Identity thefts are the most prevalent kind of theft these days. Reports state that companies lost a lot of revenues in the name of identity theft. Mistaking fraudsters for genuine users can put banks to face money laundering and terrorist financing crimes. Verification documents are easy to verify users to eliminate such thefts.
Traditional Vs Advanced Document Verification Service
Traditional ways of identifying documents were very hectic and included a lot of friction for both the company and the user. Customers have to pay visits to physical offices along with their documents to get themselves verified. The field professionals there would take many days to accomplish the document authentication process. Once the document verification procedure is completed, the results are displayed to users.
Traditional methods of having the interference of humans can never give 100% results. There is always a chance of errors in the outcomes. Thus, a traditional document check is not guaranteed when it comes to decreasing scams.
To counter the challenges in manual processes, digital verification documents were introduced in the market. AI and ML can assist combat document fraud. Digital ways give a guarantee of the results of the identification process.
Let’s See What are Document Frauds?
Any type of purchasing, selling, or creating fraud IDs to commit scams is called document theft. Imposters perform such crimes to gain monetary value, to undergo money laundering, or to commit illegal payments, or immigration. Verification documents are the solution to these kinds of problems.
To process document fraud, fraudsters deploy both genuine documents and illegal documents. Genuine documents can be stolen, or purchased but they are not the documents that possess alteration in the data of the documents. While forged documents include false (documents that are non-official but are created in a way that provides them a sense of genuine documents), false (these are the illegitimate duplicates of the government-issued documents), and the forged ones (these can be generated by changing data in the record).
There is a rapid increase in scams targeting the documents. Governments are making strict policies to grab imposters as early as possible. The most widely deployed documents for imposters are passports and ID cards. The major types of documents included in document theft are credit cards and IDs. Verification documents are of great help in reducing thefts including any kind of document. The rumor around driving license being the essential part in increasing document theft is not true according to earlier said evidence.
Identity Document Verification – The Process
Consumers have to submit a picture of their government-issued ID document at the time of enrollment. Documents for identity proof include driving licenses, passports, ID cards. Later that, verification documents need users to submit their pictures.
After inputting a document, the state-of-the-art optical character recognition (OCR) then fetches data from the document and changes it into digital format. The verification of documents software then undergoes document verification and the outcomes are presented to consumers.
Artificial Intelligence and Machine Learning – Technologies to Eliminate Thefts
According to the above-stated facts about traditional methods, they are expensive and time-taking. Moreover, they are hectic and unauthentic. To resolve this issue of vendors, digital verification documents have been entered into the business market.
AI and ML can study the ID document in order to secure companies from experiencing identity thefts. They read the information and then undergo document checks to identify if the user is presenting genuine documents or attempting to fool the method.
Artificial intelligence combined with machine learning can assist firms to identify any kind of suspicious money laundering activity in order to prevent the process at that time and undergo background measures. Therefore, verification documents can be of great help in eliminating scams. While using AI-based online document verification, businesses can eradicate costs and accelerate speed and safety for consumers.
Benefits of Global Document Checks
- It is a very robust method. They can identify documents in real-time with greater accuracy. Online verification documents are simple to scale and are profoundly authentic
- Along with accuracy and speed, it is the ultimate way to eliminate digital fraud
- The reputation of the company remains sound
- Users while enjoying robust verification documents also display their confidence in the system policies
Summing it up
There is no other better method to avoid identity theft other than to possess a verification method in place. Verification documents are all you require to eradicate identity thefts. Many businesses like e-commerce, travel, healthcare, and finance sector are employing document authentication to increase user experience.