time, everyone from a layman to a business entity is shifting towards online services.
According to Statista, there are 4.66 billion internet users worldwide which is equal to 59.5 % of the world’s total population and the number of internet users is still increasing day by day. With the increase of internet users, the use of online services such as shopping, mobile transfers, bank payments, and e-gaming is also increased.
No doubt, switching to online services facilitates users and saves their precious time but it also invites hackers and online fraudsters to commit crimes.
So, online frauds and identity thefts are also increasing with the rise of web-based users. Most online crimes are committed by stealing the personal information of the end-users such as national identification numbers, usernames, and passwords.
There is a need to have a proper mechanism to avoid fraudsters to protect the personal information of the customers or businesses. An online document verification system is a solution to protect the private data of the end-users. Let’s discuss document verification services in detail.
What is Document Verification?
With the advancement in technology, businesses find digital solutions rather than manual operations to perform any task to facilitate themselves.
People do not want to use a manual verification process as they hesitate to send their window documents to anyone and to go somewhere for ID verification to waste their time.
So, online document verification is a solution for this problem as it is a quick and reliable way to verify identity with more accuracy. The process of verifying the documents of end-users by matching the provided credentials is called document verification.
Online identity verification performs verification of a document within 30 to 60 seconds with more than 90 % accuracy. It is used to verify various documents such as Nationality, Immigration status using Optical Character Recognition technology in real-time.
Why Online Document Verification?
Different corporate sectors like banks, airports, e-commerce platforms, and other businesses need to verify the identity of their end-users before giving them access to their services to fulfill standards.
To comply with the regulatory standards, they have to face some difficulties such as data breaching issues or lack of resources. Online document verification seems an appropriate solution for businesses to avoid such problems.
The AI-based system offers a wide range of document verification in thousands of ID types in different languages worldwide at any time. Identity document verification is mostly used to verify ID documents and to check nationality, immigration status, etc.
Document authentication can be done simply by uploading photos of documents, after that an AI-based system extracts the customer’s required information and matches it with the provided document and in the end, sends results to the back office.
How Document Authentication Services Prevent Online Scams?
Document verification solution provides full security to the businesses as it detects forged documents whenever the user gives the bogus documents for verification.
The AI-based system verifies the end-user only when he provides photo-based documents such as ID cards, passports, driving licenses for verification.
Whenever a user tries to give fake documents for verification such as false, illegitimate, or modified documents for authentication, AI-enabled software automatically rejects these documents by detecting changed fonts and writing styles.
So, by using advanced AI-based systems for verification, businesses can easily avoid online scams and thus, make their brand reputation better in the market by giving their customers a secure platform for the authentication of documents.
How Secure is Document Verification?
During the verification of customers’ identity, an AI-enabled document verification checks different elements for security that includes:
Authenticity Checks: It checks whether the document is authentic or not.
Format Identification: It identifies the format of the document w.r.t the country.
Authenticating MRZ code: It decodes the MRZ code and checks by matching the information present on the document.
Similarly, AI-enabled software detects folded edges of the paper, photoshopped the quality of the picture, analyzes holograms, and checks the micro prints of government-issued ID cards. So, these checks enhance the integrity of the system.
Online document verification provides businesses a secure way to validate their customers before giving them access to their services.
The advanced AI-based system detects the forged documents within seconds that makes this service more authentic. This technology not only enables businesses to meet the financial regulatory standards but also helps them to validate their end-users in real-time efficiently.