These days, businesses constantly face the risks of cybercrime and their customers have to face the consequences. To address this problem, enterprises are quick in implementing robust security systems that can fight data breaches and identity theft instances better. Identity verification is one fine example of how companies are combating digital fraud and how they are one step ahead of fraudsters.
Identity authentication of end-users is performed usually through original user ID documents that the government has issued as official proof of identity. Depending upon the business, it can choose whether to do ID verification at the office premises or to provide their customer with the utility of remote document verification.
How is Document Verification Beneficial?
Document authentication comes with the following two advantages:
(i) With document verification of end-users, businesses can carry out other requirements like the Know Your Customer (KYC) which is a mandatory check during customer onboarding. This can contribute towards Anti Money Laundering (AML) efforts as well.
(ii) Document verification services can ensure that enterprises offer their customers a purposeful experience that is safe, secure, and streamlined.
Identity Verification using ID Documents
Businesses can use a document verification solution to perform due diligence checks on their end-users. When it comes to associating relationships with new customers, these services are particularly helpful. The ID verification process begins when the user submits these two things:
- A photo of their government-issued official document
- A selfie in which their face is clearly visible
The user only needs to hold the ID and the document verification service at the back-end will automatically capture the photo. Once the document is uploaded and received at the client’s end, it can be put through authenticity checks to look for punched holes, tampering, photoshop, missing holograms, and rainbow prints. A comprehensive IDV solution offers document verification service with the support of human expertise as well.
Manual checks guarantee that any possible loopholes in the automated verification procedure are resolved before the process actually completes. The end-user receives the results once the document verification process is complete and the systems make sure all identity-related checks were evaluated.
Corporate Benefits of Document Verification
Simple & Intuitive Procedure
Document validation services allow users to verify their identity at the comfort of their homes. Electronic submission of ID documents is one innovation that is revolutionizing operations in the corporate space. This way, enterprises can extract relevant information from the documents and use it to make sure their customers are genuine.
When it comes to the user’s end, it does not require one to be technically sound about data extraction and verification procedure. All the customer needs to do is provide a photo of essential documents and their face for the process to take place.
Quick and Reliable Onboarding
Gone are the days when customers need to bring their identity documents on-premises to open accounts with a business. Now the world has changed and so has the process of verifying users during the onboarding process. Digital document verification addresses this problem by allowing customers to submit their IDs through a remote channel. No more waiting in long queues and attending tedious manual verifications thanks to the document authentication. This also enables businesses to streamline their customer-end operations.
Preventing Identity Theft Instances
Last year, identity theft was one of the major concerns for businesses and their customers as well. ID card fraud grew 13% while passport-related fraud went up by 3.36 according to the Global Fraud Report. Digital document verification solutions allow businesses to cut on identity theft cases since fake and ill-obtained documents can be taken down in the first place.