In the beginning, identity document verification was primarily used by only banks, law enforcement agencies, and huge multinational corporations but now in this fast-paced environment every business regardless of its nature, requires a full-proof identity documents verification system prior to recruiting workforce, signing up for partnerships or mergers, and identifying genuine customers.
As of today’s date, the AI-driven digital solution is being used in digital currency exchanges and many more. it performs errorless ID checks on souls to find out any unfavorable information for the verifying party.
The identity document verification confirms the partnership or onboarding by attesting the ID archives.
The Scanning of Verification Documents
For a full-proof identity document verification, the digital solution comprises some straightforward steps. The process is simply referred to as KYC. Where the banks and firms inspect the entire background and necessary information of whoever wishes to get on board as a client.
- The person submits soft copies of his/her required ID documentation such as a photo-based national ID card, passport, and other documents.
- The person moreover also needs to transfer a live selfie for facial recognition, where the identity document verification examines it with the image imprinted on the documents
- After the submission of both, the global identity document verification system authenticates the originality of records by matching the data against information in top-secret electronic data storage units and watchlists to ensure beyond any doubt that the client is true and risk-free
Now if the customer is an organization, then the identity document verification method covers not only the personal track record of the proprietor. But all parties involved within the business, including the major share/stakeholders, customer segments, and much more.
The Advantages of Using AI-Powered Document Verification
Online document verification has a number of benefits, including a quicker turnaround time. It can also effortlessly verify several papers from all around the world. Each with its own set of fraud detection criteria and elements.
Furthermore, when firms utilize AI-powered document verification systems, the frequency of errors decreases dramatically.
Using a combination of document verification and biometric verification
Comparing a digital image on the ID card is the best way to detect fraud. We can inquire if things match up as they should by comparing papers to templates. We believe that this should become the industry standard for identity verification. Because it is one of the most effective methods for preventing most sorts of fraud.
Can Automated Identity Document Verification Solutions be trusted?
Still few people or businesses, after witnessing the accuracy. And in addition prowess of digital automated technologies, get curious about how the AI-based OCR technology delivers accurate output.
The self-learning model of the identity document verification solution enhances the performance standard. It also reduces the chances of engineered ID frauds and money laundering.
Use cases of Identity Document Verification
Many vulnerable teenagers are becoming the victims of sensitive drugs, in online gaming as well, the violence showcases impact the subconscious minds of players. The identity document verification assists the gaming platforms, healthcare service providers, and other businesses to conduct age-checks via ID proofs.
Fraud Prevention in Medical
The engineered identity document frauds have reached an alarming rate. Other than banks and huge enterprises, pharmacies, and hospitals have become its target as well. Billy Joe Taylor did make almost $100 million illegally by scamming a healthcare scheme. A systematic identity document verification is of great importance in such sensitive cases.
The global identity document verification system inspects the submitted soft copies of the prospective client. Or firm’s documentation by cross-checking it with top-secret electronic data storage units that comprise complete information about registered citizens. The volume of the importance of identity document verification solutions is substantial for every global business out there. No one knows how far it will go. The Artificial Intelligence-powered technology can conduct age checks, verify addresses, and the AML history of people in seconds, leading to a secure environment.
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