Document Verification

Every company requires specific documents during the registration process. For instance,  educational institutes verify particular documents for admission processing and hiring faculty members. Many financial organizations require verification of identity documents of their clients for account opening to overcome future complexities such as money laundering and financial terrorism. With the rise in digitalization, imposters are more active in using various sophisticated techniques and fabricating documents. They use fake documents to access organizations illegally for various illicit activities.

Companies can utilize cloud-based services to perform various automatic checks which enables them to detect fake documentation. Identity verification is the ultimate solution that helps businesses fight unprecedented fraudulent attacks.  Moving towards automated solutions will empower organizations and protect them from the worst reputational damages.

AI-Powered Document Verification: A Brief Overview

Document verification is the process of verifying the legitimacy of provided papers to acknowledge whether they are authentic or not. This process analyses various attributes of provided documents such as watermarks, stamps, or typefaces to find their authenticity.   Companies use various Know Your Customer documents such as identity cards, passports, licenses, bank statements, utility bills, etc. Criminals use technology to create fake documents and perform various fabrications. Therefore document verification is used to overcome every possible fraud attack.

AI-powered document verification process utilizes optical character recognition technology to identify fabrication and forgeries. Additionally, it enables firms to store data in text format in cloud-based storage for further digital processing. It helps organizations to get rid of frictional full paper storage and save the whole record in digital files. Moreover, firms can access any specific information stored in electronic form with only a single click which cannot be accessed instantly in paper-based storage. 

Why Do Businesses Need Document Verification Solution?

Due to prevailing fraud, businesses require digital solutions to protect themselves from financial losses and business decline. The document verification process facilitates organizations in verifying their client’s identities to acknowledge their authenticity. Therefore, the process of using document checkers enables firms to have enhanced security by unveiling fraudsters through AI-powered solutions. Imposters use machine learning mechanisms to create fake IDs and to fabricate documents. Illegally created forged and faded creations cannot be identified through human eyes, a robust ML or artificial intelligence-based solution can detect variations. Thus digital document verification harnesses the power of robust technology and detects every kind of alteration. 

The TBusiness Verification Document process integrates OCR technology and provides multilayered security against fraudster attacks. The online document verification process also enhances the remote onboarding experience as it mitigates the risk of fraud attacks. Companies use digital document-checking solutions to verify clients’ identities all over the globe. Additionally. It enables firms to have a frictionless onboarding process with automated robust algorithms-based ID verification technology. 

Process Of Online Document Verification

The process of online document verification varies as per the organization’s business operations. Organizations use specific required documents for their client’s identification. However, the process of online document verification proceeds in the following major steps;

  1. Document Collection

Companies ask their clients to submit several documents in electronic form. Individuals can submit digital documents in the form of scanned images. Users may submit pre-captured document images or upload them through webcams with real-time capture. 

  1. Analysis 

Once customers have uploaded images of specific documents, AI and machine learning algorithms within optical character recognition technology fetch the information there. All the data is converted into digital form through robust mechanisms. These mechanisms perform analysis of the provided image to identify its legitimacy.  All the uploaded images are processed to acknowledge that they meet a set of requirements of a particular organization. Such as:

  • Is the image clear? 
  • Does the photo contain the entire document?
  • Does the image provide clear identification data?
  • Does the image contain specific required information?

Pretrained algorithms perform this assessment and verify the image for the further identification process. After that Data analysis process uses OCR and converts all the information into digital form.

  1. Storage 

After successful analysis of fetched data, it is stored in databases to be processed digitally in the verification stage.  Cloud-based storage enables organizations to get rid of manual cross-checks and verify the legitimacy of provided information digitally.

  1. Verification

AI-based Robust mechanisms perform various digital cross-matches and identify the legitimacy of the provided information. For example, information obtained from identity card images is matched with data collected through real-time face verification. The information there on ID documents is compared with data stored in government databases and clients’ identity is verified. Proof of address on utility bills is compared against information already provided by the individual. 

Many official documents contain specific features such as particular stamps, signatures, watermarks, font, texture, and foils.  Scanned image color, lighting, and shadow also facilitate algorithms in identifying the legitimacy of provided documents. All these features are identified electronically through AI and ML recognizers and document legitimacy is verified. 

Major Benefits Of Online Document Verification Process

Companies use online document verification processes to eliminate the risk of identity theft and fraud attacks. This process provides digital solutions to enhance business development and security. As businesses expand and deal with a growing volume of transactions, the efficiency of automated document verification becomes increasingly valuable. Whether it’s onboarding new clients, processing financial transactions, or verifying the identity of users in real-time, online verification systems can adapt to the evolving needs of businesses.

Organizations use online document verification processes as per the following benefits;

  • Automation

The conventional methods of document verification take a long time and offer room for human errors. It may give way to fraud attacks and bring illegal entities on board. Online document verification process integrated AI technology and provides automated solutions. It enables organizations to get rid of errors in a full lengthy manual verification process. Automated checks are there to detect the legitimacy of documents and information there. No manual human effort is required for clients’ identity verification. 

  • Scalability

Online document verification solutions enable firms to have remote client onboarding and enhance their business revenue. It reduces the efforts involved in the manual verification process and replaces it with the digital automated algorithms-based operation. Additionally, the use of robust technology enables organizations to have a digital landscape for business processing.  

  • Cost-Effective

Companies use an online document verification process and get rid of multiple hirings thus it is highly cost-effective. Remote onboarding enhances business revenue and empowers organizations with clients all over the board.  The automated document verification process helps businesses to save overhead expenses.

Customer Satisfaction 

  • Better Customer Experience

The process of online document verification enables individuals to have hassle-free identity verification processes. Clients do not need to travel and stand in long queues for lengthy manual verification processes but they can get themselves verified remotely. Additionally, users feel free to share their personal information as it is processed digitally with less human exposure. 

  • Enhanced Security

The document verification process facilitates organizations with clients’ identity verification and makes organizations secure from every fraud attack. It unveils fraudsters using fake ID documents and makes organizations secure from future complexities. AI-powered robust algorithms identify clients and allow only legitimate clients to be on board.

  • Regulatory Compliance

The government of every state designs various Know Your Customer and Anti Money Laundering strategies. Organizations have to comply with designed rules to overcome future complexities. Online document verification processes enable firms to have enhanced KYC and AML regulatory compliance. Moreover, it protects organizations from heavy penalties. 

Industries Using Online Document Verification Services

Organizations use online document verification processes to have enhanced business security and robust work operations. Following are some of the major industries using online document verification processes;

  • Real Estate Businesses:

Real estate businesses use document verification processes to have security against fraud attempts. It enables firms to verify the individual entities and have enhanced security. 

  • Educational Institutes:

Use an online document verification process for the admission process. Many criminals generate fabricated documents and sell them for heavy amounts. Education sectors use digital verification document processes regarding job applications to verify the legitimacy of individuals. 

  • Healthcare 

Hospitals and pharmacies require a document verification process to acknowledge the authenticity of entities. It empowers the healthcare sector to have prevention against identity theft and data breaches. 

  • E-Commerce

Many e-commerce businesses use online document verification to have real clients on board and protect against fraud and payment breaches. 

  • Banking

Banks and financial institutions fall victim to money laundering and illegal transactions. The document verification process enables these organizations to acknowledge KYC verification to avoid fraudster attacks. Many criminals use forged documents and try to open an account for laundering dirty money. An algorithms-based digital document verification process detects every variation and unveils money launderers. 

Final Words

The online document verification process provides a digital solution to overcome prevailing fraud. It enables organizations to identify the legitimacy of their clients. Many organizations such as healthcare, fintech, e-commerce, educational institutes, etc use online verification documents to have enhanced security and digital business processing. It protects organizations from prevailing frauds such as identity theft, information breach, money laundering, and financial terrorism. Additionally, it offers organizations quick and reliable verification solutions with enhanced customer satisfaction. It enables clients to have remote verification facilities and makes organizations credible.