Verifying identities has become a necessity for businesses to combat any kind of severe fraud. For a check-out process to register successfully, companies usually ask the client to provide proof of evidence for verifying the identity. Unfortunately, the manual identification process proves to be ineffective to deal with high-risk transactions. This can lead the business to face loss, both by losing customers and revenues. Moreover, it targets the brand image and affects it negatively. To resolve this situation, firms are pushing forward to live document verification solutions to execute better security plans in the future.
Significance of Verfing Documents Digitally in the Financial Sector
With the reduction in the usage of paper money, digital currencies take their place which causes the financial services industry to a greater stake in getting at the target of the abundance of scamming tricks. Trying to harm the onboarding process by providing fake documents that lack the basic security elements. Performing modifications according to their own desires on the official documents such as imitating a temporary address instead of a permanent address, has created problems in the manual approach to document verification. Tracking the money-laundering activities, and detecting links with any terrorist fundings or corrupt organizations needs an accurate effective method of verification documents implied in the financial institutions to combat fraudsters at a quick pace.
The Constructive Procedure of Live Document Verification
The live document verification technique, based on artificial and machine learning technology, has made customer onboarding simple yet effective for businesses. The clients have to present their set of official documents conspiring of driving license, passport documents, ID documents, and much more on the digital website. After scanning the documents and extracting the text from the optical character recognition service, they will be further asks to upload their selfie to match their face with the photo ID. Any issues occurring during the process deal according to depending on the error. The results will be finally generated displaying the ID as verified or non-verified.
Beneficial Aspects of Online Document Verification
The digital world has provided many benefits to various sectors according to their own circumstantial needs. The primary advantages which the live documentation verification services are posing to the companies are:
Efficient Turnaround Time
The need to physically visit the office and drop off the required document for verification alters by digitally uploading them. Waiting for days, to get an email to know about the verification results changes into a fast process of identifying the identities and getting results electronically.
Simple Easy to Use Tactics
The user does not have to go through a long procedure consisting of a ton of steps to verify themselves as an authentic identity. All they require is to upload their selfie captures through a smartphone camera or a webcam. So, with the usage of fewer resources, the online document verification process has been made hassle-free for the customers.
Improving the Customer Experience
While clients generate fewer complaints on experiencing an effective customer onboarding process, it will lead them to feel more satisfied with the company. So Eventually, the company will be able to attract new customers due to its positive image building and generate profitable revenues without any risks of scams.
Challenges Associated with the Digital Document Verification
The basic disadvantages which the live documentation verification services are causing to the firms are:
The information regarding the Identity is Omitted
As the document verification process works on checking the authenticity of the documents only, the identity information such as name, and age skips which can ultimately direct the customers as a risk to the firm. It might happen that someone who has a fake identity document or has stolen the credentials of someone who has died, may pass the identity verification system if it only depends on verifying documents.
Not enough reliable at all times
While document verification technology is providing a higher level of accuracy as compared to manual identification yet it is not completely foolproof. Fraudsters can devise new fraudulent ways through which they can scam and discard this method.
Wrapping it Up
Lastly, with the implementation of a live document verification system, companies have got an acute chance of detecting fraudsters at a quick pace. So upsurge in duplicating and falsifying documents has caused different sectors to move along with the digital methods of document verification. Whether they are printed documents of credit cards, electricity bills, bank statements, water bills, and much more, they are prone to replication of the content. Furthermore, displaying the documents digitally and getting them verified along with face identification is just a simple technique that can provide numerous benefits to businesses. Yet, on the other side, it has its certain drawbacks which alter with the advancement in technologies in the near future hopefully.