Today, enterprises and customers are faced with the constant threat of cybercrime and identity theft. In this regard, enterprises are always on the move with adopting robust security systems to protect their user’s identities and prevent data breaches. To help combat these instances, identity verification is one such innovation that is working wonders in the corporate sector.
Performing identity verification of customers through their government-issued ID documents is often termed document verification. This procedure can either be done remotely over an online channel or on-premises where the user has to take part in manual customer onboarding. Document verification comes with two benefits:
(i) It allows organizations to meet regulatory requirements such as Know Your Customer standards and Anti Money Laundering obligations that are necessary to prevent financial crime
(ii) It makes sure that customers enjoy a safe, secure, and purposeful experience during onboarding.
Breeze Through Identity Verification
Document verification comes with robust and effective tools to perform identity-based checks in real-time. This is particularly helpful when a business needs to enroll customers and initiate ties with them. The document verification process begins with the user uploading a photo of an original document issued by the government that has their photo on it. All the user needs to do is simply scan the ID document through their smartphone or computer’s webcam and the rest of the procedure is taken care of by the systems.
Once the ID is uploaded, the document authentication system checks for the authenticity of the submitted proof. Apart from that, if the document verification solution is comprehensive, it may also come with the feature of human audits that can check for any potential errors by the systems. The results are shared with the client and their end-user once the system makes sure the verification process is complete and all details related to the document and user identity are cross-checked.
Document Verification Benefits
Streamlined Process
Current document verification solutions provide customers with the utility to submit their identity documents at the comfort of their homes. This allows corporations to verify the identity of their potential customers before they actually associate business relationships with the enterprise. The process does not require any technical knowledge of how the process works. The user only needs to take a photo using their mobile device or display it in front of a webcam for the system to capture information.
Efficient Operations
Rather than customers bringing their identity documents on the business’ premises and participating in a long and tedious onboarding process, they can do all this in a matter of minutes regardless of where they are present at the moment. A document validation solution addresses the problem of customers waiting long hours for account openings. It also helps businesses to streamline their day-to-day operations while keeping intact customer experience.
Identity Theft? No Chance
A Global Fraud Report states that there was a 13% rise in ID card fraud whereas passport fraud went up by 3.36% in 2020. This caused a drastic increase in identity-related theft that is a big concern for enterprises as well as their customers. Document verification solutions can solve this problem by taking down such instances in the first place. Because user documents undergo authenticity checks that look for potential tampering, modifications, and missing features like holograms and rainbow prints, it becomes increasingly challenging for identity thieves to get away with falsely created and ill-obtained identity documents, ultimately providing protection against identity theft.
Remotely Onboarding Prospects
Creating ease of use for customers is one important thing that businesses need to understand while offering services. Customers these days prefer businesses that offer them convenient and reliable solutions that best align with their interests and needs. When it comes to customer onboarding, what can be better than opening an account from your home?
Document authentication services allow enterprises to onboard customers through a safe and secure channel in a matter of seconds. Today, document verification is powered by artificial intelligence that is more robust and efficient than human verification experts. These tools make sure fraudsters are not able to deceive security systems and businesses can carry out their operations with confidence.