How Digital Document Verification Prevents Identity Fraud?
11 Apr 2022
Identity theft is one of the most pertinent problems that organizations and businesses face. The advancement in technology has made the work of cyber-criminals easier. The situation was already alarming, but the pandemic has made it even worse. Every year identity fraud incidents cause a loss of millions of dollars worldwide. Fraudsters who are involved in ID fraud claim somebody else’s identity as their own. According to a study, ID fraud incidents increased around 45% in 2020 alone. Furthermore, ID scams were the most commonly reported scams in the US in the year 2020. The situation is alarming and needs proper attention.
We all know that modern problems require modern solutions, therefore, one sure way to combat this growing online menace is the introduction of digital document verification processes among organizations and businesses. Before digital verification was introduced, physical, in-person verification of people and documents was done, which was long and time-consuming. With the help of advanced AI, the introduction of digital document verification has made fraud prevention easier.
Benefits of digital document verification
More and more businesses are relying on online document verification of their customers. Businesses that ignore the importance of document verification are more likely to get in trouble. Since digitization is the need of the hour, digital document verification is the best solution for businesses to reduce the risk of identity fraud.
Given below are some of the advantages of digital document verification:
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Minimizes human-errors:
Traditional document verification techniques involve human-controlled steps like comparing photographs and documents of the person concerned and deciding whether the identity document is genuine or fake. Usage of digital platforms which function with the help of advanced AI for ID verification reduces the chances of human errors, increasing efficiency and reliability.
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Improves customer confidence:
Whether big or small, customer satisfaction must be the utmost priority for all businesses and organizations. Modern digital identification systems can provide streamlined, user-friendly, and hassle-free experiences for customers, thereby increasing their trust.
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Reduced costs:
Firms and organizations which switched to digital document verification have seen a notable decrease in expenses. Money spent in the storage of documents physically was saved.
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Less time-consuming:
Unlike traditional identity verification methods, which involved being physically present and waiting in long queues, online document verification can be undertaken by customers from the comfort of their homes. The digital verification method can give results within seconds and is more accurate than manual verification.
Nowadays, all big and small organizations like banks, financial institutions, shopping sites, e-commerce stores use online document verification for fraud prevention. This modern technology not only enables businesses to authenticate customers but also helps in streamlining their work and meeting regulatory norms.
At Accura Scan, we provide the best innovative solutions for digital document verification. Our efforts to automate KYC provide an excellent user experience at a large scale. Accura Scan uses modern AI and 3D technology for fraud prevention. For a swift, secure, and seamless identity verification process, reach out to us at +91 820-898-8751 or visit our website for details.
