Document verification online is used to verify the identities of real users by authenticating their identity documents. It is an essential part of online verification and helps the organization onboard and securely verify customers. It is mandatory for financial institutions to determine the legitimacy of documents submitted by the customers and to determine risk profiles. It acts like a shield which protects organizations against monetary damages, identity fraud and other fraudulent activities. It helps businesses to comply with regulations such as Anti Money Laundering (AML) and Counter Terrorist Funding (CTF). Its ability to verify documents makes it a crucial tool in the battle against online scams. This blog will feature the key frequently asked questions about document verification.
FAQ#1: What is Document Verification Online?
Document verification is a process that authenticates the accuracy of details or information provided by individuals. These documents include driving licenses, passports and government ID’s that are uploaded to verify user identity.
Document verification helps businesses to confirm the identity of new customers and legitimacy of their documents during the onboarding process. It ensures that the documents are genuine and there is no sign of forgery or counterfeits. Therefore, it provides quick, easy, and smooth onboarding, eliminating physical visits. It makes the user experience better, enhances their trust, loyalty and satisfaction.
FAQ#2: What Are Different Types Of Online Verification Documents
Every document that provides certain information about a person or identity and is issued by the state acn serve as an online verification document. However some documents are officially accepted as Identity documents. The other types of documents that can be used for document verification , depend on the objective behind the verification. These specific documents work for specific goals or objectives that may differ from business to business. Some of them are as follows;
1. Identity Verification Documents
These documents provide proof for the confirmation of identities. These documents include:
1. Identity Card issued by the government
2. Passport
3. Driving license
2. Address Verification Documents
These documents provide location evidence for the actual physical address of a person. These documents include:
1. Bank statements
2. Tax or utility bills
3. Credit card statements
4. Rent agreement
5. Employment letters
3. Income Verification Documents
These documents confirm employment status, employment dates, salary information, and other information about employees. These documents include:
1. Pay slip
2. Employment contract
4. Education Verification Documents
These documents are used to confirm the qualifications of the holder and are issued by
the educational institutes. These documents include:
1. Transcripts
2. Certificates and degrees
3. Diplomas
Financial Verification Documents
These documents are used to confirm the financial credibility of a person or business. These documents include:
1. Tax returns
2. Balance Sheet
3. Statement of cash flow
FAQ#3: What is an Online Identity Check?
An online identity check is the process or method to confirm or reject a document by comparing it with the credentials of a person or organization. An online document check ensures that the person signing up is the real person and proves that he is who he claims to be. Advanced technologies like artificial intelligence and machine learning are used to verify documents remotely. It is an essential part of all the online processes from opening a bank account to loan application. Here are some commonly used methods for identity document fraud detection.
- Two Way Authentication
- Knowledge-based Authentication
- Credit Bureau Authentication
- Data Based Authentication
- Online Verification
- Biometric Verification
FAQ#4: What is the Process for an Online Document Verification?
Online document verification process offers strict measures to ensure that only authorized persons get access to services provided by organizations. This whole process includes the following steps:
1. Data Extraction
Data is captured and extracted from the ID documents through the use of OCR(optical character recognition) and analyzed to confirm the authenticity.
2. Biometrics and Liveness Check
To confirm the identity of a person, biometrics are captured and liveness is conducted through video call to get assurance that a real person is approaching for the services provided.
3. Document Validation
The extracted data is matched with captured selfies or videos to confirm the authenticity of documents using AI and machine learning(ML).
After the completion of above mentioned steps, the person is allowed to access online services.
Conclusion
Online document verification is necessary for everyday life. Whether you are applying for different types of services such as immigration, insurance, or banking, or applying for admission or employment in any institution, it is a prerequisite to verify documents. In this digital era when every business is leveraging digital transactions, online document verification is benefiting every sphere of life. It helps organizations prevent all kinds of frauds that are related to misuse of personal data. It is also vital for organizations for regulatory compliance, fast onboarding of customers, building trust, and enhancement of user experience.