Fraudulent activities increase when unauthorized access takes place to online platforms. Identity theft is an escalating issue for governments, businesses, and consumers’. Most enterprises have a digital presence and the internet is an easy platform to access knowledge, services, entertainment, and other sensitive information. But this cyberspace also opens the gateway for opportunistic hackers. It is highly possible that personal information can fall into wrong hands and anyone can be subject to identity theft. Fraudsters hack the information and can use it for several malicious activities such as access to consumers’ credit cards and bank account details. Cybercriminals can make online transactions on behalf of someone.
According to the report, Global digital fraud attempts have been decreased to 23.2% at the end of 2020. Previously, financial institutions and other businesses used to verify onboarding entities manually. It was not only hectic for the businesses to do manual verification process but it was also hefty for the users to wait for long hours to complete their processes. Humans are prone to errors and cannot produce more than their capacity.
In this digital era, online businesses, financial sectors, e-commerce, travel industry, social media platforms, etc need to implement foolproof document verification. Businesses are now taking advantage of the digital document verification solution which is compliant with artificial intelligence (AI) and AML regulations. This technology makes sure that no suspicious or forged identity becomes part of the legal system.
Fighting Digital Frauds with Document Verification Process
Fraudsters are becoming more sophisticated with evolving technology. There are so many ways to fabricate fake documents and anyone can claim to be someone. But at the same time, Technology is facilitating us due to continuous development in it. These advanced document verification can easily detect whether the document is real, fake, or altered in no time. According to Goode Intelligence, the worth revenue of digital Identity and document verification services will be more than $15 Billion by 2024.
Document verification passes through some strict measures to check forged identities which are as follows;
● Altered Documents
Artificial Intelligence (AI) based document verification can easily detect modified documents. These altered documents are fabricated in a way that no human can identify these alterations. The AI-based documents can easily pick out tempered documents by detecting changes in pixels and fonts.
● Unauthorized Documents
Illegitimate documents lack the characteristics of authentic documents like rainbow prints, holograms, and other standards of real ID documents. AI-based document verification fights against frauds for better compliance with AML regulations and provides greater optimization of customer experience.
● Deceptive Documents
These are manipulated and forged documents that are stolen by the fraudsters to detour the document verification. But AI-based document verification easily detects sensitive information on the basis of various elements.
AI-Based Document Verification is Breaking the Tradition
The human eye cannot detect photoshopped or altered documents. Humans are vulnerable to mistakes and it is highly impossible to detect forged documents from an eye. Manual document verification is tedious, slow procedure, and prone to errors.
That is why AI-driven Know Your Customer (KYC) treats thousands of multiple documents in a standardized and consistent way within a few seconds. A pattern of algorithms, detects, reads, and classifies the forged data. It ensures exceptional verification assurance of user data that humans cannot provide. AI-driven technology obliterates all the conventional methods of document verification. It helps the businesses in multiple ways which are;
● Deter Fraud
Almost every single online business is a focus of attention for cyber lawbreakers. These lawbreakers find new ways of digital scams and identity theft. To fight back these scams, AI-based document verification provides virtual assistance to businesses by using advanced sensors, algorithms, performs accurate screening of multiple data, and presents solutions in no time. AI-models can easily detect folded or crumpled edges, special paper and ink, and multiple micro prints checks.
● Exceptional Accuracy
Errors and flaws are always foreseeable while doing user verification manually. But this groundbreaking technology clears out all the streamlines and possibilities of document frauds in real-time. It also authenticates tampered documents through the machine-readable zone (MRZ) code to evaluate the credibility.
● Make Consistency Known
Manual document verification cannot root out all the errors. This human element can give rise to inconsistent conclusions. AI-driven document verification services provide a stand-alone business solution to technical and highly complex operations.
Guard Business Reputation Through the Document Verification
Forged identity fraud in businesses can lead to several questions about the credibility of digital security services. According to a Statista Report, the Fraud Detection and Prevention (FDP) Market worldwide is expected to grow $ 63.5 Billion in 2023.
Businesses’ digital operations are vulnerable to data breaches. Once businesses experience one or many chargebacks, it is highly expected that businesses will lose their credibility among their users and partners. AI-driven technology uses rigorous techniques to Verify your Documents. It defends business honor by fixing all the loopholes during all procedures. It provides convenience and speed to businesses and guards businesses from fraudulent activities and identity frauds.
It Is Better To Be Safe Than Sorry
The absence of a reliable, safe, and simple way of AI-based digital authentication of identities can increase frauds, restrict access to steady services, create frictions, and degrade privacy. Businesses and financial sectors that have adopted AI-based document verification solutions are experiencing greater productivity in their operations. It means more secure communication channels and greater trust-building with customers and business entities. It keeps business interest intact and provides fortification against forged identities. It is essential for businesses to have smooth digital remote identity verifications that pave the way to the right decisions.
Document Verification Process builds a trust relationship with the unknown. Enterprises that deal in digital services, experience safe and secure interactions across multiple checkpoints in both the physical and digital world. In short, it not only saves businesses resources and time but also enables them to verify documents around the world.
On the other hand, businesses that lack this technology, expertise, and resources face huge chargebacks, bear multi-million financial losses and lose their business credibility around the world.
