The need for verifying documents in the business sector is increasing rapidly to avoid fraud. Verification of documents is important for firm security, preventing misuse of firm assets, and providing a better client experience. Document verification checks are useful in combating online identity theft and making online experiences more secure. Nowadays, AI and ML are being integrated into modern security systems, which makes them more efficient, reliable, and secure. These new techniques are becoming more effective, dependable, and secure because of the integration of AI and ML. The online document verification process now meets all of the required parameters.
Typical vs. Modern Verification of Documents
In recent times, it has been necessary for people to show original passports or ID cards to authenticate their identity. Modern verification of documents entails using ICR & OCR software to authenticate the legitimacy and authenticity of the delivered documents. It also examines facial identity using integrated modules for facial recognition. The modern document verification process has made it easy to verify any type of document, like ID cards, bank statements, utility bills, driving licenses, and so on. The document verification service process validates the document’s specifications, such as fonts, official stamps, watermarks, and other important components, and then automatically approves it. Officially, digitization makes it easy for employees to deliver better services and save money, time, and effort for the firm.
Importance of Verification of Documents
Document checks are highly valued by businesses, and as a result, the verification of documents has become an essential tool for validating documents. While onboarding the new client, the document verification service quickly determines the legitimacy of the new customer while maintaining all security measures. The online document verification process reduces the onboarding time and staff cost for organizations. The recognition modules can quickly extract data with the help of AI-powered ICR & OCR software, cross-check it with the most recent CRM software and create accurate and detailed customer profiles.
Advanced Automation for Verification of Documents
Every identity document is distinctive and unique in terms of its layouts, information, watermarks, micro prints, and logos. The document is carefully scanned to ensure that all of these security specification placements are accurate. The only thing that is required is a clear scanned photo of a particular document. Last but not least, the final results should be horizontally aligned and visible.
Increasing the Efficiency of Online Verification of Documents
The document-checking process is very straightforward. Information is simply gathered from customers at a predetermined source, then the important data is extracted with the help of software. By integrating various AI steps, the documents are examined and specifically validated, which reduces identity theft. After verifying the humans in this process, the documents are finally verified. The documents are finally verified after the person in this process has been verified. This entire process involves numerous steps, none of which can be skipped or compromised.
Data extraction from received documents
This is the initial stage of the online verification of documents. The submitted documents are prepared for a quick scan. Clients are asked to provide high-quality photos or videos of any relevant documents. The integrated algorithms and programs scan specific information, like barcodes and QR codes.
Extraction of Data
The documents are used to extract specific information. The intelligent document verification process extracts the relevant data while discarding the irrelevant.
The extracted information must be verified in order to determine whether the document is still accurate. Organizations can compare the extracted data to data from any other source to determine whether the information is accurate.
Different Verification Checks
- Edge Detection
- Face Detection
- Document front & back correlation
- Upload selfie to verify identity
The final step involves sending the document that is flagged as wrong through an approval process. This symphony of automated and manual workflow is frequently referred to as the “human in the loop verification process”. The documents are then validated after being thoroughly examined for everything.
The software used for the verification of documents can accurately distinguish between different kinds of forged, counterfeit, and fraudulent documents. The accuracy of the online document checking procedure is 98.67%, which is higher than the traditional document verification process. Users can save resources and time by quickly verifying themselves while relaxing in the comfort of their companies or homes. The novel document verification methods can be used to verify thousands of different kinds of documents from around the globe. Modern banks, e-commerce enterprises, financial institutions, airports, and other organizations now commonly use AI-powered document verification processes to prevent fraud and other financial crimes.