Banking service providers, airports & social media platforms and the e-commerce industry must overcome the prevailing cases of identity theft worldwide. For this reason, IT experts have collaborated with document verification service providers to introduce innovative digital solutions in the market. Modern-day companies also have to comply with KYC & AML regulations which can be cumbersome in the case of fewer resources and outdated security measures. The application of document validation solutions can help industries effectively deal with the above issues. This offers a positive customer experience along with unbeatable data security.
Record Validation Services: A Quick Insight
A document authentication procedure demands verification of customer’s credentials through government-issued records e.g., passports or driving licenses. The complete verification procedure processes records with an original client image for foolproof authentication. This actively reduces the risk of impersonation. Using cutting-edge technology ensures automated identification, ID theft prevention, and compliance with KYC & AML regulations.
According to Straits research, the identity verification market size will reach a financial worth of around 32.94 billion dollars by 2030, exhibiting a CAGR of 16.35% from 2022-2030. In 2021, North America prevailed in the market with a revenue share going beyond 41%.
Identity Theft: An Overview of the Crime
Impersonation is a criminal offence where a fraudster uses fake credentials to receive free benefits or inflict harm on the victim. Cybercriminals can use fraudulent names to exploit the victim for nefarious purposes. Companies need to collaborate with a document verification services provider so that the organization can retain customers and maintain market credibility.
As per Identity Theft & Assumption Deterrence Act, impersonation is illegal and punishable according to federal law. The legislation created a new offence of ID theft which forbade the use of identity credentials without lawful authority. The crime became a serious offence under the law.
According to the United States Department of Justice, in several cases, the crime of impersonation results in 15 years of imprisonment along with the seizure of all materials that supported the crime. Moreover, a report from the Federal Trade Commission (FTC) has highlighted that around 5 million victims experienced identity theft.
Collaborating with Document Verification Services Provider to Fight Fraud
To combat crime, international regulatory bodies such as FATF & FINTRAC have introduced KYC & AML regulations for businesses. According to the guidelines, corporations must perform proper due diligence to attract genuine customers and discourage bad actors from exploiting the system. Teaming up with a document verification services provider can help experts analyse records instantly and deter crime in real time. This way, banking service providers, government departments and embassies can strengthen client relationships and win loyalty. With technological innovation, record verification solutions produce high-quality output immediately.
Business professionals can easily collaborate with document verification service providers and benefit from solutions on smartphones and computers. This ensures that only genuine clients receive services from mainstream organizations and that customers’ data is always safe.
Complete Procedure Behind Record Validation Solutions
The AI-driven software can easily integrate with websites and mobile applications of online businesses.
- During the onboarding process, the software asks clients to submit a photo of their ID records in real-time.
- The record verification software identifies documents and captures desired data with AI-driven Optical Character Recognition (OCR) technology.
- The software analyses the data instantly and the customer receives the final verification results.
Only in the case of correct information, do customers receive final validation results. New users must know that the document verification services provider only accepts government-issued records such as debit/credit cards or passports. If fraudsters try to bypass the security protocols through fake records, the system will immediately reject the documentation.
Evaluating the Effectiveness of Document Verification Services
Cooperating with a third-party vendor can help businesses implement record authentication solutions. This way, users can easily differentiate between genuine and fake records with top-notch accuracy rates. It also allows companies to forgo traditional approaches that were time-consuming & cumbersome. The state-of-the-art approach not only ensures a positive customer experience but also saves the company’s capital. The world-class software from a document verification services provider can easily process 3000 document template types tenure global coverage.
The Bottom Line
Several Financial Institutions (FI), e-commerce platforms and airports can streamline the customer onboarding process through document verification services providers. This way, corporations can discourage fraud and ensure compliance with KYC & AML regulations. The state-of-the-art technology provides a positive customer experience and guarantees a competitive advantage in a challenging market atmosphere.