As online platforms are growing day by day the financial crime rate is also increasing. It is projected that from 2017 to 2027, the ratio of online identity verification platforms will increase from 4.93 billion to 18 billion. Verification of identity documents is necessary as it tells you whether you are connecting with an authentic person or not.
Online document verification is used to verify ID documents, passports, bank statements, and all the bureaucratic documents that need verification for completion. To get a proof of Identity document, a genuine image is necessary that will be checked against the ID document’s picture. The pictures are compared just to check whether the customer is authentic or not.
Why is Document Verification Important?
Document Verification is necessary for every online platform that wants to
- Secure its business from fraudulent activities
- Alleviate the risks of crimes within their firms.
- Want to build a trusted relationship among their customers.
For instance, SAAS companies including In-driver, and Uber that help both their customers and drivers need proper details of their clients. They verify their client’s documents through online document verification to ensure that they are working with an authentic customer or not. These precautions are necessary for online businesses so that they can combat digital identity theft. Moreover, the customers can get a seamless encounter through their businesses.
Traditional Ways of Verifying a Document
In traditional times, the customer has to submit his Identity card with a few documents to the office. This process is manual and requires a lot of effort. The officers had to spend most of their time checking the documents and it resulted in human errors mostly. To solve all these issues online document checks were introduced that are now working with increased energy and less time. Businesses can now easily verify documents online.
Software for Document Validation
Online document verification can be done by Nanonets and Match genuine microprint. These two software checks for the validity of Identity documents, tax statements, passports, and all academic and bureaucratic documents. With this software, workers can now go to their homes on time.
Advantages of Online Document Verification Service
Online document checks can automatically validate the new clients on the platform. The system can automatically refresh itself, it doesn’t need human efforts for its work. These services are helping companies in their onboarding procedures. With online document verification, both the company and the candidate can easily interact during the onboarding process.
Now, the candidates don’t have to waste their time while submitting their documents and CVs by going to the office branches. They can easily submit it online by saving their extra energy and money. Now the companies do not have to waste their time on checking whether the candidate is eligible for the post or not because it automatically checks out for the client’s eligibility. Through online document verification services, companies can easily verify their candidates and save themselves from fraudulent activities.
Steps to be Taken
These three steps are necessary for an online document verification process :
Original Image Submission
To verify the documents online, the customers must submit an original image with their ID documents so that the system will check for the validity of the customers. To ensure the companies that the customers are authentic, they also have to submit one of their selfies so that the system can co-relate the original image with that selfie.
Verification of the Documents
After the process of submission, the system checks the documents whether they are authentic or if someone pretends them to be authentic. If the system finds any identity document forgery then the particular client who had submitted those documents shall be held responsible for it.
When the system has completed its process of checking the documents and finding everything up to its expectations then the customer can look up to the results.
The documents that are not acceptable during the process of validation are the documents that are presented by the customer with forged information. The unacceptable documents might include some stolen documents that have no relation to the client who had submitted them. For these forgeries the system has given the initiative, to compare the details given by the client with the original ID documents. This way the system can easily find out the culprit.
Online document verification is necessary for companies because it has AI algorithms that help it to work effectively. Document validation is providing its services to all large and small sectors. Through these, the clients can not only get their documents verified but it will also secure them from criminal activities. Moreover, this service takes complete care of its customers and never shares their information with any other server. Through these services, the companies can save themselves from document fraud and live a peaceful life, free from financial crimes