Theft of identity is an increasing issue in many industries of the world. Different organizations opt for different ways to combat the problem of fake identities. Digital verification of documents is one of the methods which checks the authenticity of a user. With technology, the document verification technique evolves into online verification.
The online document verification system is a very good way of quickly assessing the eligibility of a user. It is necessary to reduce scams and money laundering in most digital systems.
According to Statista, the annual market revenue of identity verification is around $8.9 billion. Which is increasing every day due to new techniques of document verification systems.
Which Documents need Verification?
Most of the legal documents are assess authorities as a part of the document verification process. To guarantee the identity of a client these documents requires by many organizations in the world
1. Identity Card/Registration Certificate
The first major check performs by every organization is the identity card verification of the clients. Most Businesses requires to submit the registration certificate with the associated industry.
2. Income Reports
Income reports are used to make sure that the client or a business is not involve in any illegal activities of money laundering and fraud.
3. Utility Bills
Utility bills are a part of documents that most organizations verify. It assures the address and payments are processed by the client’s source.
4. Medical or Health Records
The medical certificates are records that are processes by several offices to verify the integrity of the client. And medical records provide information regarding the identity and type of the client.
5. Bank Statements
Financial banking statements prove the integrity of businesses. Many firms require banking information before any trading operation with any client or a business.
Document Verification Process
The process of document verification involves different stages of detection, assessment, and identification. And client asks to provide all the documents which are legal. And assure the authenticity of the customer. Some examples of documents include an identity card, driving license, passport, and other official certificates.
Document verification process is composes of these steps:
1. Documents Presentation
The user needs to present the legal documents to the authority for the verification process. Those documents are original legal papers that creates for legal purposes by the government.
2. The Document Scanning
And Documents are scanned by the authority through an electronic device that can be a document scanner, camera, or some other scanning device. And scanning document phase is completed when all the legal documents are scanned by the system.
3. Document Identification
The scanned documents are identified by some type of program that is created to identify the authenticity of the documents. And software system checks for different aspects of the documents and ensures the illegibility of the person.
4. The Document Verification
Documents are verified by the system further by reading the text inside files. And making sure that the provided information matches with the data extracted from the documents.
Online Document Verification
Many systems go for an online approach for the verification of the documents. It is a process by which clients can verify their documents via an online platform. In online verification, the scanning device is mainly a mobile camera or a webcam of the client. In the online scanning phase, the documents are converted into digital copies to be sent over a network connection to the online verification system.
After the submission of documents online the online system checks for the authenticity of the documents with various programming algorithms. In the end, the documents match with the user information and data to verify the client’s identity.
The AI system use to process documents online. And it provides a fast and efficient way to check for documents through automatic checks and assessments.
Major Advantages of Online Verification
Easy to Process
The Online document verification system is easy to use as most software is built on the base of AI. It ensures the working by automating several phases of document verification.
Faster Turnaround Time
Online verification is a fast process compares to manual verification of documents. It involves fast interaction with digital data which reduces the time consumes.
Document verification process is keen on ensuring the identity of the client. It is used by most industries to verify the customer’s data. With technology at hand, online document verification is also playing an important role in automatic document verification services.
The AI solution is a fast method of detecting and processing documents. And it uses different algorithms to analyze the data from different documents including ID cards, Bills, and financial statements. The future of identity verification is secure with technology improving the online verification process day by day.