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Identity Verification - Secure Your Business From Identity Frauds

បានប្រកាសនៅ Business នៅOctober 04 2021 at 06:01 PM

Identity frauds have become a major threat for businesses online. With the increase in online transactions among various online platforms, financial thefts and identity frauds are also increasing. While online ID verification solutions integrated with cutting-edge advanced mechanisms are also gaining prominence across various business platforms. Document verification performs customer authentication and onboarding through government-issued ID documents. Businesses can adopt document verification solutions to accurately identify and authenticate customers at a large scale. Securing their business from identity thefts.

 

What is Identity Document Verification?

Identity verification document is a process to authenticate the end-user through government-issued ID documents before authorizing his access to the business ecosystem. It helps businesses to ensure that a legitimate end-user is present during the authentication process while preventing fraudsters from exploiting their system.  

 

Online Document Verification Vs Manual Document Verification

To open an account in any financial or banking institution requires physical verification. The customer is required to submit his ID document such as an identity card to perform any transaction. Bank employees verify the identity of the customer by matching his face against identity documents to reduce the risk of fraud. Online document verification software replaces the bank employee to authenticate customers remotely with the use of artificial intelligence. 

Organizations can perform remote transactions while verifying the identity of customers carrying out transactions in real-time. Fraudsters tend to bypass the verification process by using fraudulent and stolen documents to perform transactions on the behalf of verified documents. However, document verification helps to identify and eliminate such frauds.

  

How AI-Based Document Verification is Performed?

Document verification integrated with artificial intelligence helps businesses to perform seamless customer onboarding with high accuracy. While detecting and identifying fraud in real-time. 

The document verification process consists of three steps given below:

  • In the first step, the end-user registers himself by providing the image of the identity document.
  • After the registration of the end-user, the information on the identity document is extracted with optical character recognition (OCR) technology.
  • OCR technology screens the collected information against the government verified data to check the validity and originality. After successful validation, the results are shown to the end-user and kept in the system database.

AI-enabled document verification inspects numerous features of the ID document to authenticate the customer. Following are the checks used for validation:


Document Authenticity Test

Artificial intelligence and machine learning algorithms are used to ensure that the end-user’s ID documents are genuine. 


Format Recognition

The artificial intelligence-based solution can accurately identify the correct format of identity documents.


Verification of MRZ Code

Machine learning models are used to check the accuracy of Machine Readable Zone Code by analyzing whether they are not tempered in the document. After successful verification of the ID document, it decrypts the MRZ code and compares it against the information of the document.


Inspection of Folded Edges

Artificially intelligent document verification software detects folded edges that can affect the authenticity of the ID documents.   


Detection of Photoshop or Forgery

With the help of an accurately trained data model, the document verification solution detects forgery in case of a minor change in the pixels of the ID document. 


Verification of Holograms

The holograms on government-issued identity documents usually hold distinct holograms. Artificial intelligence-powered document verification has the potential to detect any tampering or modification in these holograms.

 

Advantages of Document Verification

Online document verification solution verifies the authenticity of the ID document while eliminating frauds and providing a better customer experience. Following are some of the advantages of document verification solutions:


Convenience and Swift Verification

Ease of use and speed are crucial means for providing an enhanced customer experience. Physical verification is a slow and problematic process. With an online document verification solution, end-users can quickly verify themselves by providing an image of ID cards, passports, or driving licenses. This process is carried out in real-time to get rid of lengthy manual verification procedures. 


Onboard Authentic Customers and Reduce Fraud

The verification of the end user’s identity is an important process for the business to build trust among customers. Due to a lack of effective security checks, end-users tend to abandon the process of online transactions. Know your transaction limitations can really assist businesses to prevent scams. Document verification reduces the security risks while increasing the end user’s confidence. Document verification utilizes the unique information of the end user’s ID document to check their authenticity. To ensure that verified end users have access to their contract.

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