Document Check Systems: Fighting ID Fraud in the Modern-Day Businesses

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The document check solutions use AI & ML models to increase quality and customer care, ensuring its feasibility for all corporations.

With the help of technological innovation, modern-day industries are undergoing advancements, but they are still encountering several challenges, especially ID theft. It is a severe felony that is highly traumatizing for targets. Corporations also encounter serious financial losses of more than $5 billion. The document check solution is an intelligent record validation service that protects the company’s market reputation. The automated technique also eases compliance with AML/KYC standards to avoid bans and serious monetary damages. A combination of AI & ML software entirely modernizes ID document attestation systems. In this light, AI-supported document verification checks safeguard modern-day corporations against ID scams.

Negative Aftermaths of Identity Theft in the USA

Taking advantage of victims’ credentials is a serious crime that hackers can implement to receive the benefits linked with the victim’s profile. Criminals apply complex techniques to achieve their malicious goals. Businesses that do not opt for smart record validation services face serious data breaches that can lessen their credibility. Therefore, the application of automated document check services is mandatory in present times. 

Identity Theft and Assumption Deterrence Act 1998 (ITAD)

In the 1900s, US congress publicized the ITAD Act of 1998 to control ID theft incidents. According to guidelines of the US Department of Justice guidelines, identity scams are serious transgressions with serious penalties. For example, perpetrators face imprisonment for more than ten years, along with confiscating all properties that supported the crime. 

Only the implementation of robust security systems will manage the incidences of ID scams. According to the latest figures, financial damages that businesses experience from ID fraud have surpassed $200 million.

The Intervention of International Regulatory Bodies 

Fighting ID scams is the primary purpose behind AML/CFT standards. FinCen, FINTRAC, and FATF departments have emphasized that all businesses must implement KYC verification solutions and mitigate money laundering and terrorism financing incidents. Utilization of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) review processes will ease ID verification procedures for all clients during the enrollment phase.

Recent digitization has supported quick accessibility of document check solutions from a reputed company worldwide. The combination of Artificial Intelligence & Machine Learning (AI & ML) models has enhanced the quality of KYC systems. Thereupon, clients can benefit from document check solutions without any limitations through any intelligent devices.

Complete Operating Procedure Behind Document Check Services

Utilizing artificial intelligence software with record verification services from a third-party service provider promotes customer satisfaction. The automated solutions instruct clients to provide government-issued records during the user registration process. OCR technologies quickly execute data extraction on clients’ data and securely save them in the companies’ data servers. 

Only when clients submit correct data do they get final verification output in real-time when they submit valid data. Consumers must note that a document check system only accepts government-issued documents having unique specifications, such as specialized ink and paper. In this light, users can only provide their ID cards and passports for screening. If perpetrators try to fool the defense mechanism, the document check system from a company will instantly stop the examination process and alert the users. The complete operating mechanism of KYC document attestations is as follows:

Four Phases Behind Document Check Services

  • The AI-powered product evaluates the originality of given records during the document verification process
  • Smart solutions from third-party vendors also check the accuracy of information from users. When the given data is false in some cases, the document check service will guide consumers accordingly. ID record verification services easily process multilingual data without lowering the quality of output
  • AI-powered solutions from third-party service providers process Machine Readable Zone (MRZ) encryptions and check the authenticity of records, using data for decoding and cross-evaluating users’ information
  • When consumers’ records have a natural loss in quality, the authenticity of records lowers considerably. The document check product from a verified vendor also checks them for broken edges

Outdated document check techniques had numerous shortcomings that perpetrators could take advantage of instantly via advanced deceptive methods. Intelligent verification services have strict security protocols which easily prevent external attacks. The documents’ unique features, such as holograms and rainbow prints, are the characteristics of government-supported documents. Hence, AI-driven document verification services from a trusted service provider ensure safety against cyberheists. 

Final Words

Implementing document check services from a verified supplier provides high-quality output. To control scams, the digital verification product also examines data against multiple global sanction lists (e.g., PEPs). Integrating AI & ML models increase intelligent verification products’ effectiveness and boost customer satisfaction. Mitigating ID fraud incidents is a massive advantage of the document check process. Nowadays, smart verification services are highly facilitative for industries. Consequently, financial organizations can show compliance with KYC regulations to reduce identity theft worldwide. 

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