Online Document Forgery Detection Services: Fighting Digital Fraud Via AI-Driven Solutions
Digitization has benefited modern-day industries, but it has also empowered fraudsters to trick companies by implementing complex deceptive techniques. Criminals use identity theft approaches to receive various advantages linked with the victim’s profile, such as insurance money. In the age of technological innovation, corporations must implement AI-powered document forgery detection solutions to mitigate ID fraud, money laundering and terrorism financing cases worldwide. According to the latest research, the identity verification market size will achieve a financial worth of around $32.94 billion by 2030, progressing at a CAGR of 16.35% for the predicted period.
Market Potential of Document Verification Industry
According to Alan Goode, the capacity to enroll new clients via innovative digital platforms is the need of modern times for organizations worldwide. Implementing intelligent solutions will not only lessen their physical footprint but also facilitate digital transformation. Online document forgery detection solutions streamline the customer onboarding process as well as ensure compliance with AML/KYC regulations for organizations.
Moreover, the combination of Artificial Intelligence (AI) and Machine Learning (ML) technologies with online document forgery detection services allows organizations to provide a seamless customer experience. It increases not only financial revenue but also the credibility of the organization among the users. In this light, the online document verification market has attracted a lot of investors and encountered intense Mergers and Acquisitions (M&A). The positive trend will become widespread in the coming years.
Top 6 Benefits of Online Document Forgery Detection Services
Online document verification services are a perfect solution for all industries to enhance customer satisfaction and comply with AML standards to actively fight identity theft, money laundering, and terrorism financing incidents:
- Increase Convenience
Instantly capture the photo of a document with help of a smart webcam to extract required information quickly without compromising the quality of final verification results
- Receive Output Instantly
Extract data from multiple types of files and multilingual documentation, empowering users to conveniently extract data from their records from anywhere in the world
- Control Operational Costs
Eliminate the traditional processes by automating data extraction procedures and streamlining the onboarding phase for the users. It is a resourceful approach for the modern-day companies
- Get Accurate Results
Receive top-notch quality output by the combination of computer vision technology, Artificial Intelligence (AI), and Machine Learning (ML). The advanced technology even adjusts the lighting in the images to produce high-quality results
- Improve User ID Verification Procedure
Compare clients’ names and addresses from various documents, for instance, passports, bank statements, rental agreements, and Social Security Cards (SSC)
- Show Adherence to International Compliances
Utilize Proof of Identity (POI) and Proof of Address (POA) to comply with AML/KYC requirements, as demanded by various jurisdictions all across the world
Top 4 Applications of Online Document Forgery Detection Solutions
Various organizations use document verification services to validate the identities of their users. Digitization has positively influenced the process of online document attestation solutions to ensure higher customer satisfaction and compliance with international regulations.
The AI-driven document forgery detection services are foolproof and detect fraud in real-time. Some of the best business use cases of record verification services are the following:
Online document forgery detection services play a significant role in the government sector by remotely attesting the identities of their consumers. The intelligent solution validates the documents of clients in real time. The digital services only accept government-issued documents such as ID cards, passports, bank statements, and rental agreements for attestation. The OCR software extracts users’ Personally Identifiable Information (PII) from the given records. After this, the information gets stored in the data servers.
The demand for online document forgery detection services has increased during the pandemic. Educational institutions shifted from onsite teaching approaches to online platforms during the pandemic. During the registration phase, it was difficult to verify the identities of new students and prevent unauthorized entities from entering the database. The application of online document forgery detection services enabled academic institutions to validate students’ identities without geographical limitations.
Nowadays, digitization in financial institutes has ensured fast, more reliable, and accurate client services. Several financial organizations have implemented intelligent solutions to provide a seamless onboarding experience for customers and ensure personalized client support.
Banks must validate the identities of their customers and only extend services to genuine clients. The staff members ask the customer to provide their records at the time of registration. In the case of government-issued documents and original records, the customer can open an account to receive services. AI-driven online document forgery detection services are a foolproof way of mitigating ID fraud.
Technological innovation has impacted all corporations worldwide, and the tourism industry is no exception. Online record verification systems have become mandatory for the travel industry to fight Identity theft, human and drug trafficking incidents. Such progressive approaches provide a safe traveling experience for passengers in the modern world.
The airline industry recognizes the significance of online document forgery detection services for fraud prevention. In this light, the government has made it mandatory for airports to onboard only the passengers with original documents. During the pandemic, government departments made it compulsory that only travelers with original COVID certificates could journey abroad. Consequently, the application of strict online document forgery detection protocols has protected the travel industry from online fraud.
Online document forgery detection services are the comprehensive procedure of user identity verification. It instantly distinguishes between fake accounts and genuine ones. Several industries, such as banking, education, government, and travel, apply document attestation solutions for a streamlined onboarding process. Advancements in document verification services will considerably impact the perception of users about digital identity. The progressive techniques will undoubtedly enable businesses to fight online crime and ensure unbeatable customer security.