The process of identity verification is necessary for every organization. It helps in minimizing data breaches and other cyber-criminal activities within the company. The verification process involves a number of phases, each part of the cycle aims to identify the genuineness of a customer. One of the major steps for verifying user identity is the document authenticity verification method. It evaluates the user and verifies its originality by processing their official documents. This way of verification is necessary as documents provide all the major information about the client. The approach of verifying users by their documents is quite old and most people have experienced it at different phases of their lives.
The document verification market size is increasing each day as firms are keen on verifying their sources via this process. The growth of identity verification is expected to be doubled in the upcoming years.
When Is Document Verification Required?
The document verification process is required in multiple instances. It is carried out during the onboarding phase of the customer. Client evaluation is performed on the basis of their official paperwork. The user is asked to provide all the required documentation which proves the identity of the user. The travel sector also requires user documents when onboarding new passengers, travel guides, and employees. Other industries such as the finance and banking sector follow this process as a critical part. These systems are mostly attacked by criminals for illegal means of corruption and money laundering. With the ID document verification process the finances and assets of the users are protected by allowing only verified users in the network. The banking sector does not allow any interaction with the environment without an identity verification process.
Which Documents Are Required For Verification?
The official paperwork which is issued by the government offices and legal authorities contains all the personal information of the user. This data is necessary for the verification of the customers which is used by several organizations and businesses. This process of verification ensures the credibility of the user. Several documents are required at different phases of the verification process.
User National Identity Card
The most asked document is the identity card of the user as it carries all the information of the person. The ID card is issued by the national office and it is proof of all the personal information. It consists of a person’s full name, date of birth, nationality, etc. Organizations require identity card verification at the customer onboarding phase. The addition of biometric chips into the ID cards has increased the information level and it is also easy to process computerized data.
A passport is the second most required document. It is mostly asked in the travel sector for securing passenger data. The passport contains all the information about the user with previous travel history. This information is processed by the travel agencies to complete the identity verification phase of a new user.
Utility bills are also required for the verification of the user’s address. The bills for electricity and other natural resources are sent to the client’s legal address. Companies verify the location of the client by processing the mentioned address in the utility bill. This document is mostly required by businesses that perform complete identity verification on other businesses before any interaction.
Lastly, the financial statements are required for verification. The banking sector requires these statements as proof of user credibility. It contains all the previous banking history of the user that enables the new financial institution to verify the person. The transaction data also ensures the person’s way of processing finances.
Online Document Verification System
The documents which are required by the organizations are verified via a document verification system. The new online platforms have provided digital ways of verifying these documents via a virtual space. All the official documentation is uploaded to the online document verification system, after which the process of identification is initiated. These systems are built on new technologies of AI and OCR systems that aim to validate and verify the documents of the users digitally. As the client uploads all the required documents onto the system, the digital document verification process is started with validation checks. The AI-based algorithms are executed that tend to compare the files uploaded by the user with the existing data sets, this process proves the authenticity of the documents. After validating each file, the OCR technology comes into play, with optical character reading, the data is extracted from the documents and processed further for verification. The process to verify the information is completed when the data is completely extracted and compared. It is analyzed with the original information provided by the user initially.
Document verification solution is an effective process of evaluating user identities. It is performed at every user onboarding cycle. It verifies the person’s genuineness by verifying the data from their paperwork. The document verification services are used across multiple industries. The new online platforms also provide an efficient solution for this purpose of verification. With Artificial intelligence, the client is analyzed remotely and the documents are verified all via a computer system.