ID Document Verification – Solution to Reduce Identity Fraud
Nowadays, the number of victims of identity fraud has increased all over the world. As per the statistics, there were approximately 15 million cases reported of identity theft in the year 2018. Furthermore, the number of digital transactions has increased during the pandemic. It implies that data violations and cybercrimes cases are on the rise too. However, digital ID document authentication procedures have increased in popularity. The integration with advanced software allows the ID certification processes to perform better verifications. With AI-powered software backing, the accuracy levels of the verification process elevate.
Fraud Prevention – How does ID Verification play a Role in it?
Whenever a client goes for opening an account or executing any financial exchanges, the staff members require the customer to provide their government-issued documents. The staff members attempt to verify the information and cross-check it with information. It is to make sure that no criminals are trying to fulfill their objectives.
AI technology has been upgraded so that it can easily replace an authentication officer. The good news is that authentications can also be performed remotely. In this way, the distant customers get their document verification system results without a hassle. These verifications procedures are critical to performing because they check the validity of the profile of the customer.
How Document Authentication can be Applied with the Integration of Artificial Intelligence and Machine Learning?
The advancement of technology benefits organizations. The other side is that fraudsters have obtained these technologies and they can use sophisticated methods to fulfill their malicious plans. Nonetheless, the technology is helpful in early fraud detection. The documents get evaluated against certain criteria. They are in the following:
The artificial intelligence software checks for signs of authenticity in the documents. It is critical to ensure that they are genuine and authentic at the time of submission.
Identification of the Format
The software performs authentication on multiple document formats. It is even applicable for submissions from abroad because the format can be different in different countries.
The Application of MRZ Code
The document authenticity is checked through the MRZ code (machine-readable zone). The evaluation happens to check if there were any signs of tampering in the records. After the assessment, the MRZ code decodes and the software cross-checks it with the data on the records.
Detection of Wear and Tear in the Records
Usually, companies use paper-based documents. The paper can experience natural wear and tear which can compromise the quality of the document.
Catching Signs of Fabrication
When the software enhances its experience through accurate data, the artificial intelligence software can detect anomalies and fabrications correctly.
Identifying Elements of Original Documents
In government-generated documents, there are special elements (e.g. holograms). Artificial intelligence searches for these markers and determines the originality of the records.
ID document Authentication – What are the Benefits?
More Speed and Ease for the Clients
It is obvious that manual authentication procedures are time-consuming. The latest AI and ML-backed technology evaluate the client’s identity quickly through their passports or ID cards. It happens by simply submitting the image of the records through a computer. Clients can also use their mobile devices for completing the process.
Minimized Risk for the Onboarding Genuine Clients
Businesses that are seeing massive growth, should opt for client identity verification procedures as it is critical for their data safety. Customers do not want to take services from companies who do not take their data safety seriously. In this regard, the ID verification system minimizes risks in the business and enhances their trust in the organization. The procedure facilitates institutions in complying with the rules and regulations. Everything happens automatically with high accuracy in the results.
ID document authentication is a popular technology in the business world. It is a scalable solution for companies to adopt in order to beat their competitors in the market. The solution keeps track of the important information and crosschecks it with other data. The step is important to carry out for effective fraud prevention.
The ID document authentication works silently in the background so that only genuine IDs get verified. The solution is important to analyze in order to make sure that the details showing up in the documents match with the previously submitted information. It is important so that only the client with authorization can have access to it. The artificial intelligence-backed documents for identity proof certification procedures have the potential to reduce scams. The latest software can help individual clients and organizations in avoiding financial losses that arise due to digital identity theft.