As the world has been taken over by digitization, the number of threats by fraudsters and identity thieves has also increased rapidly. Every organization is the target of these fraudsters. As per the rising issues of digital scams and theft, many companies are facing difficulties and are suffering from digital fraud consequences. Therefore, the method of online verification of documents must be utilized by the companies in order to protect themselves from attacks and breaches.

Document Verification Online Process

As mentioned above, fraudsters are always looking for a way to steal the resources or data of companies using new and modern techniques of digital data hijacking. The online verification of documents helps organizations to use digital and advanced methods in order to validate documents online. This service protects companies from suspicious and criminal activities and helps to prevent data breaches.

The online verification systems mostly accept the authentication of government-issued certificates only. For example:

Identity (ID) Card

The identity (ID) card is the main and basic proof of a customer’s identity. Nowadays, biometric chips are integrated into ID cards that contain the complete information of an individual. The evaluation process of the required data is done by the companies to verify documents like customers’ full names, addresses, dates of birth, etc.

Driving License

The driving license can also be used for online verification of documents as it carries complete information of a user from complete name to residential address which gets evaluated from online systems.

Passport

Many businesses evaluate customers’ passports when verifying their identities as they also contain all the required information of identity. Artificial intelligence and machine learning is used in the procedure of online verification of documents in order to authenticate the customers’ data from passports and other documents.

How is Online Verification of Documents performed?

Nowadays, the online document verification services can be used in different industries such as online verification of educational documents and online verification of land documents. it has an essential role in the ID verification cycle. Online document verification has become a useful tool, especially after the pandemic of coronavirus.

Artificial Intelligence-Powered Evaluation

The paper evaluation in which customers upload documents for verification is the first process of online verification of documents. On the other hand, modern-day systems perform evaluation checks digitally using artificial intelligence. Due to these digital copies, different manipulations can also be done by fraudsters using online tools.

The online verification of documents process uses artificial intelligence to check the papers with pre-added document templates. It ensures that the right license is uploaded by removing the chances of fake documentation.

Use of Optical Character Recognition

OCR technology helps after evaluating the documents in the right format. In-depth data extraction is performed by it to verify customers’ authenticity. In the process of online verification of documents, optical character recognition further processes the customers’ onboarding data, gathered or collected before

The Role of Online Verification of Documents in Compliance Regulations

Businesses must follow compliance regulations in order to operate in the industry. In modern times, remote onboarding and digital identity verification proofs are becoming more consistent among industries. There are many laws that are made to prevent financial terrorism and money laundering via digital methods.

Anti-Money Laundering (AML)

AML is a global compliance for companies in order to prevent illegal money transfers and terrorist financing.The anti-money laundering check marks the completion of several IDV processes such as the online verification of documents.

Know Your Customer (KYC)

The customer’s identity is evaluated using online verification of documents and biometric recognition. Know your customer finds out the customer’s real identity by verifying every essential aspect of previous records and activities.

Advantages of Online Verification of Documents

The integration of online verification of documents is a must for companies in order to secure their interests. The use of AI to verify identities enhances the security of organizations and discourages fraudsters who are trying to breach their systems.

Let’s discuss some of the advantages.

• Digital Procedure

• Remote Access

• Enhanced Onboarding

• Seamless Customer Experience

• AML, KYB, and KYC Enhancement

• Instant Online Document Authentication

Conclusion

Most organizations use online processes nowadays in order to evaluate the IDs of their customers. It is essential to do the remote evaluation of a customer’s credentials as it is quick and much more reliable than the traditional methods.

Automated software like online document checkers evaluates the identities of customers without any human error. The process of online verification of documents is used by companies to do the authentication of the paperwork which will also help to prevent document fraud.