We are living in a digital world where everything seems to be shifting towards online means. In the last few years, online services have increased, and people like to use them as they save time and money. On the other hand, online frauds are also increasing as fraudsters try to use new ways to commit crimes. Authentication of identity is necessary to use any online service. Whether you have to go abroad or buy an online product, you have to confirm your identity first. In doing so, you have to show your passport to the officer or log in to your account to buy anything online.
According to (CSIS), online identity frauds cost $445 billion per year to the global economy. Due to the instant increase in online ID frauds, people are hesitating to give their details to confirm their identity. Businesses also face difficulties in identity document verification of their customers for secure onboarding. There is a dire need to have a secure platform for the verification of documents for businesses to confirm the identity of their end-users. Online identity document verification is the solution to combat digital ID frauds for secure onboarding of customers. Let’s discuss a bit about the document verification solutions.
Identity Document Verification
It confirms the identity of the customer to check whether the person is one that is supposed to be. It is done by matching the provided documents of the customer such as DoB, residential address, etc. Document verification just needs an identity document of the customer comprising the personal data such as name, DoB, residential address. It may be a passport, ID card, or any other government-issued document.
Why Is Online ID Verification Needed?
Many online businesses, as well as customers, experience data breaching issues. Manual verification does not provide customers the security they need. That’s why online document verification is required to fill the gap between the trust of customers and business entities. Online document verification system confirms the identity of the customer in real-time within seconds that engages more businesses to use this service. To verify the identity, the customer just needs to upload an image of the identity document. The AI-powered OCR system fetches the required data and sends the result to the back office. If the document authentication of any customer is failed, the AI-enabled system sends the proof of verification to the back office. Due to the credibility of the document verification system, the process of online identity verification became popular among businesses and customers day by day.
How Document Verification Services Build Trust Among Businesses?
The online document verification system easily identifies false, illegitimate, counterfeit, and forged documents and rejects them for verification. It provides businesses with a robust KYC process with greater accuracy that helps them to protect customer’s data from misuse. It provides the best document authentication services that support the ID documents of multiple languages. AI-based document verification systems verify thousands of identity documents remotely. It helps businesses to fulfill regulatory requirements led by compliance professionals to maintain security standards. In this way, businesses also meet KYC and KYB regulations that help them to have trustworthy relations with other entities.
How is Digital ID Verification Impeding Online Frauds?
Manual ID verification is not sufficient as there are more chances of data breaching. Digital identity document verification helps businesses to avoid online fraud. It supports different processes for verification such as facial recognition, age, or address verification to confirm the identity of the customers. Digital ID verification not only helps businesses to know their customers. But also assists them to know their businesses as well to detect shell companies before partnering with them. It also facilitates businesses to keep age-restricted products away from minors to avoid any problems.
Conclusion
As the world is shifting towards online platforms, many businesses also shift to online services. During COVID lockdown when everything was closed all around the world, there was a sudden increase in online services. Now people are addicted to purchasing products online, making online transactions, and many more. It is the need of the hour to have robust verification services to prevent online scams and identity theft. AI-based identity document verification solution facilitates businesses to make robust ID verification of their customers to avoid fraud. It also helps them to comply with security standards to fulfill regulatory demands. Online identity document verification also assists businesses to establish a trustworthy relationship with their customers that add up to the integrity of their businesses.
