Identity theft increase throughout the world in recent times. Forging the documents, making use of false temper documents are some of the techniques which are use by fraudsters to impersonate identities. Not only this, data breaches and phishing crimes disrupt the customer experience. With the introduction of identity verification services such as the Know Your Customer procedure, solutions arrive to reduce the risks of potential frauds and scams for businesses. Online transactions, account opening, and many other tasks require a collection of official documents through which the truth about identities can be determine. Companies need to keep track of their customers against strict regulatory laws to mitigate any sort of criminal activity or doing business with counterparts.
The Digital Change towards Verifying Documents
In the past, the process of manual KYC of looking into the documents of thousands of people consume a large amount of time. This process of document verification was hectic and cause the workers to get tire easily in less time. Users nowadays want to attain ways through which their work can be complete without the hassle to go through long procedures. To enhance the KYC documents approach, manual labor has been evolve into an automate process known as e-verify documents, through which piles of documents are stored in the nail-size chip. It further helps in providing a higher level of accuracy that can be achieve in a time-efficient way.
Exhibiting the Effective Documents Verification in Banks
Know Your Customer (KYC) takes into account a set of documents that are require to verify identities. While conducting any education documents verification purpose, or opening an account in banks, making online transactions for the first time, customers provide identity verification documents and address verification proof which are the two basic mandatory factors that are require to establish an individual’s identity. Sometimes, banking institutions also ask for income verification in order to establish and ensure customers’ legal way of earning. The information is scan and obtaine using the technique of optical character recognition (also known as OCR). It is further analyze through an automat system, base on artificial intelligence technology, where the information authenticity is check.
What Documents are Require for Individual Identification?
To verify documents online, there are different forms of official records that must be presente by an individual to evaluate their individual identification process. It can include:
- Passport
- Government Issues Documents
- The license of the driver
- Photo Identity Proof
- Banking cards ranging from debit/credit cards
What sort of Records are Needed for The Proof of Address?
As a mandatory part of KYC documents, the verification of address is conduct when an individual provides a source of evidence through the following documents:
- Employee Letter or Employee Identity card
- Utility Bills
- Electricity Bill and Telephone Bills
- House Purchase Details
- Rent Associate Deeds
- Credit Card and Banking Details
- Passport Information
- Driving License
How Does The Process of Online Document Verification Work?
Document verification, emerging with an AI basis technology, can provide effective results in a minimum amount of time. The user sitting right in front of a webcam or a smartphone camera holds up the document after which information is extracte by the OCR process. Further, it is check and analyze for any errors, noting that the information is not old enough to get reject for registration. It is then compare and matche with a source for evidence provide by the user to determine the level of accuracy and authenticity of the document. Lastly, the user is ask to give proof of facial representation by uploading a selfie that is match with the photo present on the document by generating the final status of verification of the individual.
Forged Documents, False Records, and What More?
Fraudsters use software through which they are able to perform desire illegal modifications on the documents. And use it for their own purpose later on. The documents excluding any signs of holograms. The rainbow prints, and any other legal standards can be term as false documents. They are consider to be illegitimate documents. More often, these scammers utilize the documents of decease people who had a positive record by stealing them. And in order to impersonate the identity of someone else.
Wrapping it Up
Digitally verifying the documents has seen a glorification in recent times. To e-verify documents, customers need to have access to a camera. And internet connectivity with an electronic device through which they can upload the require documents. As soon as the documents verify, it can provide a safer customer onboarding procedure. Which can create benefits for the financial associations by improving their brand image and generating better revenues.
