Mathilde Lacombe

Wide range of hackers are evolving simultaneously in parallel to the technological advancements. Identity theft cases are increasing at a very swift pace especially after the pandemic of COVID-19. There is a dire need for financial infrastructures as well as other sectors all across the globe to enhance their security protocols with the acquisition of suitable checks and solutions such as document verification. 

When it comes to document and identity theft, what’s at risk? Well, one finds out that there’s more. One of every five adults in the United States has been a target of identity theft. It also comes at a high price as fraud costs the global economy $5 trillion a year. You must ensure that malicious people do not gain access to your goods and services as a company. However, you don’t want to put off legitimate clients. People will be put off if the onboarding procedure is lengthy or inconvenient. You must achieve the ideal balance. Your clients demand ease and speed as well as security.

The Utility of Digital Document Verification

You may be acquainted with the ID and document verification process. Financial institutions and other companies have been doing it for years. However, you may have only used them to verify IDs in a physical setting. Customers experience friction due to this cumbersome process, which slows down the process and prohibits the business from growing. The process of document verification involves verification of documents using official documents such as government issued ID card, driving license or passport to combat any fraudulent activity. 

You can remotely verify the consumers’ IDs with an online document verification solution. As part of a virtual onboarding procedure, it’s a quick way to see if an identity document is real. Your identity checks will become more efficient as a result of this. It defends the company from false documents while still making your consumers’ lives easier. 

The issue is that many organizations lack the money, expertise, or technologies needed to execute automated document verification. There are several forms of document theft, each of which necessitates a unique approach to identification. It takes time and money to recognize and apprehend various forms of fraud.

Classifying the Varying Types of Document Fraud 

Documents that are deceptive can be divided into three categories:

• Documents that have been altered: These are documents that have been altered by a scammer from an authentic, legitimate document.
• Documents that are invalid: they are absolutely fake inventions.
• Falsified documents: these documents can be genuine or real, but they do not belong to the individual who is showing them.

Each of these categories then includes its own collection of forged documents. For instance, forged and blank documents are two separate types of altered documents. Fake documents, hacked documents, and vague or disguised documents are the three types of invalid documents. Finally, there are two different kinds of false documents: imposter documents and unlawfully acquired documents.  

Without advanced document verification tools, these become the most difficult forms of ID fraud to identify. As you can see, things get tricky easily. There are millions of IDs out there, and there are also alternative methods for fraudsters to tinker with documents. Each one has a distinct appearance and security feature.

What do Online Document Verification Services Offer Against Them?

Since each form of identity scam is unique, you’ll need a range of strategies to capture as many as practical.

Detecting Manipulated Documents

The easiest way to spot modified and manipulated documents, for instance, is to check for data accuracy. This involves double-checking that the document identification number, expiry date, dob, and other embedded details are all available on the document in all sections.

Detecting Invalid and Falsified Documents

Invalid documents cannot slip between the gaps if online document authentication services are used. Moreover, with these documents, the only way to fully fight is to verify proof of ownership. Moreover, we find that document verification although with its many advantages, can prove to be less successful at detecting fraud when used individually. Simply put, it just serves for the verification of the authenticity of the identity documents. It is unable to confirm the identity of the user who is using the ID.

Combining Document Authentication with Facial Recognition

Comparing a visual image or video of the customer against the image on the identity card is the easiest way to spot fraudulent attempts such as incorrectly represented documents. A document check along with a face check validates the document’s authenticity and ties it to the individual who presented it. We assume that this can become the industry norm for identity authentication because it is one of the most efficient methods for excluding most types of identity fraud.