The significant demand for online services is skyrocketing at an unprecedented pace. As organisations increasingly accept online platforms, they need to verify the authenticity of their clients through online portals. Verifying documents online has become vital for companies in order to provide safety, deliver a superior client experience and discourage service misuse.
For example, ride-sharing apps need Verifying Documents to demonstrate the authenticity of both drivers and riders. By enforcing online document verification, this software actively combats online identity scams by creating a safer environment.
How to Verify Documents?
In a conventional setting, the primary technique for demonstrating an individual’s genuine identity was through the usage of passports and physical ID cards. Yet, in the online era, the significance of online verification of documents, can not be overrated as it plays a crucial role in maintaining trust with the target audience.
The Verifying Documents process confirms the legitimacy of the data. This verification procedure includes various steps, such as utilising Optical Character Recognition (OCR) and analysing the submitted document’s originality. It also compares the authentic microprint text to confirm identity authenticity. By utilising these methods, organisations can validate the documents provided by their clients, thereby fostering trust and verifying security in online transactions.
A document verification process can effectively confirm various official documents, such as:
- Bank Statement
- ID card
- Driver’s licence
- Utility bill
- Employment and educational documents
- Insurance agreement
The verification procedure involves analysing document characteristics such as watermarks, stamps, fonts, holograms, and other security elements. The software can effectively authenticate or approve the document by automatically examining these features. This automation immensely saves effort and time for companies, permitting employees to assign their time towards offering better services rather than conventionally verifying documents.
Why do Companies Need to Verify Documents?
No doubt, online identity theft poses a crucial challenge for all organisations working in the online realm. For example, statistics indicate that 47% of US citizens are victims of financial identity theft. The financial occurrence of identity theft cases was evaluated at $502.5 Billion in losses in 2019.
These losses surged by 42% to reach $712.4 Billion by 2020. Moreover, projections show that losses will continue to grow, with a forecasted amount of $721.3 billion by 2021.
In this context, verifying documents appears as an important tool in investigating a client’s identity. Online document verification is crucial for capitulating with Know Your Customer (KYC) regulations and the account opening process. By enforcing robust document verification measures, organisations can efficiently reduce the risks linked with online identity theft. It safeguards their client’s identities and ensures compliance with regulatory requirements.
Role of Document Verification in Strengthening Security
Document verification software is an invaluable tool for businesses to instantly and securely authenticate new clients during onboarding. By utilising online document software, organisations can immensely reduce client onboarding time to just seconds. This software employs AI-enhanced optical character recognition (OCR) abilities to actively fetch relevant data from ID verification documents.
Afterwards, this data can be easily integrated with the company’s current customer relationship management software. It allows the generation of detailed and comprehensive customer profiles, facilitating customised services, efficient relationship management, and business growth.
Different Types of Document Verification Process
Different companies necessitate particular forms of document verification. For example, financial institutions such as banks usually require passports as part of their verification procedure. A ride-sharing app may require a driver’s licence while on the other hand, banks require multiple documents for verification purposes. Therefore, there are multiple types of documents, as illustrated below:
1. Education Certificate Verification
This method concentrates on verifying an individual’s educational qualifications and the accuracy of the data provided. The procedure of education certificate verification includes the following:
- Verification of the copy of the degree passing certificate
- Verification of the copy of the degree mark sheet
- Confirmation of the year of graduation
- Validation of the roll number or registration number
2. Certificate Verification/Professional Licence
During the certificate verification or professional licence procedure, the following aspects are discussed:
- Verification of the Award Date: The date on which the professional certificate or licence was granted is verified to ensure its authenticity.
- Inspect Licence Status: The contemporary status of the licence is inspected to verify its validity, including if the licence is active, revoked, expired, or suspended.
By performing these verifications, the legitimacy, and accuracy of the professional certificate or licence can be ensured.
Verifying documents helps in combating online identity scams but also assists in compliance with regulatory requirements, and strengthens overall security. Document verification software permits organisations to authenticate new customers instantly and securely during onboarding. It enables businesses to provide personalised services and drive business growth whilst ensuring efficient relationship management.
Different industries require specific document verification types, such as education certificate verification and professional licence verification, to ensure the authenticity and validity of licences. Enforcing robust document verification measures is crucial for organisations to secure their customer’s identities, comply with industry regulations and build trust.