Onboarding is the first step in every business to deal with a new client. Companies require ‘Know Your Customer’ compliance to mitigate the risk of identity fraud. Many individuals use fake IDs to develop business relationships to perform crimes such as money laundering and financial terrorism. Companies need a reliable online document verification solution to access the authenticity of information provided regarding identity verification.
Various documents are collected to fetch specific information that enables firms to access the client’s authenticity while onboarding. A client’s record is required to be verified to illuminate the risk of fakeness and identity theft. Online document checkers are required to verify customers’ data provided regarding identity verification. This blog post will explore the role of online document verification in making onboarding secure.
Why is Essential for Companies to Employ the online document verification system?
Companies use online onboarding processes where it is necessary to use digital solutions to identify the client’s identity. Before onboarding, companies may ask their customers to upload scanned images of various identity documents such as identity cards, passports, or visa slips. These documents are used to access specific information such as individual name, identity number, or DOB Many criminals provide forged and fake documents to act as real clients. Hence, online document solutions are the only way to identify falsified documents.
Companies that do not employ online Document Checking have to suffer from various future complexities such as financial terrorism and identity fraud. Moreover, firms suffer heavy penalties and reputational damage for being considered suspicious. Online verification processes enable companies to have regulatory compliance which protects them from various legal actions against them. Document verification allows thorough risk assessment while the identity verification process makes organizations aware of future complexities.
Strengths Of The Document Verification Process
Document verification solutions empower industries to utilize cutting-edge technology which provides impenetrable security against financial crimes such as illegal transactions and money laundering. It enables companies to have a multitude ability of scam detection measures to avoid unforeseen complexities. The methods involved in the verification of the identity document utilize optical character recognition (OCR) technology, which enables seamless text extraction to verify the authenticity of provided information. Moreover, it enables to storage of data in electronic form that is used in multiple cross-matches regarding identity verification. It enables to access the legitimacy of documents provided for specific information. Processes being employed for KYC document verification provide businesses a landscape to beat identity frauds, it unveils inconsistencies and alterations and identifies the legitimacy.
Processing Of Online Document Verification Techniques
The process of document verification involves the following steps;
- Image Capture: Customers are asked to upload scanned images of various identity documents such as identity cards, licenses, and passports. These images can be uploaded with the help of an Android camera and by using other webcams.
- Data Extraction: Digital OCR technology is employed in the verification process to extract information provided in various documents. The cutting-edge OCR technology can detect variations in the case of fake and forged documents. It helps companies to reach the client’s authenticity.
- Cross Match and Verification: Extracted information is compared against the government and private databases, and various cross-matches are performed to access the authenticity of provided information, In case of alternation, the user is deleted as suspicious, and thus companies are secure from having unauthentic clients on board.
Which Industries Require Verification Of Documents?
Verification of documents is particularly needed to protect organizations from every kind of financial loss and fraud. The following sectors must utilize the facility of online verification services.
- Financial Sectors are commonly prone to financial terrorism as imposters use bank accounts to save black money. Money launders use banking sectors to make illegal transactions. With the help of document verification solutions financial sectors can comply with anti-money laundering compliance and have access to their customer’s profiles to have insight into their financial resources. Which protects banks from various future complexities.
- Real estate businesses are prone to face heavy losses with unauthentic clients. People use fake IDs and documents to have heavy amounts for properties. Document verification is the only solution to unveil illegal property dealings.
- Online document verification is mandatory for the HR department which is responsible for the hiring process. Individuals provide fake documents to access various jobs, thus online verification is the only solution to reach authentic candidates.
Final Words
Companies must employ online document verification solutions to have secure onboarding experiences. It helps to mitigate the risk of future complexities and protects organizations from various crimes such as money laundering, identity crisis, and financial loss. The online verification process employs AI and ML technology to provide quick, efficient, and effortless results. Additionally, they enable companies to have cutting-edge security compliance.