How a Document Verification Solution Authenticates a Prospect?
A systematic document verification solution guarantees an authentic and legitimate customer expansion and ruins the efforts of fraudsters and scammers. Such souls are running a kind of business where synthetic IDs and documentation are supplemented to potential buyers for different reasons. The reasons can be ranging from money laundering, funding of terrorist or rogue groups, committing insurance frauds, and many more.
The document verification solution might not help regulators directly to penalize such criminals but surely enable businesses of several fields to do their part as socially responsible corporations. The digital authentication service is provided to global industries such as digital banking, online gaming and gambling platforms, travel, insurance, and so on.
The validation of identity and other credentials is confirmed in the following steps:
- The prospect uploads his ID credentials like national identity card, utility bills, passport, CPR smart, bank statements
- In the document verification solution, machine learning algorithms of the system run state-of-the-art OCR (Optical Character Recognition) technology. The screening service captures and verifies the information from data sets digitally hardcoded into secure data warehouses of regulators and intelligence
- Post the documents verification, results are instantly displayed.
For the document verification process, the verifying platform can train the data extraction model in moments by practicing the following steps:
- The verifying firm uploads a couple of different sample documents or templates for configuration purposes
- The necessary fields of areas are selected of the document by the cursor, to create the verification checkboxes
- Post this, the firm names and save the particular training model in document verification solution
- At the time of customer onboarding, for different types of documents, different data extraction models are selected from saved ones
- In identity document verification, several scanned images can be selected at a time
- The final results are created in the form of a data extraction report, which can be saved and converted into different formats such as CSV, Excel, PDF
Other than the corporate and banking sector, to reduce fraud in online gaming the platforms are required to be cautious of customer onboarding because other than minor protection, they are also responsible for preventing money laundering and terrorist financing schemes. Professional fraudsters and scammers turn their illegal funds into white money through gaming and gambling platforms. They are the best place to do that due to high stakes being invested there all the time. Therefore in order to prevent such disasters, all online gaming and gambling platforms are bound to deploy a digital document verification solution, also to reduce fraud in online gaming, and oblige with networks like FAFT.
The Document verification solution in security clearances of domestic and overseas traveling authenticates the originality of individuals in moments. It is necessary for surveillance of high-profile suspects and also from a medical standpoint. For instance, other than ID credentials, a person has to submit his/her Covid vaccine passport as well for confirmation by keeping the current situation into account. If an individual has created a false one before for another objective, he/she would be recognized in a go. A document verification solution also helps in managing the global pandemic seamlessly in a way.
A standard document verification solution is extremely essential for insurance companies as well. Many criminals and scammers apart from money laundering commit health insurance frauds of substantial amounts for either their individual/collective benefit or for funding illicit plans.
A fraudster can pretend to be infected or ill in order to cash the insurance policy. The chances of fake IDs and medical records are more likely due to the financial gain involved. Many fraudsters design or purchase synthetic identity credentials from the dark web for committing insurance fraud, a function document verification solution prevents all of this instantly.
In banking and business companies, a substantial level of finances implies substantial risk. The entities run absolute authentication via an AI-powered document verification solution to keep their existing customers and themselves away from the possibility of financial crimes. Whether the prospect is an individual or a company, the document verification solution examines every associated factor and party.
The document verification solution facilitates businesses of different industries in acquiring international clients that can be sources of growth and profit. The financial and corporate market is growing massively and so are the cases of financial crimes. To balance the situation, a systematic document verification solution performs an AI-powered scan on documents and other credentials for Id document authentication and makes onboarding secure and seamless.