Live Document Verification: Tackling Identity Fraud
And These days identity theft is a major problem for digital businesses. As per the report, there were approximately 15 million cases of identity fraud reported in just a year of 2018. Furthermore, digital exchanges are increasing day by day due to the pandemic. So, the cases of online fraud and data protection violations are increasing with the passage of time. On the opposite side, digital document scanning options are becoming widely known. The integration with the latest technologies, ID verification options, and other authentication procedures make sure that the legit documents are used i.e. those generated by the government.
How does Artificial Intelligence Technology Play a Role in it?
The AI-backed ID certification procedure makes the process accurate, valid, and according to the requirements of the industry. The process of an artificial intelligence-powered authentication system is as follows. Through the provision of AI-powered authentication solutions, online companies should deal with identity fraud and protect clients and organizations from financial loss due to stolen identities through online document authentication platforms.
How Effective is AI?
Clients have experienced it during different procedures that they have to provide their government-issued documents for certain procedures and services. There is a verification officer that cross-checks the provided information. The checking is important to carry out so that the fraudsters can be stopped in their tracks. The rise of technology also means that fraudsters are also becoming capable of using complex and sophisticated methods of deception. In this way, it is extremely important to catch up and detect fraud attempts to discourage future attempts by scammers. No doubt, the technology has been helpful in containing fraud attempts. There are different kinds of fraudulent documents that scammers can use to get their way.
The illegal documents are deceiving in the sense that they do not have the appropriate features that are typically associated with genuine documents. For example, holograms, special prints, and other special marks.
The fake documents are not fabricated or manipulated in the literal sense. However, they are stolen from genuine owners so that scammers can bypass the authentication procedures.
These kinds of records are modified in order to damage the integrity of the certification procedure. Such kinds of documents are prepared by scammers so that they can fool the human examiner. Nonetheless, the AI-backed evaluation system has the ability to identify any kind of alteration and tempering with the documents as it goes down to the pixel level for verification.
How is the AI Document Validation Process Beneficial?
Through the verification of the genuineness of documents, the AI-powered system makes a contribution to fighting fraud. It helps with improving compliance and optimization of customer experience. It can be a bit tricky for the companies because they have to maintain the trust of the clients as well as carry out the official procedures so that the integrity of the company’s database can be maintained.
Enhance Customer Experience with Speed and Ease of the Process
As per the research, the two factors of speed and ease are critically significant for boosting a positive experience for clients. The manual authentication procedure of identity is a time-taking process. The latest solutions use government-generated documents and require their photos to be submitted on the digital platform. It is important so that customers can get results on their electronic devices.
Reduce the Onboarding of Fake Clients
When there is proper growth in the online business, the verification of the client’s identity becomes extremely important. It has significance for the company as well as the client. The absence of proper security measures is the major reason that clients do not use online systems. The ID verification procedure minimises business risks and enhances the customer experience. All of it is in accordance with the regulations proposed by the local government. The process is automatic and generates fewer errors than the manual process.
The verification procedure works automatically so that the procedure is carried out according to the set standards. The solution is put in place so that the validity of all the data is ensured and only the approved individual gets to have access to the final results.
To sum up, the verification procedures work in the back end to make sure that the ID is familiar. It is a kind of problem-solving way that analyzes the given data that is present in the given documents verification service for accurate validation. It ensures that the data provided in the agreement is the same as the one on the ID document verification. And it is important to make sure that only authorized individuals get to have access to the contractual information and no one else. It ensures privacy which is according to the rules and regulations given by the regulatory bodies.