The changes in technology that are driving the digital transformation in various industries. By exploring technology trends, we can better understand how different industries are adapting and using technology to improve their operations and services.
Online verification of documents is one of the new techniques for identity validation. FTC records the $1.4 million identity theft in 2023, and government documents or benefits frauds are top on the list. Business owners and organizations seek reliable, premium solutions in Swindler’s world
The easiest and simple idea is to use document verification. That’s why the internet market is full of many document validation software, from the tried-and-true to the extreme-advanced. Below, we briefly describe how this new technology molds online businesses into a new progress path.
Peek at the Verification of Documents Digitally
Online document verification is making identity verification shielded. The customer doesn’t have to be present physically for onboarding or investing. It is a straightforward task to validate the client’s identity by performing multiple tests on the given documents by the customer.
It follows the uncomplicated procedure where the consumer only submits government-issued documents, such as an identification card, driver’s license, and passport. The robust control image detection software collects the data and demonstrates all information about the candidate.
The online verification of documents opens a new portal for consumers and businesses to cut their additional efforts.
How does Online Document Attestation Amend Businesses?
Businesses are using the latest new identity verification technique and AI control technology. Organizations and businesses provide smooth and steady experiences to their clients, employers, and partners. Below we conclude a few benefits of online verification of documents from numerous.
Fluent Services
The old pattern where you have to take different types of documents for identity verification consumes too much time. Especially, for businesses based on document verification, it is challenging for them to onboard any legitimate person. Online document verification is also a magical door for the banks to make an account of any customers at a fluid speed. A fluent service, trust, and security build consumers’ loyalty.
Anti-Money Laundering (AML)
Criminals find a new source of money laundering thanks to the new ways of money transferring such as online banking, crypto, and NFT. According to the United Nations, $800 billion to $2 trillion is lost annually in money laundering. With the help of digital document attestation, financial companies can safeguard their business against money laundering.
Know Your Customer Better
The advanced identity verification method assists you in knowing your customer better. The KYC increases the client’s loyalty and protects you from different types of cyber crimes. After COVID, the number of remote workers increases and it also enhances cyber financial fraud. Incorporating digital onboarding for remotely verifying documents emerges as a perfect solution for businesses and financial institutions to ensure secure online transactions and adhere to their KYC consent.
Combat Identity Theft
Proof of identity documents protects your company and businesses from identity theft. As cybercrime is on the rise, they use another person’s name and false information to take a bank loan and invest in your business. According to the IBM Security Cost of a Data Breach Report, the average cost per breach in the financial services industry was $5.86 million in 2019. Online data branches force organizations to use document verification for the highest security.
Fluid Procedure
The online verification of documents for identity verification is more precise than other methods. In this procedure, the client only has to upload a photo or take a selfie; machine learning and robust technology dig all its factual information. The whole online document attestation procedure is basic and flexible according to the region.
Simple Steps for Verification of Documents
The document passes through many series to check its validity in the digital process. It scans the ID and matches it against the built-in information in a database. Following are simple steps for document validation digitally
- Facial Detection
- Data Correlation
- Scan Pattern of Documents
- Compare Data in the Database
Wrap up Verification of Documents
Traditional document validation is challenging and time taking. Usually, proof of identity documents is stuck, which frustrates the customer and gives a bad reputation to the organization. Since there are printers and many fraudsters, they have the skills to make false documents. Ensuring that the documents are 100% authentic is nearly impossible. So if you are also dealing with the pending verification of documents and your clients are waiting for approval. Deploy a new way of verification of documents with the help of robust technology.