In today’s culture, onboarding verified clients and providing them with a smooth customer experience is mandatory. With the rise in awareness about digital media and its remarkable benefits, people are now more inclined towards it. Scamming has also been made accessible, as hackers just need the client’s password and details to decode their account’s algorithms. Data breaches and phishing are tremendously increasing as it is uncomplicated compared to in-person robbery. The chances of getting caught are also significantly fewer in online mode. In 2021, the state of Telangana in India reported more than ten thousand cases; this is the highest ratio of crimes as compared to the rest of the world. To mitigate these scams, verification of documents is momentous.
What is Document Verification?
The document verification process verifies whether the client’s papers are authentic or not. These documents include an identity card, bank statement, utility bills, and driver’s license. This step ensures that the user is legitimate, and companies minimize their risks by onboarding real customers and partners.
Importance of Document Attestation
Companies must allow only legitimate clients and partners to become part of their company; otherwise, they are at the edge of getting scammed. Biometrics aids the company in mitigating its expected future risk; when companies have complete information about their users, they know through which means they are earning money and the activities they are involved in. Businesses can protect themselves from fraudulent activities and mitigate their risk; in this way, they can defend the company from unwanted miscellaneous expenses. Verifying the document is very swift, as no manuals are required; the entire task is done in seconds. It also promises a smooth and friendly user experience and enhances the client retention rate.
How Document Verification Action is Performed?
The following three elementary steps are involved in identifying document fraud.
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Submitting Client Data
In the first step, businesses ask clients to submit scanned copies of their identity documents. For this purpose, the customer has to take three to four snaps of their papers and then upload them on the company portal. The system at the back end processes the information in the form of scanned images and converts it into template form, which is readable by the solution.
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Assessment of the Credentials
The system checks the data given by the client to see whether it is up to the mark and ensures the information’s authenticity. For example, if the user is asked to upload the image of the identity card but has yet to upload the front side of it, this will be marked incomplete because both sides of pictures of the ID card are demanded. Secondly, it will not be accepted if the user was sanctioned to give a copy of the September bank statement but has given August documents.
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Result
If the proof of identity documents of the client are authentic, then the customer is considered exact, and a green flag is shown; otherwise, the verification of the user is rejected. A red flag is displayed, which means the user is not authentic; this sign is shown when the papers uploaded by the client are not matched with the template in the database. This could further lead to the next step; a client may be asked to upload other documents for verification. Or, again, if the user is not valid, the company must decide how much risk they can bear. The relationship with the customers is built according to their risk rate.
Factors Upon Which Documents Are Verified
The following aspects are taken into consideration while performing :
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Document Credibility
Legal papers are checked adequately to ensure authenticity, and no fake documents are uploaded; any photoshopped or incomplete image is rejected.
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Fraudulent Papers
The documents that belong to someone else or are stolen papers are immediately abandoned.
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Altered Documents
The papers that are real but manipulation is done to them, for example, altered date of birth, are considered illegitimate.
Conclusion
Digital media has increased the competition of the companies, as the sales of the businesses are increased through it. Companies must install the latest ways and means to verify their clients to survive in this emerging competition. Verifying the documents is the finest technique to increase the company’s revenue. As it mitigates conspiracy, it reduces the risk of cyber scams and safeguards the company’s credentials. These solutions also promise a smooth client experience, as they are very user-friendly and create convenience for the clients.
