The requirements for online digital services and products are rapidly increasing. Online document verification is now essential for business security, avoiding misuse of business assets, and providing a better customer experience. Online document verification has its own value in fighting online identity theft and making online experiences safer. Today, technology is integrating artificial intelligence and machine learning into modern security systems, which makes them more efficient, reliable, and secure. Document verification is now fulfilling all the responsible parameters. So, Have a look at how the document verification service works with real-time applications.
Modern online document verification VS the traditional
In the past, authenticating someone’s identity required showing them their original ID card or passport. The process of document verification involves using OCR and ICR software to validate the accuracy of the delivered documents and validate their authenticity. It also inspects the facial identity through integrated facial recognition modules. Online document verification has made it possible to verify multiple documents, including, ID cards, passports, drivers’ licenses, bank statements, utility bills, tax bills, insurance agreements, employment documents, educational documents, and much more.
The document authentication service process checks document specifications, such as the watermarks, fonts, official stamps, and other essential parts of it, and then automatically approves the document. Officially, digitization frees up time for employees to provide better services and saves the organization time, money, and effort.
The Significance of Online Document Verification
Organizations place great importance on document checks, and because of this, online document verification has developed into a crucial tool for confirming customer documents. During the onboarding process, the online document verification system quickly ascertains the legitimacy of the new clients while maintaining the efficacy of all security measures.
Online document verification systems make it possible for organizations to minimize their customer onboarding time to minutes. With the help of AI-integrated OCR and ICR software, the Recognition modules can easily extract data and cross-check it with the updated CRM software to build authentic and rich customer profiles.
Cutting-edge Automation in Online Document Verification
Every ID document is unique and distinctive regarding its information, layouts, watermarks, logos, and micro prints. To verify all these security specification placements in the document, it is thoroughly scanned. So, the only thing required is an accurate image of the specific document. Lastly, the end results should be prominent and horizontally aligned.
Streamlining the Online Document Verification Process
The process of document verification is very simple. The data is collected from the customers at a designated source, and then it follows the process of important data extraction as per the software’s specified demands. The documents are checked and specifically validated considering authenticity by various artificial intelligence integrated steps, reducing identity theft. After verifying the humans in this process, the documents are finally verified. This whole process has significant steps involved, and none of these can be bypassed or compromised.
Capturing data from received documents
This is the first step in online document verification. The documents are submitted and ready for a quick scan. Customers are requested to submit high-quality photos or videos of any pertinent documents. The integrated programs and algorithms scan the particular information, including encrypted data like QRs and barcodes.
Selective information is taken from the documents. Moreover, Software for intelligent document processing picks out the crucial information and ignores all the extraneous information.
It is necessary to determine whether the document and the information displayed are still valid in order to validate the data extracted from the scans. Based on the extracted data, organizations can check the information’s accuracy by comparing it to any other data source.
Several validation checks are essential while verifying any document.
- Face Detection
- Edge Detection
- Document front and back correlation
- Cross-check with the database.
- Selfie to prove identity
The documents that have been flagged as having errors are then sent through an approval procedure as a final step. The phrase “human in the loop KYC verification process” is often used to describe this symphony of manual and automated workflow. The documents are then verified after being checked for everything.
The software used for document verification can accurately distinguish between different kinds of forged, fraudulent, and counterfeit documents. In comparison to the more prevalent manual document verification, the accuracy of the digital version is much higher at 98.67%. Customers can quickly verify themselves while relaxing in the convenience of their homes or places of business, saving time and resources.
Thousands of different types of documents from all over the world can be verified using document verification solutions. In order to reduce fraud and scam cases, modern banks, financial institutions, e-commerce companies, airports, etc. frequently use document verification solutions powered by AI.