Deterring Fraud Using AI-Enabled Digital Document Verification Solutions
In this innovative era of technological advancements, artificial intelligence is likely to take us towards an unpredictable future. Indeed, COVID-19 is the reason that industries are taking measures to move on online platforms. Customer’s demands have changed as digital products and services are pacing up the world. But unfortunately, a number of hackers are evolving in parallel to AI-based enhanced technology.
According to the study, there were 13 million fraud cases that were reported in 2019 and 14.4 million fraud accidents were reported in 2018. But the fraud rate decreased drastically up to 13% between 2019 and 2020. All thanks to AI-based online document verification services for seamless identity verification of the customers, especially in those sectors which involve financial transactions.
“What”, “How” and “Why” of Document Verification
Financial infrastructures, businesses, travel agencies, e-commerce platforms, all should make sure that all the user credentials provided by their customers for risk assessment and customer due to diligence use document authentication services for seamless identity verification.
What You Should Know About Document Verification?
The process which involves authentication and verification of documents to combat fraudulent activities is called document verification. Government-issued documents such as ID card, passport, license, etc is used for the enhancement of the customer’s repository and to prevent fraudulent activities. The process checks the validity of the user’s information such as name, age, address, including document features such as fonts, watermarks, stamps, and others. The process involves OCR data extraction technology to extract data with a high rate of efficiency and accuracy.
Is There Any Need For Document Verification?
Fake identities and false personation is evolving rapidly with every passing day in parallel to the merge of artificial intelligence with document authentication services. A person can be impersonated easily in this innovative world by acquiring numerous ways to obtain benefits from another person. It’s illegal to impersonate anyone or to use someone’s identity. Keeping in mind that evolving rate, acts, and laws are being passed by higher authorities to make identity verification and document authentication service mandatory to fight a battle against identity theft.
How Do Document Authentication Scan Documents?
Online businesses and websites possess AI-based software that involves document authentication services. When a customer onboards himself on the platform, document authentication services of that document require their customer to upload their photo, and their customer is validated by extracting data from his official documents using Optical Character Recognition (OCR) technology. The extracted data is then frictionlessly analyzed with a high rate of accuracy and efficiency. The technology automatically removes fake or modified documents.
Some common fake type of documents that are identified by AI-based OCR technology are as follow:
The document belongs to someone else and the fraudster is trying to use it to carry out illegal activity.
The original document of a valuable person is modified by the criminal. That modification involves changing the font size, font style, etc.
This involves the illegitimate version of the document. These types of documents are completely fake, involving missing holograms, etc.
Document Verification Services
Undoubtedly document verification provides numerous services to a wide range of organizations as this plays a vital role to combat fraudulent activities. The identity of the customer can be verified using facial biometrics, government-issued identity card, passport, and license to entertain online services provided by participating service providers.
Quick and Easy
The process of digital document authentication is not rocket science. AI-based document authentication services ensure the development of a transparent relationship between customers and businesses. Organizations would ensure to provide quick and easily accessible document authentication services no matter where the customer is. The photo of a government-issued identity card and a selfie of the customer is required for the purpose of authenticity and validation. The process is as easy as ABC. All thanks to OCR technology which combat fraudulent activities, cyber-attacks, and identity theft frictionlessly with a high precision rate.
Privacy and Security
Maintaining a customer repository with enhanced security features is the main asset of digital document authentication. Ensuring the real identity of the customer is as valuable as money. The facial biometric analysis is incorporated in document authentication services to match the customer’s photo on a government-issued ID card against the selfie sent by the customer in order to combat fraud and to keep the customer safe. Privacy and security are the core features when it comes to digital identity verification solutions especially document authentication.
Tedious manual processes acquired for the identification of customers are discouraged nowadays.
The process of online digital verification can be carried out with a high rate of efficiency and accuracy.
Digital document authentication solutions limit in-person visits and save the valuable time of the customer.
OCR technology is incorporated for digital document authentication with a high precision rate.
Document verification services are quick and easy, ensuring risk assessment with enhanced privacy and security.