Identity verification services with AI-powered provide an optimal solution to reduce the issues of identity theft, fraud, money laundering, etc. Every year 15 million US individuals became victims of criminal activities like their identity being stolen by some imposter. Since security and safety are two main factors that are central to being successful in this world, the identity verification solution is crucial.
Companies ensure that scammers are unable to access their company records. Because no business would want that because of identity thefts, their customer retention decreases. As shufti pro funding shows evidence that the company onboarding process should be enhanced so that customers don’t get frustrated and pressurized during the process. Every business needs reliability and stability so that customers stay convenient and flexible.
Advantages of Document Verification
Everyone knows about the process of ID verification and document authentication. Verification of ID is a process that takes time, pressurize the customer, and creates obstacles for businesses to grow further. Digital onboarding, allows customers to verify their documents and IDs on a digital platform. This makes it easier for people to verify their IDs while staying at home. Furthermore, it has some preventive measures that prevent the company from getting scammed, making people’s lives more comforting. Many businesses and institutions don’t have technical knowledge of how to opt for advanced verification measures. Fraudsters adopted various innovative ways to steal the identities of people. Sometimes these suspected and suspicious activities go unnoticed and they require a lot of human labor and time.
Different Kinds of Document Fraud
Document frauds have several types and every type has further categories:
This is a complete identity fraud document. The ID may somehow look real to fool people.
Illegitimate documents are those that are forged or counterfeit by someone. These are fake documents created by scammers. It has been divided into further three categories compromised, counterfeit, and fantasy documents.
They are associated with both pseudo and false documents. The passport, ID, or document of a person is stolen and then altered for other reasons. When bad actors modify someone else’s document to create a new identity
These documents are real, but the person uses these documents for illicit activities.
Benefits Of AI Document Verification
Here are some benefits that show AI-based document verification in this era:
- High accuracy
- Fast process
- Easy to regulate
Detect Fraud By Using Identity Verification Services
Frauds are of different kinds and for them to be eradicated, a strategy came to the rescue which is identity authentication. Shufti Pro news is evident that synthetic identity fraud is rising to the surface level which is why verified identity has become essential in this era. Identity verification services validate the date of birth, NIC, the encoded form of data, gender, and every other detail of the person. Identity authentication verifies the illegitimate documents or sees whether the document really exists or not.
The analysis of documents matches the provided documents by the clients to make sure that there aren’t any illegal factors involved in the process. Inspection of false documents is extremely complicated and time-taking. This activity can only be handled if there is proof of documents. Proof of ownership isn’t an effective method to authenticate the documents because it doesn’t verify the identity of a person who’s using the document.
The Association Between Biometric Verification And Document Verification
The biometric identity verification system has preventive measures that provide people with identity theft protection. The best way to stop fraudsters is to use identity verification services such as comparing the ID with OCR optical character recognition. After conducting a 3D facial check, it will show whether the person possessing the document is real or not. So far this is the best way to solve the problem.
In A Nutshell
Businesses and other institutions are going to opt for these modern-age techniques to boost customer retention and make the digital onboarding process smooth. The enhanced image of companies increases customer loyalty and it’s the best way to keep fraudsters from exploiting the businesses. A proper identity system verifies people’s identity with the perfect speed and accuracy and pulls out any criminal activities. The digital biometric system leads to greater outcomes like the detection of frauds on a timely basis and enhanced the amount of security, maintenance of transparency, and compliance with KYC regulations.