E-Verify Documents And Say No To Financial Frauds Now

With the emergence of technology in the digital world, criminal entities are finding new ingenious ways to invade the accounts of individuals by breaching their personal information. Identity theft has become a problem for users all over the world. In order to solve this problem, identity verification services are offered. Through them, identities are verified by carefully going through their documents, to look out for any potential risks before any transactions are carried out. Document verification ways have also evolved with time, giving rise to the concept of digital document verification. 

Advancement Towards Online Document Verification Services

In order to verify documents online, people do not have to physically go to an office and wait in lines to submit the documents. In fact, they can attach the files of scanned documents online rather than in-person, in-branch meetings. The received documents are then checked against Anti Money Laundering (AML) regulations, to remove individuals who can possess a potential risk to the firm. 

How Does The Process to Verify Documents Online

In order to e-verify documents, the individuals hold up their documents one by one in front of a webcam or mobile phone camera through which the details are scanned. Once the information is received in the image form, the system verifies the authenticity of the documents. An option of uploading an image from the selfie camera is available after which it is matched with the photo on the identity document to generate the result that whether the ID of the user is verified or unverified. 

Benefits Vs Drawbacks of Online Document Verification System

Every innovation when it enters the digital market can either prove to be beneficial for the customers or could destruct the organization in many ways through malicious actions. Therefore, a list of advantages and disadvantages of digital document verification are listed below:

Benefits of Verifying Documents Online

• Fewer Errors: As humans are prone to mistakes, manually verifying the documents could sometimes lead to missing out on important information which could be a risk to the business. Therefore, the chance of errors is reduced as the system works on automated software. 
• More Secure Ways: As people provide the details of their personal information, they want their information to be secured. In the online concept, it is mandatory that all the files that are shared by the customer remain secure, and however is accessing the files, the system keeps on monitoring them.
• Cutting Costs: Less manual labor and resources are used to verify documents because most of the verification process is done through an automated system. 
• Time-Saving: Saves the time of the customers as they do not have to physically visit an office or wait for authentication mails from the office, by electronically uploading the documents. 
• More Flexibility: As compared to the traditional method of document verification, customers do not have to wait for idle days in order to take some time out for submitting documents manually, they can upload their documents from anywhere in the world at any time giving them more flexible access. 

Drawbacks of Verifying Documents Online

• Faulty measures: As the whole system depends on the automated software, any technical problems with it can cause the wastage of time and resources of the business in a costly way. 
• Reliability is at stake: As the ways for document verification are evolving, so does the techniques of document forgery, which are also changing with time. Criminals hack the information of the users so swiftly by fooling experienced expert workers. 
• Personal Data is not checked: As authenticity of documents are checked online-only, most of the time it leaves checking the user’s personal information that is the reason it might happen that someone with a fake ID name could still pass document verification service.

Wrapping it Up

In the fast-paced world, businesses want to establish ways through which they can enhance customer experience leading to improving their brand image. On the other hand, customers put their trust in companies that offer them a hassle-free experience along with a secure environment. Online document verification technology has helped businesses in this regard. To e-verify documents, scanned files are uploaded via a webcam, and information in them is compared with the source of evidence already provided by the clients to verify whether they are consisting of an authentic or a fake identity. No matter what, online document verification services have led to devising easy ways through which online criminals can be detected without the need to physically submit the documents and wait for approval mails.