What’s at stake when it reaches document verification and identity theft. It appears out to be, quite a lot. Approximately 1 in 3 United States adults have been targets of identity theft and it also costs a significant amount. Identity theft presently amounts to the economy five trillion USD per year. As an industry, you need to ensure that imposters aren’t authorizing your items and services. But you also don’t need to detect legitimate users. If your onboarding procedure is time-taking, this will automatically annoy users. You have to find a perfect balance. The ease and authenticity your users want. And the safety and precision your business requires.
So what can companies do to safeguard themselves and their users?
The document verification process in a company that’s all about users, it’s vital that you know that a user is who they claim to be. Most companies will have a procedure in place for performing thorough checks, but a manual procedure is cumbersome and inaccurate. It is vital than ever to authenticate the documents of users due to an enhanced risk of terrorism financing. IDV is important to immediately authenticate the document of visitors in real-time and quickly, making both users and businesses providing the experience of feeling secure.
How does the document verification process operate for identity checks?
A user whose identity is being authenticated initially holds up their ID to a website or front camera of a phone to scan similar data. Once the picture has been accepted, it is then verified by the system to authenticate the document verification. In some instances, the picture is also done by document experts who can detect tampered or forgeries. An extra choice present is for the individual to provide a liveness detection of their facial scans for matching against the picture on the document. Lastly, the result is sent to the back-office through API.
The advantages of the document verification process
Users may be familiar with the procedure of document and identity document verification. It’s something that monetary institutions and other companies have done for ages. But you might only be utilizedig to verify an identity document in a physical atmosphere. This generates resistance for users, reduces down the procedures, and limits your company from scaling.
A digital document verification process enables you to authenticate your users’ identity verification online. It’s a seamless way to verify if an identity document is real, as part of a remote onboarding procedure. This ascends and raises the effectiveness of your identity document checks. It guards your company against tampered or forged identity documents while making life simpler for your users.
The issue is, many companies do not have the resources, efficiency, or technological advancement to perform advanced document verification. There are various kinds of document fraud, and each one requires a different technique of prevention. It requires a lot of time and energy to recognize the various types of fraud and to prevent them.
What is an identity document?
An identity document is any report that might be using to verify an individual’s identity.
This is where an intelligent document verification solution can assist. Using document verification to find the various types of identity document fraud. As every category of identity document fraud differs from each other, you need various approaches to detect as many of them as possible.
For instance, a suitable way to recognize illegitimate documents is to find information consistency. This involves checking the document enrollment number, closing date, DOB, gender, and other encoding information is available on all fields on the card. Visual document verification analytics can detect illegal documents from deceiving through the cracks. By comparing documents against a template, we can check if the information matches up as they are required.
When it appears to incorrectly represent documents, data gets a bit harder. Evidence-of-ownership authentication is the only way to actually fight these types of malicious attacks. So, while document verification has its advantages, it will be less efficient at detecting fraud when using as a stand-alone solution. Hence, it only appears that an identity document is real. It cannot authenticate the identity of the individual using that ID document authentication.
Combing document verification process and biometric authentication
The perfect prevention of fraud like fake represented documents is to compare an online image or video of the consumer on the identity document check. A documentation verification plus liveness detection authenticates that the document is real, and is linked to the individual presenting it. We assume that it should become the standard for IDV, as it is one of the efficient techniques to reduce most types of fraud.