Digital advancement has increased the dependence of individuals on online means; all kinds of data of the clients are present on the internet. It is convenient for scammers to hack the client’s account, then in-person robbery. The organization can preserve the credentials of the users by performing the verification of documents. The biometric system ensures that the client is not involved in fraudulent activities. In 2022, the global cyber security market was $222 billion and expected to reach $657 billion in 2030.
Importance of the Document Verification
The organization demands the papers from the clients that the government issues; these documents ensure the user’s identity is authentic. It includes the identity card, bank statement, and utility bills. This process starts from data collection to authentication; the task is performed in seconds. The client does not have to submit the documents in complex form, and the entire process is done digitally. Client trust is also built when the organization keeps the data safe and preserves user credentials. The companies can promote positive word of mouth by fulfilling the demands of their existing clients. In this way, they can attract more users to the business.
Steps Involved in the Document Attestation
The following are the stages of the document validation:
- Data Collection
In the initial step, the system gathers the data; the client has to take a clear and visible snap of the papers. The system ensures that the customer has given the correct information; any irrelevant or stolen information is not accepted. The users are supposed to submit the exact information; for example, if the client is asked to give the bank statement for February, but the customer has stated for January, then such data is rejected.
- Data Extraction
The system extracts the required information, mostly Optical Character Recognition (OCR), to pull out the data. Then, the data templates are made; this tool removes all kinds of information, and any language is readable. These solutions are very advanced. They do not commit any mistake; they extract only desired data and ignore the rest.
- Data Validation
In the validation process, the submitted data and the previously stored templates are compared. It is done to check the validity of the user; the client is genuine if both matches. For example, to check the authenticity of the identity card, the customer’s documents are compared with the ID card in the government database.
- Data Authentication
In the last step, if the user has given valid data, the system will approve the verification process, and the client is passed to the next step. Otherwise, if the information is stolen or photoshopped, then it is rejected on the spot. Documents fraud is detected at this point, and this step aids the police in arresting the criminals.
How Does Proof of Identity Documents Ensure Transparency?
The employees perform the traditional ways; the humans are biased, and they are sometimes more inclined toward one thing. Therefore, there are chances that they can give someone a favor and verify them without any proper process. So, the company can likely onboard illegal clients. The biometric solutions use machine learning to perform the task; they are error-free or are not inclined towards one party. These advances ensure transparency, and everyone must undergo the same verification process. No one is favored; these tools provide transparency; every client is verified within the same limit.
How Enhanced Compliance with the KYC is Ensured?
Know Your Customer (KYC) ensures that the company is interacting with the right person; they are a specific checklist that the biometric system fulfills so that only verified clients can bypass the territory and document frauds can be controlled. The legal authorities have made it essential for the organizations to integrate the latest guidelines so that the companies’ credentials can be preserved. The business’s image is also maintained when safeguarded against fraudulent activities. They can build the users’ trust; the clients prefer the businesses that can keep their personal information safe. In this era of social media, most clients use the company after reading its reviews on their pages. If another Pearson has given good remarks, then it aids in attracting new clients.
The verification of documents measures the user’s identity; it permits only valid clients to bypass the security. It prohibits the entry of wanted criminals and any unauthorized persons. It is used to increase the security of the offices, onboard clients, verify their data and measure their risk rate. The business can one time invest in these solutions, as its results are promising. The companies can reduce their miscellaneous expenses and expand their revenue through it. It is always recommended to integrate with these solutions so that risk rates can be mitigated.