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Validating Consumer Identity With Document Verification Process

In today’s digital era, people are still adapting to various technological changes. On the one hand, where it offers convenience to the people – on the other hand, it also created few challenges. When technology was still evolving, a person’s identity verification was conducted manually a few years back. Although in manual verification, businesses were posed with inaccurate results and numerous errors that skipped right through the fingers of human experts.

It often required keeping up with new protective measures to filter out customers having any bad intentions. But as today businesses across the globe are working with customers online – they have to be sure if customers are precisely who they claim to be. This is the reason most companies have integrated document verification processes into their systems to combat malicious actors. 

The document verification method helps enhance the integrity of a brand and ensures the security of an overall organization and the customers. The system uses various types of government-issued documents to conduct the document verification process. Moreover, it helps organizations combat sophisticated fraud attempts in banks, financial institutes, or other organizations by strengthening identity verification. Further, the document verification method helps with reducing friction during the customer onboarding process, reduces attempts of identity fraud, and generates high revenue. 

Mitigate Frauds With Document Verification Process

Nowadays, document verification tools are coupled with biometric authentication, background screening, and customer risk assessment, including KYC and AML compliance, bolsters an unmatched accuracy. Companies find the latest document validation process more accurate while validating the users during new account openings or services. Further, the artificial intelligence incorporated within the document authentication system detects an account takeover attempt. Organizations can seamlessly analyze other dimensions of an identity along with verification of identity documents and document checks. 

The document verification system works effectively for many industries, especially those that deal with money every day, like banks. Companies could minimize the customer drop-off rate and increase conversions during an onboarding process in the initial phase. 

As fraudsters try sophisticated methods to get away with stealing, companies should add further security layers to identity proofing. For this reason, document validation plays a key role in preventing fraudsters from creating a deepfake or synthetic identity fraud. Moreover, businesses would also experience enhanced security, loyalty, and growth. 

Therefore, to mitigate fraudulent risks, organizations need to leverage KYC and AML verification methods to prevent fraud and drive overall efficiency. Organizations can adopt a unified fraud and verification solution by fully integrating the compliance and document verification tool. 

Performing Main Document Checks

Usage of MRZ

MRZ can be found easily on the document that contains the name, address, number, expiration date, etc. – encoded within the format. 

The technology helps with:

  • Recognizing and extracting encrypted data in MRZ
  • Checking consistency of the MRZ data with document information
  • Reading, analyzing, and authenticating checks on the document
  • Confirming the document expiration date.

Signs of Manipulation With Document Attestation Tool

Fraudsters can try various ways to commit fraud. They could cover the original image on the document with another photo. It leaves some edges on the photo printed on the document. Incorporating changes within the photo would result in making changes to security features interlocked with an original image.

Moreover, identity documents are secured with specified typography, holograms, and security marks. Criminals might attempt to make some data alterations in the information provided on the document and encrypted data in MRZ. The technology ensures: 

  • The document has used the correct fonts.
  • Standard security features and designs are on this type of document.
  • Checking for manipulation signs that provide the possibility of fraudulent attempts within the document.
  • The document is consistent with the government-issued document template. 

Hologram Verification:

Coupled with the document verification process, a video identification provides a 3D view of the document. The user tilts their document in various ways to show the holograms that are hard to forge and helps with convincing the technology. Although, it’s only possible with a video, as simple photos often don’t show up. 

Document verification processes and methods help organizations validate consumer data through various document checks. It helps to secure and validate the customer’s digital experience by reducing fraud attempts. However, it’s best to know document identification vs. authentication to experience the full potential of the verification process. Document identification deals with identifying the users, while document authentication means authenticating the users as honest or non-honest during the onboarding process.

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