• Home
  • Privacy Policy
  • Contact Us
  • Login
Green Record
  • Home
  • World
  • Lifestyle
    What you need to do after you have your first tattoo

    What you need to do after you have your first tattoo

    Wig Tape

    What Is Wig Tape? All You Need To Know (Applying, Removing And Shortcomings)

    Why do students often experience stress?

    Feeling Tired? Consider These Adjustments to Your Lifestyle

    Why Are These Wholesaler-Manufacturers So Special?

    Why Are These Wholesaler-Manufacturers So Special?

    Different Types of Birthday Cakes!

    Different Types of Birthday Cakes!

    How can we treat children with respect when mediating?

    How can we treat children with respect when mediating?

    Trending Tags

    • Pandemic
  • Business
  • Entertainment
  • Sports
No Result
View All Result
  • Home
  • World
  • Lifestyle
    What you need to do after you have your first tattoo

    What you need to do after you have your first tattoo

    Wig Tape

    What Is Wig Tape? All You Need To Know (Applying, Removing And Shortcomings)

    Why do students often experience stress?

    Feeling Tired? Consider These Adjustments to Your Lifestyle

    Why Are These Wholesaler-Manufacturers So Special?

    Why Are These Wholesaler-Manufacturers So Special?

    Different Types of Birthday Cakes!

    Different Types of Birthday Cakes!

    How can we treat children with respect when mediating?

    How can we treat children with respect when mediating?

    Trending Tags

    • Pandemic
  • Business
  • Entertainment
  • Sports
No Result
View All Result
Green Record
No Result
View All Result
Home TECH

Online Document Verification – Seamless Customer Onboarding And Regulation Compliance

Rahul pandey by Rahul pandey
August 31, 2021
in TECH, Business
0
aI
48
SHARES
103
VIEWS
Share on FacebookShare on Twitter

Technological changes are shaping business platforms. Digital businesses, commercial banks, hotels, social media channels, and airports all are required to identify their customers to comply with regulatory authorities. Customer identity verification is necessary to mitigate the risks of identity frauds and scams and to rule out financial frauds.

Business organizations have to face mass challenges in identifying customers and clients due to insufficient resources and incomplete knowledge. But due to the advancement in technology, experts have recommended the incorporation of online document verification as the ideal solution to combat these predicaments. Other than the benefit of being risk-free, businesses can easily comply with regulations imposed on a national and international level. 

Why is Online Document Verification a Necessity?

Even though technological changes have both benefits and detriments, fraudsters have apprehended multiple tactics to bypass security and indulge in illegal activities. Crimes such as identity theft and illegal edits and tampering of documents have caused individuals to be in alarming situations. Innocent people have to encounter the consequences of paying hefty fines and facing court. 

Furthermore, according to laws and regulations, it is illegal to steal an individual’s identity and to use that information to conduct illicit activities for their own benefit. It is stated in the Identity Theft and Assumption Deterrence Act 1998 that any type of identity theft is a violation of the sanctity of the law. 

But all these can be ruled out with the incorporation of advanced technology known as online document verification services. 

How Does Document Authentication Help In Mitigating Identity Fraud?

FinTech Regulatory authorities such as FATF and FINTRAC have set up Know Your Customer (KYC) and Anti-money Laundering (AML) compliance to eradicate the manifestation of cybercrimes. These regulations have been providing an updated set of instructions to ongoing and new businesses. Through which those businesses have been able to increase their work efficiency and have directed their resources to a more useful platform. 

Read More  4 Tips on Choosing a Business Representative for Arbitration

Additionally, identity document verification has assisted businesses to identify the true identity of their customers and clients before the onboarding process. These artificial intelligence-based online document authentications have deterred the risk of scams and frauds and have ensured seamless compliance towards customer due diligence. 

Types of fraudulent documents that can be caught

  1. False documents 

False documents are not tampered with, edited, or photoshopped but rather stolen from the true owner. The criminal posses these documents as his own and uses them for personal gains. The online document verification checks ensure that the document is held with the original owner and not an imposter. 

  1. Modified documents

These are original documents but are slightly edited to manipulate the authorities into believing that they are original. The documents are edited in a way that the officers are unable to detect them due to their minor undetectable changes. But through artificial intelligence document authentication, these small edits can be caught by checking the fonts and detecting the changes in the pixels and flagged. 

  1. Illegal documents 

These are replicated or duplicated documents of the original document that has been issued by the government institutes. Such types of documents lack minor characteristics that original documents usually possess such as holograms, special inks, etc. But through online document verification solutions, it gets easier to detect these types of documents. 

The usefulness of AI-based document verification

  1. Reduce risk and seamless customer onboarding

Online businesses have been advancing at a faster pace and tend to interact with multiple customers at the same time. Verifying the identities of these customers is essential in reducing the prevalence of risks. Multiple reports conducted have stated that fraud is rising due to a lack of security measures. Furthermore, the lack of security has created fear amongst customers that online platforms are not as trustworthy as they claim to be.  Therefore, in order to provide safe and secure dealings to clients and customers, businesses have apprehended the use of real-time online document verification that is prompt. 

  1. Enhanced customer experience
Read More  PDFBear: Convert PDF to Word Documents In Seconds

Speed and convenience have been the basic requirements of customers from business entities. Businesses with old-age document verification systems lack speed and efficiency which in turn plummets the customers’ experience. Nevertheless, online document verification is fast and user-friendly. It also provides an identity verification service by uploading the picture of the scanned document. 

Endnotes 

Document authentication is every business’s requirement nowadays. They have to determine the true identities of clients regularly and then monitor their activities, and transactions. Manual identity verification services lack in numerous ways such as they are not robust and error-free. They are also costly and time-consuming. But online document verification services are robust and free from errors. In order to comply with regulations and laws, it is always better to go for advanced technology that assists you in all aspects.

Tags: Convert PDF to Word Documentsdocument authenticationdocument verification
Previous Post

Finding pensions you never knew you had

Next Post

5 Things To Know About Custom Antibody Services

Rahul pandey

Rahul pandey

Related Posts

Best Antivirus Softwares In The UK
TECH

Best Antivirus Softwares In The UK

by Charles
June 30, 2022
Working from Home with a Baby
Business

Working from Home with a Baby

by Matthews
June 29, 2022
vData Analytics
TECH

Top 5 Countries for Data Analytics

by Matthews
June 29, 2022
Symfony or Laravel
TECH

Comparing Technologies: Symfony or Laravel, Which Is Better for Your Business?

by Matthews
June 29, 2022
9 Reasons Why Buying From An Online Rakhi Store Is Better Than Being At The Local Bazaar
Business

9 Reasons Why Buying From An Online Rakhi Store Is Better Than Being At The Local Bazaar

by Charles
June 29, 2022
Next Post

5 Things To Know About Custom Antibody Services

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Animals
  • Auto
  • Business
  • CBD
  • Celebs
  • Cryptocurrency
  • Digital Marketing
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Fitness
  • Food
  • Forex
  • Gadgets
  • Gaming
  • Health
  • Home Improvement
  • Information
  • Law
  • Lifestyle
  • Make Money
  • Pets
  • Real Estate
  • Review
  • Sports
  • Streaming
  • TECH
  • Torrents
  • Travel
  • Uncategorized
  • World
Green Record

Green Record is a knowledge hub where users can get knowledge about everything such as Lifestyle, Business, Tech, Health and much more.

Contact: [email protected]

© 2022 Green Record All Rights Reserved.

No Result
View All Result
  • Home
  • Privacy Policy
  • Contact Us

© 2022 Green Record All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In