Due to rapid advancement in digital technology, imposters use various techniques to use fake IDs which allows them to access business industries. Organizations require successful identity verification measures to empower them against scammers. Several digital methods are employed to verify a person’s identity. AI-based document verification online unveils scammers and detects falsified identities that seem authentic to the human eye. Additionally, it identifies criminals and makes an organization secure from future risks which may include heavy fines and reputation loss. It facilitates organizations with secure onboarding.
What is Document Verification?
Organizations are required to identify their clients before having them onboard. It enables firms to mitigate the risk of fraud and illegal transactions. Companies ask their customers to provide specific information which may include their name, address, date of birth and identity card number to authenticate their legitimacy. These documents require verification processes to identify their legitimacy.
Document verification processes enable firms to verify their client’s identities with the help of advanced digital technology. It facilitates businesses with advanced digital solutions.
The Process of Online Verification Documents
The process of online document verification mainly consists of three stages that begin with the submission of user information through various documents, then it is investigated with the help of automated algorithms and finally, the results are verified to know whether the documents are authentic or not. It progresses as follows;
Submission Of Documents
In online paper verification, users are asked to submit various copies in scanned form, these documents may include social security cards, certifications, utility statements, licences, etc. For online validation, documents are uploaded and examined with computerized artificial intelligence technology. Clients can submit their documents by scanning them through smartphone cameras or webcams. The system in the backend processes these documents with the help of automated solutions.
- Assessment And Evaluation
After the successful submission of documents, they are processed via online identity checks, which determine the authenticity of the information provided. In the case of a selfie, it is cross-checked with the photo on the document. Additionally, online checks enable firms to identify if the document is fake or forged. It allows only authentic clients to be on board.
- Verification of Results
After the successful evaluation of the documents uploaded, the results regarding user identity are generated, they are also visible to the client and the process of onboarding begins.
What is the Significance of AI-Based Document Verification?
Companies use the facility of online AI-based document verification, which enables an organization to have the following benefits;
- Automation
Digital technology enables firms to replace the traditional, manual methods with digital automated verification processes. It facilitates organization in terms of cost and time. Companies are not required to hire multiple employees for verification, automated solutions provide accurate and quick results.
- Prevent Identity Theft
Electronic document verification facilitates organizations regarding their customers’ experience, it builds trust between them. In online verification, the information of clients remains preserved and is unable to be accessed by scammers.
- Remote Onboarding
Verification allows one to identify whether the person connecting online is legitimate or not; various cross-checks are performed automatically to ensure that the information provided is authentic. It enables firms to have a secure remote onboarding experience which ultimately leads to business development over the globe.
4. KYC and AML Compliance
With the help of document verification, companies enable themselves to comply with ‘Know Your Customer’ (KYC) and ‘Anti Money Laundering’ (AML) obligations. It allows firms to make them free from every kind of future risk.
5. Customers or Employees Age Authentication
AI-based algorithms make the verification process reliable to verify the age of any individual. It makes the organization clear about the specific age group of individuals. For example, some organizations have age limits over certain positions, and employees try to use fake details to occupy them. Automated solutions identify if a person provides falsified age information.
Conclusion
Companies use document verification online processes to identify clients worldwide before having them on board. Automated AI solutions are employed with the document verification process which identifies fake clients, and falsified and forged documents. It builds trust between the organization and its customers as it allows them to have hassle-free onboarding. Clients do not need to go on site for the verification process but they can be verified online. Additionally, document verification is cost-effective for both users and businesses as it reduces the expenses of travel and multiple hiring for identity verification. Now internet service has facilitated organizations to verify documents online and identify real customers. Additionally, it is a secret technique to unveil the fraudsters and make the organization secure.