Identity theft is a growing issue for businesses, consumers and governments. Nearly 60 million people in the US were affected by identity theft in 2017 alone which resulted in a loss of about $16 billion. To combat this, businesses and organizations have been looking for reliable ways to prevent fraud. One method that has become popular because of its efficient results is identity document verification to authenticate people’s identities.
Document Verification enables consumers to verify their identity online rather than in-person. Through document verification, your company can meet statutory obligations like Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
How Does it Work?
The first step of document verification is to ask the customer to hold their identity document to a web or smartphone camera for the relevant data to be scanned. The software examines the received image and verifies its authenticity. In some cases, the image can also be manually examined by document experts.
There is also an additional option available in which the customer is asked to provide a live image capture of their face which is then compared against the photo on the document. The end result is either a verified or unverified identity.
What are the Benefits for Businesses?
There are a number of benefits of document verification for businesses. Document verification is an efficient, effective and easy to use tool which verifies the documents in real-time.
Easy to Use
Document verification is easy-to-use software. The person has to upload a digital image of their documents like a driver’s license or a passport. This can be easily done by the consumer using a smartphone. Due to which, the customers will be left satisfied.
Through online document verification, clients don’t have to submit copies of their identity documents by mail or in-person. Moreover, they don’t have to wait for someone to verify their authenticity. The quick verification also helps the businesses as it doesn’t waste the time of an organization.
Businesses won’t have to wait for particular times for clients to upload their documents since its an automated process and is available 24/7 online. These flexible hours help in saving an organization’s time, resulting in increased productivity.
Considerations to Know
Although the Identity Verification system is quite straightforward, there are some considerations that need to be focused on. Some of these considerations are:
One of the biggest factors which determine the effectiveness of document verification is image quality. Quality is defined as resolution, angles, clarity, and completeness. The data extraction and successful recognition depend highly on the quality of the image provided.
Automated vs Manual Review
Most software provides an automated evaluation of documents. Some also provide the option of manual review in case if automated process fails, sometimes due to technical errors and some times due to inferior image quality. In the case of manual reviews, the providers have a team of experts and analysts that go through the provided documents themselves. Although manual reviews are slower, tedious and expensive, they are definitely required when the automated process doesn’t work.
Online document verification is a process that not only saves the time of the businesses and consumers but at the same time, provides a reliable, efficient and fast process to verify the documents.