Our ability to connect with one another is becoming increasingly attractive as technological improvements become more efficient and attractive in our lives. With that in mind, identity document verification processes are one of the domains where organizations have struggled to stay up. Organizations want to thrive in this digital age but they are still reluctant to go online entirely and are yet to draw the full benefits of online document verification.
Suppose, a company wants to hire workers over the internet. The company can simply conduct interviews and hire someone from anywhere on the planet. However, when it comes to only hiring people who are actually the ones who they say there are is the crux of the problem. Also, the time to onboard the new employee, make the whole procedure complicated. Well, the employee could scan or photograph their ID document.
However, the verification agent would have no way of knowing whether or not this paper has been issued an official body or is trustworthy. In this scenario, an online document verification system provides a solution that is now easier than it has ever been. An agent may now instantaneously verify new employees, speeding up the onboarding process and helping to keep the company safe.
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Streamlined Customer Onboarding Process
Clients must now go through some type of user verification before registering an account with a company to ensure they are legitimate and not linked with any criminal activity. Client onboarding processes are carried out upon account openings to guarantee that the user is legitimate in the eyes of the corporate organization. These checks, often known as the Know Your Customer (KYC) procedure, are critical in preventing financial crimes and are conducted by document authentication services.
Online document verification services are ideal for KYC and other regulatory produces like AML and EDD. It helps organizations to get the most out of intelligent verification methods when combined with AI-based face recognition and two-factor authentication. All the client has to do is provide their government-issued identity document and a photo of their face, and the document validation services will handle the remainder of the process in real-time.
Artificial Intelligence: A Blessing For The IDV Sector
The ID verification sector has seen a lot of progress because it is employing artificial intelligence and machine learning technology and its related fields like computer vision. Besides that, they provide a variety of organizational benefits, such as automating client onboarding and improving data entry and extraction processes. They use Optical Character Recognition (OCR) systems for improved data extraction and effective data input methods.
Online document verification solution combined with face recognition tool is capable of thwarting face spoofing attacks and bogus ID papers. Know Your Customer (KYC) was done by humans manually before all of this technology. The procedure required excessive waiting periods and was prone to errors and blunders. Furthermore, there was no method of knowing if an ID paper was 100% genuine or not. The authentication process is now safe and simplified thanks to digital document verification systems.
Some Instances of Document Checks
Some of the characteristics that an online document verification service looks for while verifying the authenticity of ID papers are given below.
Document’s Format Accuracy
Many documentation verification providers offer authentication services that check if the user’s paperwork is in the correct format. An ID card of a UK citizen, for instance, will be recognized by most online document verification solutions since it is so popular. The online document verification system, however, will not have any difficulty identifying a retail slip at the payment facility. Before any additional authentication tests, the document’s format is validated.
MRZ Section Authenticity
A Machine Readable Zone (MRZ) is a section of an ID card that holds the customer’s personally identifiable information (PII). The MRZ code is scanned using AI-based document originality checks, which harvests the customer’s private information. The information is then utilized to confirm that the individual is who they claim to be. Any discrepancies between the retrieved data and the MRZ data indicate that the document has been altered or manipulated.
Missing Details Checking
The legitimacy of government-issued ID paper is confirmed by an official unique pattern i.e, a rainbow print. Artificial intelligence-powered online document verification looks for these missing traits, assisting companies in identifying forged and synthetic documents used in ID theft and fraud.
Summing It Up
With the COVID-19 plague showing no signs of abating, social isolation is becoming increasingly necessary. In light of the SOPs, digital document authentication methods have exploded in popularity and do so every day. It is critical for these service providers to implement a comprehensive identity verification system that ensures authentic customer onboarding and secure checkout operations.