In the modern world, the cases of identity theft are increasing with time. According to Businesswire, 55.8% of all ID fraud happens in five countries and 5.1% occurs in the USA alone. Modern-day corporations want to mitigate scam incidents with the help of innovative digital solutions. Document authentication services can help experts in accomplishing the above objectives. The cutting-edge software has AI & ML support which generates high-quality results instantly. The state-of-the-art solution ensures a positive experience for users and streamlines the onboarding procedure.
The following article talks about the significance of document authentication services and how companies can use the system to accomplish goals:
Record Authentication Solutions: A Quick Insight
Document verification services ensure fraud prevention through the validation of government-issued records. Clients can only submit official ID cards, passports or driving licences. In this way, cutting-edge technology ensures risk mitigation and deters bad actors from exploiting mainstream corporate systems.
According to Straits research, the global verification market size will gain a financial worth of around 32.94 billion by 2030, showing a CAGR of 16.35% from 2022-2030.
As per the report, the key market drivers behind the industry’s growth are:
- Widespread internet use & digital literacy
- Growing demand to fight identity theft cases
Using AI-Driven Document Authentication Services to Discourage Scams
Several users might have had the experience during account opening or performing monetary transactions that staff members ask the client to submit government-issued records. Previously, a verification officer used to validate details of given documentation and cross-checked the information with other records. This was important to discourage bad actors from exploiting the mainstream systems.
Nowadays, artificial intelligence has the capability to replace authentication officers. This allows clients to benefit from remote document authentication services and businesses can also perform monetary transactions while knowing that a genuine identity is executing the exchange.
Fraudsters also use sophisticated technology to accomplish nefarious goals such as creating fake documentation to bypass the defence mechanisms. Using record authentication solutions can help corporations discourage crime and keep users’ data safe from external attacks.
Top 5 Document Fraud Strategies Used By Criminals
In modern times, businesses use innovative technology to streamline procedures and attract genuine customers. Unfortunately, cybercriminals also use technological advancements to accomplish malicious objectives. The following sections discuss the following five record scams:
1. Illegitimate documents
Illegitimate records are false documentation because there is a lack of holograms and rainbow prints. Such special elements are present in government-issued records. Document authentication services can help corporations easily distinguish between fake records and genuine documentation.
2. False records
False records do not have manipulations but such records are stolen from owners. Criminals use it to bypass the security protocols of organisations.
3. Modified documentation
Such types of records have forgeries to circumvent the verification procedures. Several documents have manipulations that can fool the human eye. However, the use of document authentication services can easily identify deceptions in the records.
4. Camouflage records
On fantasy or camouflage documentation, fraudsters input fake information to deceive the validation procedure. Criminals use fraudulent names that have no power to issue documents or even exist in real life. This is a basic kind of scam that easily bypasses security mechanisms.
5. Blank Stolen documentation
Authentic records are usually blank. Such documentation becomes fake when criminals put in false information by leaking records from manufacturing supply chains.
Benefits of Using AI-Driven Document Authentication Services
Utilising record verification systems, companies can easily fight identity fraud. This not only improves compliance with international regulations but also streamlines customer experience. The following are notable perks of using record authentication services for modern-day businesses:
Enhancing Customer Experience
According to a PWC study, providing a speedy and convenient service plays an important role in increasing customer satisfaction. Manual procedures are time-consuming and cumbersome which demotivates customers to move on in the process.
Using the latest AI-driven approach, businesses can reduce risk and ensure a positive experience for clients. The cutting-edge approach captures data from government-issued records. For this reason, clients must submit ID cards, passports, or driving licences.
Mitigating Risk & Streamlining the Onboarding Process
When a business grows, it becomes important to verify the identities of onboarding clients. According to a 2018 report, outdated security measures discourage customers to move forward and abandon online transactions midway.
Implementing document authentication services effectively reduces business risk and streamlines the onboarding procedure. This way, corporations can attract genuine clients and discourage bad actors from exploiting the system.
Final Thoughts
Using AI-driven document verification services can help businesses prevent identity theft and ensure a positive experience for clients. This way, corporations can protect their systems from data privacy breaches. With record authentication, companies can streamline the onboarding procedure and ensure a better experience for customers.
Collaborating with a third-party vendor can help companies implement GDPR-compliant solutions. This way, corporations can strengthen relationships with customers and secure a competitive advantage in a tough market atmosphere.
