Identity theft by stealing documents and criminal activities like money laundering, terrorist funding, and bribery are raising concerns of corporations via digital platforms. The advanced technologies are backing business operations but the rise in fraudulent activities is disturbing world peace. In this scenario, cybercrimes are not the only ones to blame. The corporate sector needs to make efforts to adopt preventive measures to protect their businesses from suffering losses. They need to comply with the regulatory obligations to improve the level of security. As everyone knows, corporate data, as well as customer information, is store in a digital system. This digital system has become unsafe due to the rise in illegal activities like data breaches. The system has made it easier for criminals to access data and fulfill their illicit desires using advanced technology. That’s when document verification solutions came to aid digital businesses. The new technological process of document verification process has made it easier for people making the workflow a smooth process.
Identity Document Verification – Deep Learning
Identity theft, fake verification documents, and accessing people’s accounts unlawfully remain the top news of the technologically advanced era. Frauds have also transformed their nature as the world is moving towards digitization. Diving deep into the client’s profile and having access to their confidential information, there come several cybersecurity concerns. The corporate sector needs to deploy ID document authentication in their systems rather than just focusing on going digital. Moreover, the pandemic made the situation worse because everything went from conventional ways to an advanced level. The digital onboarding process is introduce yet the risk factors were still there. Companies introduced flexible work hours and even work from home solutions to keep their services entailed but fraudsters avail this opportunity without missing a chance and carried out frauds in a large ratio. Imposters can access and exploit the company records and use them for their purposes as it’s a piece of cake for them. Cybercriminals represent themselves as legitimate individuals by impersonating document attestation. When business entities are full of loopholes, facing fraud and crimes becomes the fate of the company.
Several Types of Simulated Documents
- Illegitimate Documents
These are the documents that hackers create on purpose with stolen information from victims’ identity documents. Some characteristics, such as unique paper and holographic imprints, distinguish stolen from legitimate documents.
- Photoshopped Documents
Criminal activists frequently find it easier to modify and tamper with ID documents that are affiliate with a legitimate entity rather than creating bogus ones.
- Abducted Documents
These are genuine documents that have stole from an actual person. They are not fakes or photoshopped.
Online Verification of Documents
Attestation systems for ID documents are simple to use. Businesses can profit from verification solutions by quickly integrating APIs into their systems. Through digital platforms, clients must supply personally identifiable information such as their ID number, name, address, and so on. Customers must also scan and upload their identification documents utilizing OCR Technology programs.
Furthermore, AI is improving the verification method because it can now detect traces of photoshop or manipulation by studying holographic prints, among other things.
Updated Technologies- All set to Combat Document fraud
Keep in mind that old-school verification techniques were insufficient and are no longer appropriate for the digital age. They also necessitated a significant amount of effort and money. Document verification solutions have been develope by SaaS providers to handle corporate issues.
Intelligent technologies such as artificial intelligence, optical character recognition (OCR), and machine learning are improving the document verification process to make them capable of extracting and interpreting customers’ ID documents to protect businesses from the negative consequences of data breaches and identity theft.
Online document verification systems base on technology are assisting businesses in identifying questionable financial transactions, such as money laundering and terrorism financing so that criminal actors can be prosecute. As a result, ID document verification can assist organizations in preventing such frauds. The business sector may save money and make the onboarding process more secure by using AI-backed online document authentication.
The Bottom Line
To summarise, ID document verification systems help digital businesses defend their digital environments by enabling ultimate fraud detection. Businesses may ascertain the original identities of the clients and eliminate the risk of fraud by using smart document authentication solutions. That’s how address verification solutions prove to be beneficial in the financial and industrial sectors.
