Technological advancement in the modern world has facilitated modern-day corporations but it has also empowered fraudsters to commit identity fraud to exploit the resources of online businesses. In accordance with the latest report, there were around 14 million targets of ID theft. During COVID-19, users performed more online transactions which also had a large pool of fraudulent exchanges and data privacy breaches.
In this light, businesses want cutting-edge solutions like document verification certificate to protect their users from external attacks. With support from AI & ML algorithms, ID validation services guarantee customer verification by only accepting govt-issued documentation. Utilizing AI-driven document validation services also helps digital businesses stay put with AML/KYC requirements. The following blog goes in-depth about the importance and benefits of document authentication certificate.
Combating Fraud with the Help of Document Verification Certificate
Several users have experienced that staff members demand government-issued documents for account opening or performing any transaction. Clients must provide their driver’s license, ID card, or passport for successful completion of the process. The specialist cross-checks the details on the given documentation and also matches the picture to discourage any bad actor from entering the database of a company.
Currently, digital solutions have Artificial Intelligence & Machine Learning algorithm (AI & ML) support. This enables corporations for catering to the needs of their remote clients and enhance customer experience overall. In other words, using a document verification certificate approach strengthens the relationship with customers and helps enterprises reach their business milestones timely.
Fraudsters also use sophisticated techniques to exploit the security mechanisms of companies to their advantage. They use forged documents and fake identities to accomplish their objectives successfully. The following section gives an insight into document forgery techniques implemented by perpetrators:
Using Illegitimate Documents
Such types of records are completely fake because they lack the special characteristics of original documentation. For instance, government-issued documents have holograms, rainbow prints, and MRZ codes for fraud prevention.
Making Use of False Records
This type of documentation is not forged or manipulated by criminals. But perpetrators steal them to circumvent the security protocols of organizations.
Utilizing Modified Documentation
In this approach, fraudsters alter original records to fool the security systems. Several of the modified documents are designed meticulously to fool the human eye. Companies using traditional verification approaches will surely be a victim of this type of manipulation. With the use of AI-driven document validation certificate solutions, companies can successfully counter external attacks.
8 Elements of Document Verification Certificate Solutions
- Checking the authenticity and originality of given user records
- Evaluating the correct format of ID documents of clients
- Validating MRZ code for fraud prevention
- Detecting natural wear/tear in client records
- Examining signs of forgery/photoshopping
- Confirming the presence of holograms and rainbow prints
- Validating the use of special ink and paper
- Ensuring the presence of micro prints
Top 2 Advantages of AI-Powered Document Verification Certificate
Validating the originality of documents, AI-driven ID document authentication helps companies fight fraud, ensure compliance with international standards, and optimize the customer experience. Following are some of the benefits of the latest digital solution:
Providing Real-Time & Hassle-Free Services
As per a PWC study, two factors, speed, and convenience are critical to ensure a positive customer experience. Manual ID verification procedures are time-consuming and resource-draining for corporations. Working with a trustworthy third-party service provider regarding document verification certificate solutions can help companies provide a satisfying experience to clients all over the world. Users must remember that they can only provide official documentation such as a passport, or ID card. Customers must upload a photo of the records from their computer, or use a smartphone for taking pictures.
Reducing Risk By Onboarding Genuine Customers
In the context of business growth, implementing document verification certificate solutions has become extremely important As per a 2022 report on global fraud, a severe lack of powerful security processes is a major factor behind customers abandoning digital transactions. Utilizing ID document Verification certificate solutions mitigates business risks, and boosts positive customer experience. This progressive approach helps enterprises ensure compliance with AML/KYC regulations timely to avoid hefty fines or permanent bans.
ID document verification certificate services help companies by attracting only genuine clients. This solution analyzes user data on given documentation for validation, ensuring powerful fraud prevention. With the help of record validation solutions, corporations can abide by AML/KYC requirements easily to avoid heavy financial fines.
Using AI-based document verification certificate services, businesses can actively prevent ID fraud and strengthen relationships with their customers.