The sure con of the pandemic was, it gave a boost towards digitalization as there was a rapid increase in customer interactions with online platforms.
At present, it is estimated that 70% of the country is involved in online banking which increases the risk of identity fraud substantially. No doubt the more users on online platforms the higher the risk of fraud.
It is of extreme importance to protect the customers, businesses including banks and financial Institutions from falling prey to any unpleasant activity and hence digital document verification is essential.
If you aren’t familiar with the term digital document verification then this article is sure to add value to your knowledge.
In the process of digital document verification, the IDs and the documents (such as IDs passports visas or any form of official documents) given by the consumer are passed through multiple validity checks to confirm a client’s identity.
The objective of digital document verification is to create a safe online environment that enables a secure and efficient way of verifying the individuals are the identity.
Types of document verification
Identity Verification: The Identity of an individual is verified through government-issued identity documents such as Aadhar card, pan card etc.
Educational Verification: The educational background of an individual is verified through their degree, passing certificates etc.
Address Verification: The individuals’ address is verified through the government records submitted. It can be an electricity bill, Aadhar card etc.
Employment verification: The Identity of the individual is verified by employment history from their past companies. The objective of checking the same is to confirm whether the employee was involved in any criminal activity.
Medical Verification: The health habits of the individuals are verified in order to confirm whether they are suited for specific job roles that involve health checkups.
Financial Verification: An individual’s financial information such as the income and credit history are verified to assess their ability to repay loans.
The above listed are some of the common types of document verification required to protect individuals from fraud and spammers.
The working of digital document verification
- The first step is to capture a digital image of the document using a smartphone, scanner or any other electronic device.
- In the next step, the relevant information is extracted such as the document number, the individual’s name and photo and the expiration date.
- Then the extracted information is compared to a database of authentic documents in order to verify its validity. There might be a combination of manual and automatic checks at this step. It might involve document validation algorithms, biometric comparisons, and cross-referencing with government databases.
- In the final state, after receiving the results of the verification process the system returns with an authentication result that indicates whether the document is original or duplicate.
Understanding the importance of digital document verification and why should businesses opt for them
- Digital document verification is an ideal way of preventing identity fraud. It ensures the authenticity and validity of the official documents that are submitted by the individual.
- The long and tedious task of physical verification of documents is nullified. The process of digital document verification is faster and gives more efficient results.
- Digital verification automates the entire verification process and increases the accuracy and reduces the risk of human error.
- It adds monetary value as well. The process of digital document verification is cheaper than the traditional method of document verification.
- It is way more approachable than traditional methods. Disabled individuals especially the ones belonging to rural areas can easily get their document verification done just by submitting the documents online, they don’t require commuting.
Digital document verification is an important tool that gives a tough fight to fraudsters and spammers. It makes sure that the identity of the person is checked instantly and confirms whether the submitted documents are genuine or not.
If you want to try digital document verification then you can connect with us at sales@zoop.one
