According to recent studies, countless businesses and consumers have lost billions of dollars through identity theft. To curb this growing problem, most businesses have been forced to turn to reliable ways to fight fraud. One method that was introduced and has proven to be efficient is the use of document verification software to confirm the identities of customers.
For many companies and businesses, document verification is an integral part before final decisions can be made. As a businessperson, you want to ensure fraudsters are not accessing your database and sensitive information. At the same time, you are trying to be careful not to turn away potential customers. Having a complicated onboarding process can deter customers off.
So, how you can protect your business and protect your customers at the same time?
The Verification System
ID and document verification is something businesses have been doing for decades. Instead of validating documents physically, which can be cumbersome and a time- consuming process, now companies are doing it digitally.
The document verification system is designed to capture documents or photos using devices such as smartphones and tablets. These devices then perform digital character recognition of the captured images to automatically decipher the text. When combined with biometric verification, the captured images anchor an account to the real identity of the customer. This technology has taken a leading role in identifying forged documents. These advanced document verification systems are able to provide companies who do not have resident ID fraud experts with the protection they need. Without a document verification system, it is easy for fraudsters to breach your digital information.
Combining Biometric Verification and Document Checks
One easy way to tell whether documents have been falsified is by comparing images on a physical ID card to the digital images of the user. Combining the use of a document verification system and facial verification software can help check whether the document being presented is genuine or false. For years, the use of document verification technology alone has been successful. But now, thanks to affordable technology, it has become quite easy for criminals to fake documents. That is why it is vital to combine the use of biometric verification and document checks.
What Is Next for Document Verification?
Every year, the technologies behind document verification systems are being enhanced to fight off stubborn fraudsters who keep looking for ways to beat the systems. Stay up to date to beat scammers!