There is no ambiguity in saying that identity fraud is becoming one of the major problems which have the capability of disrupting the function of digital businesses. Until now, millions of cases are being recorded which is an eye-opener for the regulatory bodies. Moreover, due to the pandemic, stay-at-home individuals started carrying out financial transactions through online means which attracted the criminals. Thus a major increase in identity and financial crimes was notably present.
However, the SaaS provider has come up with a digital document verification solution that is getting insights. Additionally, this automated solution has OCR technology embedded in itself which makes it more effective and accurate. It’s the best way to secure businesses from becoming victims of suspicious activities.
The Need for Identity Verification Solutions
Impersonating any individual is considered law-breaking. Criminals tend to steal someone else’s legitimate identity in order to run illicit activities or harm the victims. Thanks to the technological revolution the fraudsters have become sophisticated and have heaps of ways of impersonating. Techniques are as simple as making social media accounts of users or taking them over to post illegal or explicit content which could damage the reputation of the victim as well as put them in serious problems. Moreover, they can also send racist messages or harass other people by using victims’ communication channels. In short, consequences are hard to bear.
The Identity Theft And Assumption Act was established by Congress in the year 1998, which states that using the identity of someone else to harm another person is declared as unlawful activity and would be charged with breaking the law.
The Vital Role of Document Verification Services to Diminish Identity Frauds
Businesses are adopting technology to make it easier for customers, on the other side criminals are utilizing such technology to harm people. As the number of financial and identity crimes is significantly rising, so, financial regulatory bodies like FATF, FINTRAC, etc, are establishing know your customer and anti-money laundering laws which are set mandatory for the businesses to comply with them into their pre-existing systems. Such compliances promise to prevent suspicious activities.
Additionally, under verification checks, the businesses can uplift their customer due diligence process. To do so, the role of online document verification services is viable. This service allows the companies to verify and authenticate the customers’ identity documents. This solution is loaded with various document checks which makes it perfect to determine and deter the criminals from the systems. Businesses which have incorporated such solutions are more likely to don’t get prone to suspicious activities. Due to this the business’s reputation, as well as credibility, remains unharmed.
Moreover, the digital business can ensure that their customers are legitimate and do not possess potential risks which can impact the business space.
Healthy Benefits of Using Document Verification System
By using technological innovations, SaaS providers have come up with various verification systems which are undoubtedly life saviors for digital businesses as well as individuals. One of them is a digital document verification solution that is integrated with AI and OCR technology. This makes the perfect combination to authenticate the customers’ identity documents and also detect the signs of tampering or photoshop. In short, it’s a complete package for businesses to fight against criminal activists.
Flawless and Robust Customer Experience
Digital businesses’ survival is totally based on the response of customers. People living in a fast-moving world need robust and convenient services. The businesses were using old-school ways of customer verification that took long hours for processing. But, an AI-based identity document verification solution allows businesses to provide customers a seamless verification process and provides the results before blinking the eye. The process is as simple as customers having to upload the necessary identity document. And the verification system uses OCR to extract the information to authenticate it.
Ultimate Fraud Detection
The rising number of financial and identity frauds is compromising businesses’ productivity. The criminal activist uses technology-driven tools and devices to steal legitimate people’s identities to manipulate the system. Various types of fake documents are circulating which are based on the purpose of harming people. And businesses to get financial gain. Thus, to overcome such activities, the SaaS providers have developed online document verification systems which are truly based on the key concepts of artificial intelligence and machine learning to determine the bad actors which tend to damage the system.
Digital businesses are facing a lot of challenges to uplift their security system. Due to the loopholes and gaps between the cybersecurity measures the fraudsters are breaching the security system and taking them down. Thus, online companies are in need of solutions that allow them to combat fraud. Digital document verification solution is out in the market that is capable of fulfilling such businesses’ needs.