Businesses such as banks, real estate, stock exchanges, airports, e-commerce stores etc. are concerned about their security from potential financial risks and other fraudulent activities. Therefore they need to vigilantly authenticate the identity of their users to prevent risk. In the course of doing so, they adopt several identity verification solutions. However, it is fairly difficult for the entities to fulfil all the regulatory obligations mainly due to a lack of resources. This is where online document verification comes to the rescue. Its authentic features fulfil the regulatory requirements that comply with KYC policies and provide a secure customer experience.
What is Document Verification?
Document verification is the method of determining the authenticity of an ID document. The system is designed to perform comprehensive verification through algorithm-based checks. Although document verification is useful for all businesses, financial institutions particularly benefit from it the most since they are obliged to comply with AML and KYC requirements to stop illegal activities. Hence, verifying the documents of the customers helps authenticate the identity by confirming their claims.
The era of digitization and its role in improved ID verification:
The digitization process is reaching heights and the advancement of digital technology has created an online document verification solution that analyses, verifies and authenticates an abundance of documents globally, ultimately simplifying the ID verification process. Consequently, digital document verification significantly reduced the hassle created by manually cross checking a multitude of documents.
Following documents are mostly verified for authorization purposes.
- Birth Certificate
- Degree Certificate
- Ration Card
- Utility Bills
- Driving Licence
- Rental Agreement
- College ID Cards/ Leaving Certificate
- School ID Card/ Leaving Certificate
- Salary Slips
The verification of the aforementioned documents is critical to the customer identity process as it authenticates his claims. The document verification solution process is either conducted for the purpose of account opening or AML and KYC compliance.
The need to conduct Document Verification:
The implication of adequate procedures to conduct document verification provides the following benefits to the respective businesses.
- Authenticate the candidate’s qualification: Educational document verification saves a business from getting unqualified candidates onboard. Detailed screening of the documents provided, allows the company to develop an insight into the customer’s educational and professional background and compare it against the requirements of the role. It is important for a business to perform this check because candidates providing false information about their qualifications lack integrity in their work, ultimately deteriorating the company’s output quality.
- Prevent Fraud: Spoof and fraud have risen considerably due to the lack of adequate identity verification services in financial institutions. AML and KYC compliant document verification services identify the impersonator instantly, deterring his efforts to engage in unlawful activities, causing harm to the company. Proper due diligence of the customers performed by the digital document verification processes diminish the chances of potential financial crimes and accounts for the security of the business.
Shufti Pro’s valuable addition to the Identity Verification Market:
Adhering to a rise in the need for a digital identity verification solution, Shift Pro brings about the best, API based verification solutions that verify the user identity effectively, that too within seconds. The remarkable document verification product offered by Shufti Pro authenticates the documents and verifies the users globally. Three simple steps of capturing, extracting and screening prove the real-time identity of the user. The function supports more than 3000 types of ID documents and that too in more than 150 languages. Considering that, Shufti Pro’s effective automated ID verification technology has made onboarding customers securely, an easy task.
COVID, a blessing in disguise for the Identity Market?
The work from home policies regulated during the pandemic caused a surge in the acquisition of technical devices. Since then, digital ways of conducting business have become the new normal. From digital devices to digital identity verification solutions, businesses have increasingly adopted online verification services. With that, identity frauds have also risen considerably which has led to the adoption of security solutions due to which the identity verification market has grown drastically.
The drastically growing ID verification market:
Security provision for businesses has forever been a vital task. The transformation of manual to digital solutions for ID verification has significantly improved efficiency and accuracy and optimised the business processes. Technological advancements specifically account for the growth in technical id verification devices. Considering the surge in the acquisition of digital verification solutions, the global spending in the market is expected to grow by more than 13 billion US Dollars by 2027. According to Google Intelligence, after the Covid pandemic, the market has attracted millions of investors.
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