Last updated on August 21st, 2021 at 10:25 am
Covid-19 has elevated the wave of digitization in the entire world. This stimulated the concept of work from home. Businesses now are implementing ways to have employees that work from home. With hundreds of staff working from home, fraudsters found an easy way to spoof the system through digital platforms. By stealing the credentials of individuals, they can easily commit crimes. ID document verification is the need of the hour to mitigate fraudsters’ tricks of catfishing.
Digitization has done many good things to businesses. One of them is delivering their services online. Enterprises now practice automated ways to enroll customers. The first interaction between a business entity and a customer occurs at the time of onboarding. As they say “you never have a second chance to make that first impression”. That is why having secure and robust ID document verification services at their end, businesses can make users think that they care for the safety of their information.
Account opening reflects the mutual trust between businesses and customers. Users think the merchants they are trusting for their information will take care of it. In return, companies trust they are enrolling legit customers by verifying them through document checks.
Having a digital platform for their brand, merchants are also needed to practice efficient identity verification services. Following are some of the widely used verification checks:
This technology employs artificial intelligence and advanced algorithms to process the verification of documents.
Customers are asked to answer several questions to get themselves verified.
Verifying individuals’ faces with the image present on the ID documents, facial recognition is one of the best verification techniques in the market.
To provide customers with a fast and accurate verification technique, the best way is to blend ID document verification with that of face recognition technology. It identifies individuals with authenticating their documents and ensuring that genuine use is behind the verification process.
Document attestation is a fast process happening in real-time. Automated processes aid businesses to keep their customers from experiencing long tiring processes of getting themselves verified. Digitization of the process has also reduced the chances of human intervention, which ultimately drops the falsification rate in the entire process.
Government-issued ID documents are used to authenticate an individual. These include
- ID cards
- Driving licenses
- credit /debit cards
Let’s consider banks, a customer is trying to open an account in a bank. The bank would verify the individual through document authentication. The process behind the verification is described as follows:
- In this stage, at the time of registration, customers are required to submit an image of their official government-issued ID document.
- Identity document verification performs quality checks to confirm whether the customers’ documents are legitimate to get verified.
- Once the document is submitted, it is sent for verification.
- ID document verification will analyze the document using AI, and the data is extracted using the state of the art optical character recognition technology.
- Once the document is verified, results are shown to the banks and they will then decide whether or not to allow the customer to open an account.
- In the end, the user will be informed of the decision.
There exists a proper step-wise process running behind the document verification services.
The submitted ID document goes through the process of extraction of data. It can be accomplished by using state-of-the-art OCR. alphabets, images, and numbers are all analyzed to ensure seamless ID document verification solutions.
It analyzes patterns present to authenticate a document. Patterns like the right placement of pictures and printing are verified.
In the light of rapidly increasing fraud, governments now issue ID documents that are difficult for fraudsters to manipulate for their use. Holograms and the use of special inks are particular to any government-issued card. ID document verification examines specific patterns to authenticate documents.
It can give access to extract full images and data present on the ID document with a digital certificate.
The digital world has become widespread. It is said that with great power comes great responsibility. Similarly, businesses using the power of the internet are liable to secure their customers’ data on digital platforms. ID document verification then comes to assist companies in providing robust document authentication services to their customers.
Ryan Jason is a technical content writer. He aims to make finance feel more humane by providing real-world folks with actionable and helpful content. Ryan’s passion is to write technical material and he has a wide variety of writing experience in the Artificial intelligence, Blockchain, BigData, FinTech, Crypto, and Cybersecurity sector.