The procedure takes in administration documents approved by the government such as a national identity document card, driving license, utility bills, passports, and tax bills. Document verification software normally accepts identity documents by matching them against the client’s live facial identification.
Document Authentication- Walkthrough
Simply say, the document verification procedure takes place in the listed below steps:
Step 1: Require client information
In the first step, the client scans their Identity document through a front camera or a webcam on their smartphone device. The software operating at the back-end extracts vital data like client details and their image adopting OCR technology. The client also takes a picture of their face for further authentication checks.
Step 2 – Identity Verification
Once the client performs the procedure of giving vital data, the given information is gone through a number of investigations. This evaluation procedure is adopted to authenticate whether the data is legitimate and the client is genuine or not. It is usually done by the software influenced by AI which compares the client’s live face with their image on the ID document.
Step 3 – Document checks and Sharing Results
Once the client information is assessed, the documents are also examined for potential tampered, forged, photoshopped, and rainbow prints, etc. The outcomes of both a failed or flourishing authentication are distributed to the client or customers once all the checks have taken place.
Identification VS Authentication of Documents
For a comprehensive understanding of the idea of document verification, the contrast between document authentication and identification needs to be discussed. Document identification is the capability of precisely recognizing the user. On the other end, document authentication is the capability of recognizing the user is genuine who they claim to be and are not criminals or con artists in possession of illegal, false, or tampered documents.
The procedure of verification is usually performed, but after being validated, the client’s identity must be authenticated each time they authorize a platform. For instance, if you personally comprehend an individual, you can simply “ verify” them by meeting physically. Therefore, since most of the payments take place digitally, companies are making use of IDV and a verification system to set up the client’s identity. Clients can be authenticated through face verification, document verification, checking the address and DOB through the document given by the client and finally, through consent verification.
Importance of Document Verification
Document authentication plays a vital role in shielding client identity from con-artists, countering illegal money laundering, and in the digital onboarding of consumers. Some key advantages of consolidating document authentication in your industry are declared below:
Anti Money Laundering
Imposters and con-artists use deceitful means and remittances to clean illicit cash acquired from wrong sources to adopt it in the legitimate financial system. The procedure is generally performed through a digital website which works as a medium for performing illegal activities. The illegitimate cash is then used for more fraudulent activities like terrorist financing and drug trafficking. This contributes to destroying the community at large and must be restricted at all expenses.
A simple technique to reduce money laundering is to adopt an online document verification service in company platforms. Due to this, whenever a new client gets enrolled in a company, they are authenticated against AML laws and their original ID documents. This significantly minimizes the risk of fraud and malicious activities associating with ties with company entities.
Remote Customer Onboarding
Online onboarding has become efficient with the advent of document authentication. Presently, with these applications, customers can onboard any company around the globe by scanning ID documents at the ease of their houses, in a few seconds.
To conclude, document verification adopts ID documents to remotely authenticate genuine users globally, in real-time through a secure and protected channel.