Online document verification has become crucial for identity disclosure in businesses and banks. It is a valuable tool in the current digital era, where the remote environment is familiar everywhere. You do not have to visit the office physically for the document attestation.
It may not be mind-blowing for you, but it becomes an OG verification solution with the other advanced verification options. That's why online document verification is whipping out the old manual traditional document attestation technique. Below this article, you will find the benefits of document verification online and how it works.
Why Is Online Document Verification Important?
As the world is gradually moving towards the digital globe, the forgery of documents has become easy for anyone. Therefore, businesses and financial institutions need authentic and legitimate document attestation techniques. The online document verification system can deal with myriad financial issues.
Online document verification helps the financial institution build customer trust in its ecosystem. Without document verification, it is problematic for the banks to follow the AML and KYC regulation. The online document verification process makes it straightforward to comply with these regulations.
As the demand for online services increases, e-commerce covers all our needs. Whether grocery, clothing, medicine or any retail business, they all saw tremendous growth in online sales. It is more complicated for businesses to detect their customers. Online document verification is vital for many companies to ensure safety, eliminate the risk of misuse of the platform and furnish the customer experience.
How Does Online Document Verification Work?
Simply document verification is a process to verify whether the consumer-given government Id card, such as a passport, driving license, etc.,- is authentic or not. The online document verification process will confirm client identification by running different types of security check algorithms on the ID paper given by the customer.
Online document verification systems work depending on your company's policies. What data type is needed, or what document are companies verifying? Document verification online is accomplished after checking the document's legitimacy from different validity checks and comparing it to different data sets.
The online document verification system can be broken down into the following steps:
Facial Detection: it starts from the detection of the character by AI technology. Photographic ID provides the detailed information needed for identity verification. Some document attestation software has identity verification systems that pull image data and compare it with others' internal photos.
Data Correlation: after identifying the picture, it's time to collect the data from the document and correlate it with the consumer. Many official documents have the data on both the front and backside. You can request that users upload images of documents to the site. Virtuous online platforms for verification documents correlate the data and make sure that the data is related to the given consumer.
Data Validation: the next step is verifying whether the extracted data is authentic or manipulated. It links the information from the database and checks the borders, data, fonts, and signatures. Additionally, the online document verification process prevents watermarks and other forms of recognition. This process involves hundreds of validation checks depending on the documents and company regulations.
Advanced Biometric: selfies and live photos are also part of advanced biometric solutions to know your customer (KYC). It supports the immediate image comparison against the given IDs of the consumer. This also helps in the liveness of accurate testing that the correct user is providing the document and ensures there is not any document spoofing.
Benefits of the Online Document Verification
By leveraging the document verification process online, companies can enjoy many powerful benefits.
Fast Onboarding Process
The employer onboarding a new hireling is a challenging task. Onboarding firms spend a lot of resources in the internet market. A large number of online transactions make this a golden sparrow for cybercriminals. Depending on the company's regulation, there are different laws to identify the user's identity. Online verification of documents is the most efficient and reliable approach to comply with all legal obligations.
Decrease the Time-Consuming
Businesses and financial institutions are still now dependent on the traditional way of document verification, which is not only time-consuming and also prone to many human errors. On the other hand, the online document verification system eliminates manual human validation and gives authentic results in less time. It will reduce the cost and time.
Less Fraud Risk
Even though businesses and banks have strict KYC and AML regulations, they can not safeguard themselves from fraud. Criminals get loopholes and carry on financial fraud in other customers' names. Following KYC and AML standards, online document verification lowers the risk of fraud.
Finalizing Online Document Verification
Online document verification impacts all aspects of the company, from the finer customer experience to safeguarding security. If companies want rapid growth, they must shift document verification online. Businesses swiftly enroll new customers by only capturing a picture and robust verification technologies.