e-Verify Documents – Why Digital Document Verification Solution is Better?

Customer onboarding is a significant concern for companies to generate profitable revenues. With technology massively evolving worldwide, new constraints have been posed due to the Covid-19 pandemic. Subsequently, better expectations have arisen since there has been an increased demand for onboarding clients remotely in a secure way. Fraudsters have developed modern illicit tactics of creating loopholes for stealing the fragile information of the business for providing harm to their reputation in the global market. Electrical document verification has become a must.

Cases of identity theft have also become increasingly high in recent times. This has been made evident by FTC, consumers have filled 2.2 million identity fraud reports in the year 2020. This has caused the dire need to e-verify documents so that clients consisting of authentic documents be given access to various sectors. 

How to Verify Documents Digitally in a Seemless Manner?

The process of document verification has evolved with time by converting it into a smooth customer onboarding experience. To verify documents online, the user has to simply upload an image of their government-issued documents which contain the basic information about their name, address, and date of birth, as proof of evidence. The document is checked for any malfunctions and after completely assessing it, the results are dispatched. 

Various Types of Document Scams Used By Fraudsters

Before the results are generated, the documents are checked thoroughly to determine any minor misplacements or modifications made to them. Different Kinds of document fraud are listed below: 

Forged Documents

These types of documents are completely fallacious. they do not contain any sort of holograms, watermarks, or any other legal standards required for the document. Scans are been made on these documents are these mistakes are easily pinpoint by the AI-based system. 

Modified Documents

Changes are being made to the documents by photoshopping them. Or by using online software to modify the document according to the desire of the fraudsters. These documents give a tough time for the manual officers to catch these kinds of frauds. They are created with such precision. But the digital document verification solutions catch in no time. It also put a halt to the whole process of identification. 

Stolen Documents

By using the documents of deceased people or stealing the documents of other people, fraudsters can try to carry out illegal activities under the name of someone else. This can be used for numerous reasons such as requesting a loan, performing illegitimate transactions, or for opening an account, etc. 

Online Document Verification Services vs Manual Document Identification Systems

With the competitors getting increased in the global market, there is no escape for businesses to enforce an online document verification service to check clients saving them from any misfortunes. In the traditional method of document verification, the officer checks for the documents submitted through an in-person visit made by the customer. The whole process of verification can take up to weeks after which the results are displayed to the client. All of these operations are still carried out by the AI-based document verification system but in an efficient way. The major difference between these services is mentioned below:

Time

The time-consuming feature of the manual system consists of human labor to effectively evaluate the documents. It can lead to frustration for the customer who might abandon the whole process. But in contrast to digital document verification, users can get their documents verified speedily since the process is AI-Based.

Accuracy

As humans are prone to mistakes, minor details can get missed by the naked eye. They can be detected by the online verification of documents. It has a much higher rate of accuracy as compared to the manual system.

Cost-Effectiveness

The cost of hiring various officers to perform document checks manually can prove to be costly. In contrast to the digital database which automatically generates results without the need for any labor. 

Wrapping it Up

Based on the numerous benefits it provides to different organizations, it is essential for companies to e-kyc verify documents rather than using the old method of document verification. Time is crucial, and so is money which is why valuing both of them of the clients will uplift the company’s reputation globally. Documents are checked thoroughly for detection of any fake, forged, or stolen document in a more accurate manner digitally. So whatever gets missed by the naked eye can get detected by the AI-based system. It instantly depicts any tempered element in the document. Furthermore, manual verification is restricted to schedules as compared to the online document verification solution which is an all-time available service.