Showing any identity proof is important to fulfill the verification process. All industries, like banking, finance, travel, education, and technology, must have identity proof to verify their customers are who they say they are. These verification processes help mitigate the risks of identity theft. The ID document verification is an authentication method to verify the identity of customers.
Authenticating identities may sound great, but for businesses, it is quite a tiring process. They have to spend money, time, and HR to undergo the ID document verification process. Extra document authentication protocols may put customers into having annoying experiences while interacting with businesses when customers onboarding. These extra and tough verification processes might get disliked by users and lower their customer experience. As most customers do not like the extra ID document verification processes, not having any identification methods in place will cause businesses to become victims of identity theft and lose customers at the time of onboarding.
To balance out these circumstances, AI-powered document validation processes are the solution. Let’s check out how to document verification services are helping businesses in verifying their clients:
Need for Verifying Customers’ Identity Documents
Before diving into the process of document attestation, we must understand why we need to have this process first place? The answer is simple; the ID document verification process is practiced to mitigate document frauds like identity theft and financial crimes.
The data highlights that there has seen an exponential increase in the crime rate of identity theft. Furthermore, the damages done due to identity theft do not just stay to monetary losses. Rather they cause sexual, racial, and gender-related comments on social media that can be a reason for a lot of problems.
With time and the onset of the Covid-19 pandemic, businesses are now spending a lot of money to have automated AI-powered ID document verification processes. It can help in minimizing identity theft and other related financial frauds.
The Document Verification Solution To Fight ID Fraud
Companies cannot process without ID document verification in their work operations because they have to follow all the compliance to sustain in the market. In addition, businesses worldwide have to adhere to AML/CFT compliance that is needed by regulatory bodies to be followed by enterprises.
According to the federal trade commission (FTC), the document authentication solution is useful to combat identity fraud. Therefore, complying with AML/CFT regulations is not just a legal requirement. Still, it can prove to be effective in protecting businesses from experiencing any bad event in the form of illegal financial activity or identity theft.
How Does Online Document Authentication Solution Work?
The AI-powered ID document verification is an automated process that verifies the documents in real-time. It is usually done at the time of customer enrollment in the business. The process is a simple method that is catered to facilitate customers needs:
Process Of Document Verification
- The ID document verification is integrated into the business systems to verify customers’ documents.
- At the onboarding time, users are asked to show any government-issued ID documents that include ID cards, passports, driving licenses, and credit/debit cards.
- Once the customers upload pictures of their identity document, the data is extracted using the art optical character recognition technology.
- The extracted information from the document is analyzed and examined using the ID document verification process. At the same time, the global identity document is also checked for any signs of forgery or tampering.
- Upon successful verification of the document, the customers are allowed to sign up with your business. Otherwise, if the documents are not authentic, customers’ requests get declined and do not prove eligible to use the services.
Benefits of Using AI-powered ID Document Verification Process
Suppose you are a business that has to onboard hundreds of customers daily. A traditional setup where you have to verify each document manually does not sit right with hundreds of users onboard daily. So what would you do? Will you hire thousands of workers to counter the challenge, or would you try to integrate your system with software that can help you do this fundamental yet important task of yours.
That is exactly what the ID document verification process does to your business. While making countless mistakes during verification by humans, machines do this identification process with minimum chances of errors. It makes this verification process trustworthy for both the businesses and the customers.
Conclusion
Countless identity thefts and financial frauds are circulating in the world of business. These can only be encountered if fought with stringent verification methods. The ID document verification solutions help to reduce ID fraud and other financial crimes.
