Social media has countless benefits like a person from Africa can interact with a user from Canada outwardly without any difficulty. A portion of news can be published to every part of the planet in seconds through social media platforms.
Issues of Identity Verification for Digital Businesses
Companies have to put efforts to explore a process that can confirm the identity of their customers. Their initial call could be a remote process with no manual intervention. The requirement to have an in-person meeting with customers and check their documents before providing them any assistance was the hurdle in digital transformation. Nevertheless, the conversion has pushed businesses to onboard customers online platforms without a meeting, online bank account opening and event registration are some examples. This has become possible only because of the document verification process that analyzes the documents digitally.
Document Verification Process: Verifying IDs Digitally
It is a process of authenticating the legitimacy of an ID document -checking that this document refers to the individual who holds it. Financial Institutions have to check the identity by KYC (Know Your Customer) which is a remote method of user verification. Document authentication is the basic component of the KYC. Government-issued documents including a facial photo are consigned for biometric verification.
Complete Walkthrough of Online Document Verification Service
For obtaining data, OCR technology is combined into the document verification process which can be used on typed and as well as handwritten documents. This is a document automation software used for transforming papers into computer editable documents. There is no demand for any designated devices, a user can confirm his documents through any of the digital gadgets (mobile or PC).
Here is how the document authentication software works for IDV:
- The users join the website by providing their personal details
- A photo of the id document is given to the verification software. The required information is extracted from the document through OCR
- User-typed details and the plucked data is matched
- Facial recognition is performed on the clicked selfie and photo id
- The verification results are presented to the user screen
Below are the inspections completed in the document verification process:
Checking the Nationality
Some companies expect their consumers to be from a particular country because they give some discounts to specific residents as a part of their marketing campaign. They necessitate running citizenship tests to verify their customers’ origin country. Some scammers forge their citizenship to enjoy the discounts.
Confirming the Age
In this developing digital generation, age verification is certain to guard kids against the damaging consequences of the internet. They can fall victim to cyberbullying, vulgar language, and online harassment. As the participation of kids in social media and online gaming is increasing, both these fields demand to have a solid age check during the onboarding process.
Banks deal with customers’ financial information, thus holding a high risk of scams and financial crimes. They want to deal with authentic customers only because they are obliged to do so by the KYC regulations. In some cases the document is genuine but expired, a financial institution can’t deal with that person under the KYC/AML regulations.
Advantages of Document Verification Service
Fast User Onboarding
The method is smooth and requires a minimum effort of the user.
Sometimes users accidentally present their incorrect knowledge while signing up for an account. As the data is plucked from documents, it is accurate having zero mistakes.
With only genuine customers on their platforms, companies can create strong mitigation against crimes.
Summing it Up
The internet can be guarded by authenticating the users and the document authentication process can do this digitally. Financial institutions can also meet the global KYC and CFT regulations by using the online document verification service. It will shield their channels while giving ease to the customers as it does not require any additional effort.