With the advancement in technology, cybercriminals are also becoming smarter. Cyberattacks, document frauds, and identity theft are on the rise, particularly in the wake of the COVID-19 outbreak. Analysts estimate that if institutions do not employ any security systems, identity theft will tend to rise in the coming years.
In financial infrastructures, authenticating documentation is crucial for checking consumer identity and that they actually are who they claim to be. The practice of using official documents to confirm someone’s identity is what document validation is all about. Government-issued identity cards, utility bills, and tax statements are among the types of documents that a firm needs during the online verification of documents. They contain the user’s original photograph in order to carry out an identity verification that is foolproof. This assists in reducing the possibility of impersonation.
Here are the top 5 ways document verification services help prove someone’s identity.
E-commerce and Retail
By verifying documents, e-commerce firms can promote top-line growth and aid in the suppression of fraudulent activity. Since the COVID-19 outbreak, when consumers have tended to favor online buying to avoid direct human interaction, the e-commerce sector has grown quickly. Processes for verifying documents aid in preventing any illegal behavior that one may encounter when shopping online. All transactions are initially verified using a document checker online. New online retailers are using systems that offer simple identity verification methods to combat fraud.
Government organizations provide businesses and individuals with security during COVID-19. Unfortunately, fraudsters are ready for widespread internet usage to submit false claims using identities they have stolen. Government procedures include documentation verification steps to confirm identification documents.
Best practices for these applications include several verifications, such as:
- Inspecting the in-use applications to assess risk
- Comparison of the user’s document with selfies
- Checking the manipulated document
- Checking any document’s template
- Comparing identity attributes with an authoritative source of identity.
The economic structure is the most frequent location where illegal financial transactions and fraudulent actions occur. Hackers are developing more advanced strategies to avoid changing money laundering practices. Identity verification of people is necessary in order to battle those criminals. Online verification of documents is a viable option for identity verification that helps companies maintain compliance. Hackers can easily impersonate and create somebody else’s identity. For undertaking appropriate consumer due diligence, international regulatory authorities such as FATF, FINTRAC, etc., have implemented KYC and AML compliance obligations. Robust technology helps firms scan documents quickly and accurately.
The COVID-19 outbreak has seen a wide range of fraudulent actions. Illegal access to corona vaccine results in criminal activity. Additionally, corrupted documents are frequently found in healthcare infrastructures. It is predicted that as the coronavirus evolves, there will be an increase in illegal actions. Document verification process companies help to stop the unlawful activities that are frequently seen in society nowadays. This results in the urgent requirement that companies connect themselves with robust document verification systems.
Following are the ways in which online verification of documents is beneficial:
- Authentication of patients to meet HIPAA requirements
- For tackling medical identity theft
- Enhancing security measures to protect patient’s information
- Process distribution of pharmaceuticals
- To onboard as well as check-in all patients remotely
Stock Trading Applications
Forex and trading services have a rapidly expanding market size due to exponential growth. Currencies are bought and sold by forex brokers. The FX market is actually the most active trading industry in the world with trillions of dollars traded daily. But regrettably, there is no industry left on earth where fraud does not take place. When it comes to stock trading apps stopping unauthorized money transfers and developing fraud examination solutions are essential. The application of Know Your Customer (KYC) and Anti Money Laundering (AML) procedures, along with document verification, aids in the discovery and reduction of chargebacks.
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In order to circumvent document verification procedures as much as possible, hackers are employing creative and innovative techniques. Using both powerful human intelligence and artificial intelligence technology for the authentication of users is a more efficient strategy to combat illicit practices. Online verification of documents is a need for numerous businesses around the globe, including financial systems, airports, e-commerce, and digital banks, to reduce the risk of illegal activity. In order to authenticate consumers and give them the ability to follow legislation, document verification is crucial.
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