In the age of technological revolution, identity fraud is one of the major issues that businesses face nowadays. Financial organizations, airport platforms, e-commerce stores, and the travel sector must deal with the issue as soon as possible. Industries can use the latest online solutions to counter attacks from cybercriminals. Businesses can take services from a document verification company to deal with the challenges. A document verification company providing state-of-the-art services can help clients show compliance with AML/KYC guidelines while authenticating the documents of clients. The service can reduce the rising cases of identity theft and guarantee a positive experience for the customers.
Document Verification Company: Reducing Identity Theft through Verified Records
When it comes to identity theft, the crime is considered a legal offense all around the world. A widely accepted definition of identity theft is that somebody steals the identity credentials of another person in order to benefit from the amenities linked with them. Cybercriminals can also commit crimes to harm the individual mentally and emotionally. For example, criminals can gain access to bank accounts to steal their financial assets or damage their reputations by misusing social media platforms. In any case, an identity theft crime is extremely traumatizing for the victims.
How Does the Law Deal with Identity Theft Cases?
According to the Identity Theft and Assumption Deterrence Act of 1998, the crime is punishable by law and victims must be direct to suitable resources to deal with the issue. Moreover, according to the department of justice in the United States of America, the perpetrator must be imprisoned for at least 10 years and authorities must confiscate any materials that were used in committing the serious crime.
Perpetrators use meticulous and sophisticated methods to commit identity theft crimes so law personnel must be on their toes to deal with them. This type of offense drains the identity fraud victims mentally and financially. Hence, the implementation of record authentication services from a document verification company and identity attestation system can minimize the rising cases of identity theft.
Document Verification Company: Massive Support from Global Regulatory Bodies
Global regulatory authorities (e.g. FINTRAC) introduced KYC/AML standards to mitigate the risk of digital fraud across the globe. The RegTech industry demands all businesses to follow the regulations or be ready to face serious repercussions. As per the guidelines, all industries must perform due diligence procedures during their customer onboarding process. Companies can perform CDD/EDD depending upon the client’s profile. Customer Due diligence (CDD) is a basic process whereas Enhanced Due Diligence (EDD) is a comprehensive procedure performed on high-risk clients. For instance, Politically Exposed Persons (PEPs).
In the context of AML/KYC regulations, it is the duty of financial organizations to actively fight digital fraud. Undoubtedly, the digital revolution has introduced so many methods to support the fraud prevention objectives of all businesses. The AI-backed record attestation service from a document verification company has increased the efficiency and availability of the solution around the world.
Document Verification Company: How To Verify Client’s Records Online?
The provision of a record authentication system from a document verification company ensures that the client benefits from the digital solution. It can happen through various electronic platforms. The whole working mechanism of document verification is the following.
- The software instructs the customer to upload their selfie in real-time. The picture facilitates conducting both identity verification and document authentication
- The advanced OCR technology captures data from the images of documents in just a few seconds
- The software simultaneously checks for the authenticity of the records while cross-checking the data against multiple global sanction lists. If a client submits forged documents, the program rejects them immediately. In case, the documents are original, the software shows the verification result to the customer
Document Verification Company: Checking the Authenticity of the Records
Customers must know that document authentication service only accepts government-generated documents. The original documents have unique characteristics that separate them from fake records. The integration of artificial intelligence with the service evaluates the documents for special ink, paper material, and holograms. A big advantage of AI-supported authentication service is that it checks fabrication on micro levels where the human eye cannot catch manipulation.
All in all, the involvement of a document verification company can easily separate fake records from genuine documents of clients. The experts have document verification software that has high accuracy and efficiency levels. In this way, it saves time and resources for the clients.
The use of artificial intelligence and machine learning algorithms enables the document verification company to provide its services remotely. This facility has streamlined the document authentication process for remote customers across the globe. The verification software can cater to multiple types of documents in various kinds of foreign languages (e.g. Spanish, Italian). The facilities of a document verification company can minimize identity theft, money laundering, and terrorism financing cases effectively.