A Formula for Success: AI-Powered Online Document Verification
A Formula for Success: AI-Powered Online Document Verification
Robust mechanisms like real-time document verification must be incorporated for the enhancement of security protocols.
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Identity theft cases are progressing by leaps and bounds in this modern age of technological advancements. The rate at which fraudulent activities are evolving is directly proportional to the momentum at which technology is progressing. Also, the data production rate is increasing with the progression of the human population. Do you know that 2.5 quadrillion bytes of information are generated each day?
Considering the rate at which data is produced and utilized all across the globe, the acquisition of sophisticated measures for the protection of such data is something that must not be neglected by enterprises of all sizes at any cost. Keeping in view the swift pace of progression in identity theft cases, robust mechanisms such as real-time identity verification solutions, especially document verification must be incorporated for the enhancement of security protocols and to combat illicit money transfers, counterfeits, chargebacks, and other relevant fraudulent activities.
How ML and AI Are Leveling up Document Authentication
AI-powered document verification solutions permit enterprises to test numerous elements of identity documents during the process of customer authentication. Some of the mandatory and non-negligible checks that are enforced during the document verification process are as follow:
- Machine learning, as well as artificial intelligence models, ensures that the document submitted by the potential customer is authentic and genuine.
- AI-backed document validation solutions are capable of identifying the extracted format of the documents. There exist such products out there in the market that are capable of verifying documents from more than 3000 document templates, in more than 150 languages from more than 230 territories and countries.
- Integration of innovative artificial intelligence algorithms with reliable identity document verification solutions checks the authenticity and validates the MRZ(Machine-Readable Zone) code and performs the evaluations to check if the field is edited or tampered with.
- Document verification checks and solutions help in the identification of folded or crumpled documents that might be impactful on the authenticity of documents.
- Government-published identity cards possess microprint as an additional security layer for the prevention of fraud. AI-powered documentation verification solution checks the microprint for validating the authenticity of the document.
- AI models that provide document verification solutions are capable of detecting signs of forgery, even if it is capable of detecting minor changes of a single pixel.
- Certain holograms, as well as rainbow prints, are present on the government-published identity documents. Document validation services help in the detection of any alterations that are difficult to detect with the naked human eye.
Advantages of Document Verification Solution
Now it’s high time for enterprises to tight the grip of document verification solutions and leverage innovative solutions because of the following list of advantages:
- Online document verification solutions help enterprises to maintain and enhance the reputation of the enterprise. No doubt it takes many years to develop a reputation but it only takes a couple of minutes to lose reputation. Document verification solutions assist in maintaining decent reviews and this has developed an in-built sense of trust.
- Authentication of documents helps organizations of all sizes to detect any type of terrorist financing and money laundering activity. Hefty fines, immense data breaches, and an enormous amount of money loss can be prevented with the implementation of document verification solution along with KYC AML compliance.
- Credit card fraud is the most commonly encountered fraud whenever it boils down to fraudulent activity in financial infrastructure. AI-powered identity verification solutions help in keeping track of each and every single customer and avoid chargebacks, counterfeits, and other relevant illegal activities.
- Document verification solution enhances the cybersecurity protocols of the financial infrastructure and plays a promising role in deterring illicit money transfers and money laundering activities. This is extremely crucial as more and more businesses are prone to digitization.
- The term “frictionless” is something that must not be neglected at any cost when it comes to providing a satisfactory customer experience. Enterprises can provide enhanced customer experience with the implementation of an online document verification system as it enhances risk assessment and business operations.
What ML Brings to Document Verification
The accuracy, efficiency, and machine learning depend upon the volume of data it consumes. It utilizes this data for self-training and enhances its performance by learning continuously.
Let’s have deep dive into the salient features of document verification:
- The capability of developing a connection with a global database
- Low associated cost
- Instant scalability to any extent
- It enhances business operations to provide better services to potential customers
- The procedure helps in the detection and prevention of sophisticated fraudulent activities
- Quick access to global identity documents
- Detection of errors
- Seamless confirmation to global regulations via slight tweaking in rulesets
Considering the way technology landscape as well as customer demands are transforming at a breakneck speed, organizations that are yet to jump on this altar bandwagon will soon be imposed to do so. The one that fails the adoption will lose their competitive edge.
It All Boils Down To...
Customers are scared of unsanctioned access to their information. Enterprises deal with different types of an immense amount of data each day and verification of such data is something that must not be neglected by organizations of all sizes, from small scale to medium to large, from government sectors to private sectors. The incorporation of document validation services helps in risk assessment and in the enhancement of business operations. Digital document verification along with KYC AML compliance are customer-friendly and play a promising role in the enhancement of the cybersecurity protocols of an organization. The technology that boosts document validation solutions is being enhanced as well as tweaked 4with the passage of days.
It would also like to mention that enterprises not only limit themselves to document verification solutions. Relevant robust and reliable identity verification solutions and services must also be incorporated for better risk assessment and enhancement of business operations. Talking of relevant ID verification services, I mean face verification, 2-factor authentication, multi-factor authentication, consent verification, NFC verification, address verification, face verification, biometric authentication, KYC AML compliance, etc. There exists a vast range of products out there in the market, for instance, Shufti Pro that provides all such solutions at an international level. Hence it’s high time for enterprises to integrate themselves with such products that provide robust, reliable, and global identity verification solutions and services.
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