Opening a bank account or registering for a digital service, all require performing document verification to effectively proceed with the process. With new dimensions opening in every department, determining the document’s authenticity manually has evolved into an online document verification system. As fraudsters are prevailing in the digital space frequently, it has made it essential for companies to identify their clients before onboarding them. Managing risks, ensuring proper data security measures, finding solutions for lack of resources, and handling the effect on customer experience can get challenging for companies. Thus, it is vital for businesses to initiate an online document verification portal to e-verify documents of each individual before they can perform any sort of transactional activity.
Moving from the Manual Data Checks to Online Document Authentication
Before the rise of the internet, smartphones, and the crisis of the Covid-19, the traditional way of verifying identities was meeting with a client physically to perform face-to-face identification. But this process came to a halt due to the recent pandemic. Businesses started to operate digitally which caused them to get vulnerable to risks of fraud. It also imposed that the companies verify their customer through digital document verification services. This caused them to generate profitable ROIs in a time-efficient manner as the risks of getting inflicted by fraudsters came to a low rate. Automated-based algorithms added a layer of security for businesses in dealing with other stakeholders, business partners, vendors, etc.
The Statistical Increase of Identity Thefts
False personating is an illegal act through which a person obtains benefits by deceiving the identity of someone else. It is considered to be offensive but has increased in recent times. As per the reports of the Federal Trade Commission (abbreviated as FTC), it received an amount of 2.8 million fraud reports from consumers in the year 2021. Out of which almost 1.4 million were cases related to identity theft.
How to Verify KYC Documents Online in a Compelling Way
Understanding the document attestation software is essential for securely onboarding customers. KYC allows companies to detect fraudsters by carefully verifying their documents. It is vital to know how to verify documents online for businesses to implement it as it works on a simple 3-step procedure :
- Uploading of Documents: In this initial step, the client is asked to upload their government-issued documents as they wish to onboard. These documents can be a driving license, passport, identity document, or any official bank letter.
- Any sort of Evidence: Proof of evidence is required to be given so that the information could be cross-matched and detect any fraudulent activity being carried out.
- Generating Results: The client is notified about their status of identification and is dealt with accordingly.
4 Reasons to Establish Online Document Verification Services in Businesses
As fraudsters utilize various ways to temper documents according to their own desires, online document verification services will cause to enforce an extra layer of security by detecting any modifications made to the documents before fraudsters get onboarded. Even if the imposter uses advanced software to forge the documents, it will get detected.
Forming Better Relationships
Managing piles of documents and accessing information from them can be tedious. This annoying task has been eliminated with the execution of online documentation service providers. Businesses value customers’ time by verifying their documents in less time. This creates a positive image in the minds of consumers and enhances their relationship with the companies.
Ensuring Great Accuracy
Determining an identity of a client manually can pose risks of human errors in the data being typed by the customer. Handwritten documents can sometimes become difficult to read which can cause problems in data entry. By e-verifying documents, greater levels of accuracy can be reached as the system works on an automated system.
Every business wants to achieve its deadlines in the allotted time. Manual document checks are time-taking and can affect employee productivity. It can save the time of the workers through which they can complete some other useful tasks which can prove to be of value for businesses
Wrapping it Up
Using stolen documents and forging them to conduct illicit crimes by impersonating someone else are devious crimes related to document fraud. Online document verification has diminished the manual data checks as they are more reliable and time-efficient. Customers want to attain results by utilizing less time and gaining accurate results. To e-verify documents, users upload their required documents digitally for identification purposes. These digital files can be caused the companies to reap numerous benefits and keep fraudsters at bay in the best possible way.
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