Identity Document Verification – Enhancing the KYC Checks for Online Businesses

Business

There is no doubt that identity scams have become the most serious problem for businesses operating on digital platforms. COVID-19 pandemic has accelerated digital transactions, hence the cases of fraudulent transactions and information breaches have also raised in recent years. Companies and individuals relying on automated means have basically become the main reason for the increased cyber scams. Therefore, to control these frauds firms are required to practice identity document verification to stay compliant while providing state-of-the-art services to their customers.  

Because of the prevailing scams, online identity document scanning services are also becoming a must-have for businesses. Identity document verification performs consumer validation by deploying government-issued identity documents. AI-powered document attestation scales the speed to process and validates the customer profiles. Let’s have a look at how AI-backed identity verification documents assist safeguards companies against ID scams. 

Document verification to fight fraud – here how?

Many of us have faced this situation while opening an account or doing any transaction, where an individual has to upload govt-issued identity document. These ID documents can be a driving license, passport, or identity document. The software identifies the documents and matches the picture on the ID document to the selfie of the consumer to ensure that the customer is a real entity and not a fraudster trying to spoof the system. 

In this tech-driven world, AI is fulfilling the same role as that of the identification officer, deploying the system that permits identity validation using identity document verification. This process allows companies to perform transactions digitally by identifying the individual on the other side of the transaction is who they claim they are. 

As the imposters are getting advanced with time, it is significant for organizations to have sophisticate verification measures to identify legitimate customers from fraudsters. 

Following are the document scams that imposters deploy to fake the identity:

Fake documents: These are the physically stolen ID documents that imposters deploy to dodge the verification measures.

Illegal documents: These are entirely fake documents. They lack the features that real documents have like rainbow prints and holograms etc. 

Altered Documents: These are the real documents that are modify to dodge the verification system. Imposters design modified documents in such a smart way that it becomes extremely difficult for humans to detect alterations in them. AI-powered identity document verification, on the other hand, detects forged documents by cross-checking the pixels and font size. 

Perks of Deploying AI for identity document verification 

By identifying the validity of ID documents, identity document verification fulfills its role in eliminating fraud, the enhancement of regulations, and the up-gradation of the consumer experience. 

Following are some of the examples of what you can acquire through identity document verification:  

Scale the speed and ease for your consumers

When we talk about the customer experience, convenience and speed are two of the most important factors as confirm by a study. The manual process incorporates chances of human error in it. However, with the help of an AI-powered identity document verification solution, consumers can confirm their ID seamlessly and in real-time by using a passport, ID card, or driving license. 

Mitigates risk and enrolls legitimate customers

As the digital business grows, verifying the true identity of customers becomes more significant. Authenticating the consumer identities not only helps businesses but also proves to be a safe step for customers as well. Researches confirm that the absence of a legit security method is the reason why consumers abandon digital transactions. Identity document verification removes this confusion among customers and mitigates risks and enhances customer experience. Verification documents (entirely automated and error-free documents process than the traditional methods) also assist in accomplishing compliance protocols like know your customer regulations. 

Identity document verification ensures that only the authenticated ID profile is recognize. This data examines the unique data included in the ID documents to verify their authenticity, then makes sure that the name displayed in the document is the same as that of the submitted by teh customer. 

By deploying AI-power identity document verification solution, companies could conveniently avoid ID scams and prevent their consumers and firms from fraudulent activities that happen because of digital identity theft scams.  

Summing it up 

Because of the increased digital business operations and online transactions, identity and financial fraud have skyrocketed in recent years. As companies move toward automated business operations, the chances of fraudsters dodging the organization have also increased. The main reason for these scams reported is the businesses lacking the verification measures and the loopholes in the current security system. However, with the help of AI-powered identity document verification, companies can prevent identity scams while staying compliant with regulations.