Identity fraud by stealing ID documents and financial crimes like terrorist funding, money laundering, and bribery are inflating concerns for corporations working via digital websites. Even though advanced technologies are backing and automating business operations, yet surging cases of fraudulent activities are disrupting the world order.
Although cybercriminals are not the only ones to be blamed for such happenings, digital businesses are not marking efforts for improving their security systems nor are they complying with the regulatory obligations. Since corporate information, as well as customer data, has to be stored in electronic form, it has become more unsafe and the risk of data breaches is raised exponentially. This makes it simpler for criminals to accomplish their illicit desires utilizing modern technology tools. Due to this, document verification solutions are developed that are competent in aiding digital businesses.
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Identity Document Fraud- Deep Overview
Identity fraud, data breaches, fraudulent verification documents, and achieving unlawful access to victims’ accounts remain headlines of the digital era. Several new scams are emerging as businesses are shifting towards digital platforms. Diving into the customers’ data confidentiality concerns as well as cybersecurity measures, the businesses are not deploying identity authentication systems and are just focusing on getting digitized.
Furthermore, the coronavirus pandemic made the situation even more worse as norms like social distancing and work from home are becoming today’s necessities. Although mutual understanding can save people’s lives and reduce covid spread, yet the risk of fraud for digital companies is still unsolved.
As work-from-home policies are allowing companies to maintain their services without restraint digitally, due to this fraudsters are availing the opportunity from the situation and are carrying out frauds in bulk. For imposters, getting unapproved access and exploiting delicate company information is a piece of cake as businesses are not deploying strict security measures like document verification.
Utilizing fraudulent documents for identity proof, cybercriminals represent to be legal people communicating with the executives via online conferences. When enterprise operations are full of vulnerable spots, facing identity theft as well as financial losses becomes the fate.
Various Types of Bogus Documents
Illegitimate Documents
Such types of documents are those that cybercriminals design on purpose by using abducted information from victims’ identity documents. The major difference between stolen and genuine documents are some characteristics like special paper, holographic imprints, etc.
Photoshopped Documents
Rather than making fraudulent documents, criminal activists usually find it more manageable to modify and tamper the ID documents that are associated with a legit entity.
Abducted Documents
These types of documents are not fake nor photo shoppe but are totally original documents that are stolen from the legitimate person.
How to Verify a Document Online?
ID Document attestation systems are effortless to execute. by easily integrating APIs into the system
businesses can get benefits from the verification solutions.
Clients have to provide identifiable information like ID number, name, address, etc through digital platforms.
In addition, customers have to upload their identity documents by scanning them using OCR applications.
Furthermore, the AI is enhancing the verification system as they are now capable of determining
the signs of photoshop or modification by analyzing holographic prints, etc.
Intelligent Technologies- All set to Eliminate Document Frauds
Having in mind old-school verification procedures, they were quite insufficient as well as are not for the digital era. Additionally, they required ample time as well as huge amounts. In order to solve the business challenges, SaaS providers have come up with document verification solutions to provide relief.
Intelligent technologies like artificial intelligence,
OCR technology and machine learning are enhancing the documents verification process
and make them capable of extracting and interpreting the customers’
ID documents in order to secure the businesses from facing adverse consequences
as a result of data breaches and identity thefts.
Technology-based online verification documents systems are aiding businesses to identify suspicious financial transactions such as money laundering and terrorist financing activities so that bad actors could be brought to justice.
Therefore, ID document verification is a helping hand for businesses to prevent such frauds. By employing AI-backed online documents authentication, the corporate sector can reduce the costs and make the onboarding process robust.
Final Thoughts
Wrapping it up, ID document verification solutions are aiding digital companies by providing ultimate fraud,
detection for protecting the digital environment.
By employing smart document authentication systems the businesses can determine the original identities of their client,
beforehand and can eliminate the risk of identity fraud.
