Technology is massively evolving by taking the entire universe along. Here, the pandemic provid the open ground for advancements. The scenario has increased the desirability to connect and onboard remotely to unexpected levels. This was bought along with a struggle for the customers to keep up with the identity verification. As per the reports FTC received, there were a total of 2.2 million fraud complaints.
To fight this rapidly increasing menace, businesses are looking for reliable solutions among which document authentication and verification is the most preferred. Businesses are obliged to perform this due to the KYC and AML regulations. As per the UK’s guidelines, all vendors and businesses will have to carry out identity verification before onboarding. Speeding this process up are the online services that allow businesses to verify customers in minutes through AI-backed software. Hence, there are various reasons why digital identity document verification is better than the old manual one.
Document Verification Benefits from Machine Learning
To achieve high accuracy, machine learning (ML) approaches demand large datasets, and the size of the training data is one of the most important factors of a model’s predictive capacity. This data is use by machine learning algorithms to train and learn continuously, resulting in improve performance. Socure’s supercharged machine learning categorization is based on 700 million “known good” and “known bad” identities, as well as data from over 400 third-party sources. The following are some of the advantages of machine learning in document verification:
- Improved detection of forgery and spoofing
- Scalability at any degree is allowed.
- There is no lag due to volume spikes.
- Hyper-accurate
- To a high degree, it can predict fraud.
- Decision-making based on data
- It takes about an hour to get started.
In today’s digital world, meeting user expectations is crucial.
Consumers nowadays expect a streamlined, low-friction onboarding procedure that allows them to immediately access their accounts. As document verification becomes more popular, requiring a dramatic video or a series of photos can be a stressful experience that leads to abandonment and hurts your brand’s reputation. At a time when 84 percent of consumers believe a pleasant onboarding experience is as important as a company’s products and services, businesses must adopt a modern strategy to document verification to meet user expectations.
How Does the Digital Document Verification Identify the Customers
Only a few customers might not be familiar with the verification services that businesses are now using to identify them. The process is simple – while onboarding the platform, it will ask for government-issued documents that contain proof of identity. In the traditional manual method, a verification officer checks the documents and verifies the picture with the customer in front of him, alongside the details. But this method has various drawbacks majorly, human error.
However, the online document verification verifies the impersonator and onboard the authentic customers. The main benefit of using these services is that businesses can onboard remote customers by spreading the business worldwide. Fraudsters are not the same as they were in the past, they are equipped and transform. In competition are the digital document verification services. Some of the few documents types that criminals use for faking the identity are:
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Modified Documents
Criminals sometimes try to save their money and time by simply altering the documents and submitting them for verification. Fraudsters use photoshop softwares to make changes in the document like age, name, or address. These documents give a tough time to the human officers as they are modify in such a way that their naked eyes can not identify them. However, AI-backed technology runs a detail scan and critically analyzes the font size, pixels, and information on the document.
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Forged Documents
Forged documents are the complete fallacious ones. They don’t contain holograms, prints, watermarks, and other standards as prescribed by the legal authorities. The digital document verification services run the scan and pinpoint these mistakes.
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False Documents
These documents are neither forged nor modify, rather they are physically stolen. This helps the criminals to impersonate someone they are not. They use these for numerous reasons. For instance, availing of a loan, opening a bank account or applying for health-based benefits. By getting ahold of these, criminals can easily bypass identity document verification.
Digital Document Verification Vs. Manual Verification
As evident from the data by Statista, the digital identity verification market is expect to hit more than $18 billion by 2027. Hence there is no substitute for businesses but online document verification. Customers are the actual gold of any business and their security is their prime concern. Hence, as of 1998, the US Congress passed the Identity Theft and Assumption Deterrence Act. According to it, any person impersonating the identity of someone else will be treat under the law.
By keeping all these under consideration, the businesses are obliged to comply with KYC/AML regulations. And they should, to secure their worth and onboard authentic customers. The world is speeding up so should the processes. Therefore, from accuracy, cost-effectiveness to fraud detection, digital document verification is the reliable hold-on-to solution.
Accuracy
The AI-backed services analyze the documents in such a way that manual verifiers could ever be able to. The online document verification service matches the information with thousands of those available in the database. Hence the accuracy is not questionable.
Time Taken
Manual checks can take as long as 72 hours but on the contrary, digital verification takes some minutes and verifies the identity authentically. Human verifiers will check detail by detail whereas the AI-backed technology will run a scan collectively on all the details.
Tempered Documents Identification
Modifying the document with photoshop takes minutes while the manual detection takes days and sometimes still stays undetect. However, the alteration is not 100% accurate and the left-behind artifacts are detect by OCR. In this way, businesses can prevent fake and criminal onboarding.
Cost-Effectiveness
Time is crucial, so is money. Businesses are always in need of cost-effective solutions that do not need big amounts of revenue. Furthermore, manual verification is restrict by schedule whereas digital document verification is an all-time available service for the best results.
