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Technological advancement has increased the need for online services and products by a high percentage. The adoption of digital platforms makes it essential for businesses to verify the identity of customers remotely using online portals. It is essential for businesses to ensure security, eliminate suspicious activities, and enhance the experience for customers with online document verification. For instance, any ride-booking application has to verify the ID documents of both the driver and rider to make sure they are not fraudulent entities. Document verification plays an essential role to combat identity theft.
What is Document Verification?
Manually the identity is verified of an individual only by passport and ID card issued by the government. Digital document verification is vital for trust-building among the audience.
To verify the authenticity of a document, businesses use a verification process. It is used for a documents check, whether the document is photoshopped or original. Some official documents may include:
- Identity Card
- License
- Utility Bills
- Tax Bills
- Passport
- Bank Statement
- Educational Documents
- Employment Documents
Why there is a Need to Verify Documents?
Almost every business in the world faces identity theft. For example only in the United States of America (USA) 42 million people are being victims of identity theft and lost $52 billion. Document verification is fundamental to identity verification. While customers’ onboarding verification documents help entities to verify securely and efficiently.
What Type of Documents are Verified?
Documents acquisition totally depends on the business requirements for verification. For Example, as mentioned above ride-sharing applications require a driving license for verification and banks might need an ID card, passport, employment letter, or any other as per their requirements. Some of the documents are listed as per the requirements:
Educational Document Verification
This is to verify the details of the educational qualifications claimed by a person. This includes:
- Verification of passing certificate
- Mark sheet verification
- Graduation year
- Registration number
Address Verification
The residential place is verified by a customer, using the following checks:
- Address of residence
- Stying duration
- Accommodation type
Verification of Multiple Databases
The customers’ related information is verified using database data. The end users can be verified in the following ways:
- Database check – Criminal record
- Database check – Civil litigation
- Database check – Organized crimes
- Database check – Compliance authority
- Individual’s web and media searches
Driving License
A driving license is required as identification for individuals. The government-issued license is checked for each applicant’s qualifications carefully for their identity verification.
Birth Document Verification
The date of birth is verified from these documents.
Passport Verification
Employment Documents
This document is used to verify the employment history of the customer, it includes the following:
- Holding position
- Employment duration
- Salary details
- Behavioral information
Document Verification Process
Document verification company follows a straightforward procedure that begins with data collection from customers at the point of origin and ends with data extraction from the required documents. Identity theft is decreased because the document verification and approved after multiple AI checks.
Collection of Documents and Data
Documents are submitted by the customer at this stage. In high-quality photos or videos, the customers are required to upload the relevant identification documents. The documents are scanned for information, including the encrypted data, by AI and algorithms, which then identify it. Pre-processing is applied to the documents to ready them for the next step. This includes checking documents’ borders, alignment, and color contrast.
Gathering Information from Documents
In this stage, selective information is extracted from the document as per requirement. Users can select the information they are interested in and discard all the irrelevant information when they use intelligent document processing software. A document should be converted into a structured informational document with OCR software so that it can be fed directly into your next data source.
Document Authenticity
It is necessary to determine if the document and the information displayed in the scans are still valid before validating the data extracted from the scans. In order to verify the validity of the extracted information, you can compare it with any data source. For instance, the department of loan processing requires checking if the customer has applied or has any present loan in the same bank. Document authenticity has reduced identity theft. It includes some checks:
- Face and posture recognition
- Detecting edges and fixing
- Relevance of front and back information
- Selfie matching
Document Verification
Finally, A approval process is used for documents that are flagged as having errors. It is often called the human-in-the-loop process because it involves manual and automated workflows working together. After completing all the procedures, the documents are verified now.
Wrapping It Up
The majority of industries today have made their working processes digital. Therefore, to make sure customers are authenticated, organizations need to verify a number of checks, including document verification. The document verification procedure is highly thorough and quick for customer onboarding.
