Identity theft is a rising challenge for customers, industries, and the corporate sector. Present statistics reveal that identity theft resulted in over twenty-six USD in losses in the United States last year. As companies and industries look for secure ways to combat identity theft, particularly with data breaches on the rise, one technique that has increased in popularity is using document verification to verify user’s identities.
Document Verification assists your potential users to authenticate their information over the internet, rather than in-store, physically, one-to-one. It allows your business to meet strict regulations, involving AML and CFT.
How does document authentication work?
A person whose identity is being validated originally holds up their ID to a web camera or back-camera of a smartphone to scan related data. Once the photo has been allowed, it is then analyzed by the software to validate the document analysis. In some instances, the picture is also analyzed manually by document experts which detect signs of forgery or fake results. An added feature available is for the individual to give a live image capture of their facial scans for matching them against the image on the document. Lastly, the result is either acceptable or not acceptable.
What are the benefits of employing document authentication to validate your identity?
Ease of Use
With present document checking, authenticating someone’s identity can be as easy as giving a digital image of an ID such as a passport or credit card. This can be done physically using a web camera or even digitally by transferring an image taken using a phone.
Quick turnaround times
Rather than having to submit proofs of IDs by email or physically and having to wait for an expert to physically authenticate whether they’re real, document authentication services can quickly check a document submitted electronically.
Provide speed and ease to your users
Decrease risk and onboard legitimate users
As your online companies increases, authenticating the identity of the customer becomes more and more significant, both for the business and for your users. As stated by the 2021 report on global fraud, the shortage of an apparent security procedure is the principal reason why users abandon an online payment. Identity document authentication decreases risks, increases user faith, and assists in compliance with local regulations, all automatically and generating fewer mistakes than manual procedures.
As we can see, document authentication has its benefits, but it is not sufficient to rely on it as the only technique for authenticating identities. In countries such as the UK, Jamaica, and New Zealand, the laws are clear that more than one independent reference must be utilized to make sure that an identity has been reliably authenticated. Utilizing various sources can assist in preventing imposters who have taken one set of personal information for performing their payments. For best results, achieving a multi-layered aspect presents the greatest level of identity proofing for online payments.
For online payments, document authentication can be efficient in reducing fraud. In addition to giving the usual data vital for IDV, KBA is often used, especially in the form of queries that only the legitimate person should know the solutions to. These are usually out-of-wallet queries since they want data that cannot be found on an ID. Document authenticating works behind the scenes to make sure that only legitimate identity document is recognized. This solution examines the unique data contained in the ID to check their authenticity, then make sure that the initials appearing in the document is similar to that of the ID so that only the legitimate individual can access the contract. By allowing artificial intelligence-based document verification services, companies could simply reduce identity frauds and protect their users and companies from malicious activities that occur due to identity theft scams online