It is no hidden news that fraudsters are all around to damage the online business. To prevent these scammers from businesses, it enables authenticating documents accurately through an online verification system. By confirming that the user on the other end of the transaction who they say they are, this technique enables firms to conduct transactions remotely. There are many ways fraudsters can create forged documents to hide their identities under the legit ones. Scammers are getting more clever, thus the crucial part is to stay up to date. However, technology makes it easier to spot the scam and stop illicit threads.
ID document verification solutions are growing in popularity. Accurately processing, authenticating, and verifying identities at scale has been made possible by AI-based identity document verification. Here is how document verification powered by AI protects enterprises against identity fraud.
How Can a Document Verification Service Fight Against Fraud?
Most people have had the experience of providing a government-issued ID document (driver’s license, ID card, or passport) for verification purposes while opening an account or carrying out any transaction. To make sure that the user is not an impostor trying to pull a quick one, document authentication checks and compares it with original identity for verification.
Here are a few types of document fraud that scammers use to impersonate someone:
Illicit Documents: Illicit documents are false documents. They lack the features of original documents like holograms, coloured prints and other existing standards on the actual identity documents.
Unauthorized Documents: False documents aren’t forged or manipulated but physically stolen records that fraudsters use to bypass document verification.
Modified Documents: The majority of altered documents are made by scammers in a way that makes it challenging for humans to spot any changes. However, AI-powered document verification services may spot tampered documents by examining the typeface and pixel changes.
AI-Based Authenticating Documents Verification Checklist
Solutions for document verification test several aspects of ID documents needed while confirming the customer’s identification. AI-based document verification solutions determine the authenticity of the customers while validating them against the following checks
Verifying the MRZ Code
Verification determines whether the document’s Machine-Readable Zone (MRZ) code is altered by examining specific fields and relatable with requirements. After confirming the authenticating documents, it decodes the MRZ and compares it to the data on the document.
Identifying Folded Edges
The paper documents can be damaged; edges of the document are checked by a document verification solution for folded or crumpled edges that could compromise its legitimacy.
Finding Indications and Confirming Prints
Document verification services can accurately detect any case of fraud, even just a little alteration in a single pixel, after being trained on accurate data. It is not possible to spot these kinds of forgeries with manual systems.
Identity documents issued by the government have particular holograms and rainbow prints. A change or tempering in these holograms and rainbow prints can be found using AI-based document verification systems.
An additional security measure added like government-issued identification documents which mostly carry genuine ink color paper to combat fraud. Microprinting checked with AI-based document authentication which is working efficiently with more accuracy for those documents.
Advantages of AI-Based Document Verification
AI-based ID document verification leads to reduction of fraud, enhancement of compliance, and improvement of customer experience by determining the veracity of documents. Here are a few instances may achieve using online authenticating document services:
For Businesses, Quickness and Convenience
A survey found that when it comes to the customer experience, speed and convenience are most crucial for organizations.
- Manual identity verification is a slow, laborious process but with the verification solution simply uploading a photo of the ID from computer, snapping a photo of the ID and submitting it via mobile device
- Users of ID document verification can easily confirm verify documents using a passport, driver’s license, or identity card
Verifying the identity of the customer becomes increasingly crucial for businesses as the digital economy develops. ID document verification automates the process, produces fewer errors than manual processes, lowers company risks, boosts consumer confidence, and aids in compliance with local laws.
All these beneficial sides of AI-based authenticating document solutions help the businesses to make the process simple and efficient. To perform instant image-to-text conversion of paper-based documents into digital form. The solution extracts data from a variety of documents including handwritten, business letters, invoices.