The Prevalent Upsurge of Document Frauds Boosting in the Global Market

The Prevalent Upsurge of Document Frauds Boosting in the Global Market

Falsifying documents is one of the top-notch crimes growing around the world at an alarming rate. This has given rise to identity thefts in which scammers steal the credentials of someone and can carry out their fake desirable activities. It is fundamental for the companies that before they onboard new customers, they should perform the identity documents verification process. This will cause them to detect any fake corporation, association, or individual before they provide any sort of damage to the basic business functions. Moreover, to maintain better security measures, financial institutions should imply smarter technologies to e-verify documents so that data is integrated more securely and all sorts of document frauds can be removed.

Sliding into the Digital Concepts of Identity Document Verification

The digital world has opened many convenient opportunities for both businesses and their customers. But on the other side, it has its own set of drawbacks which has created unlawful possibilities for criminals at a wide range. The online document verification solutions have changed the dimensions of manual verifications. Customers do not have to go through a complex procedure of presenting their documents in an in-person interaction. All they have to do is to upload the pictorial representation of the documents digitally, where they can be verified with a maximum rate of accuracy. This online document attestation approach has become a necessity for various sectors to enforce in their particular companies in recent times. 

How to Verify Documents Online in a Time-Efficient Way

Initially, the user is asked for their government-issued documents such as driver’s license or identity card information, uploaded digitally by using a webcam commonly. Next, the information in the document is decoded and scanned by using the technology of optical character recognition (also known as OCR). Once the information is encoded, it is then compared and matched with the proof of evidence provided by the client. Any error consisting of forged, falsified information is detected which can further lead to the termination of the identity verification. This is how a company can verify the documents of an individual. 

Types of Different Illegal Document Frauds

The basic kinds of documents needed for identity proof can range from official identity documents issued by the government to banking details used to open an account. They can become a target of various sorts of deceitful activities such as:

  1. Getting attacked by Image Frauds: Cutting off a part of a picture and using it for illegal matters. Many photo tempering software is available on the internet through which fraudsters can modify the documents according to their needs. 
  2. Usage of Ilegal Documents: Using illegitimate documents which do not consist of important characteristics such as holograms, and other elements which are necessary for an official document. 
  3. Impersonating the documents: Fraudsters can falsify documents by stealing the documents of someone else and using them for their purposes. This wrongful act is also carried out with the documents of deceased people who had a positive record in the past. 
  4. Altering the documents: Many criminals modify the genuine document according to their own needs by changing the information present in them. 

Primary Tips to Detect and Prevent Document Frauds

  • Using the microscopic scanners: For enabling documents checks, the usage of microscopic scanners can be essential as they can be used to detect any inconsistent data fonts and textures through the data integrity analysis. 
  • Advanced visual authentication process: Any camouflaged documents consisting of fake watermarks, and stamps falsely posted on the documents are detected by using an advanced visual authentication process. This is a helpful tool in document verification services.
  • Live photodetection: Stealing someone else photo and using it on the document can be caught by using the technology of liveness detection in which the user uploads their selfie and the facial features are matched to identify any fraudster. Moreover, the user can also be called in for a video chat to instantly catch criminals in real-time. 

KYC Verification service is also used for this purpose.

Wrapping it Up

Trading the products online, issuing loans, performing transactional activities, and much more are the primary facilitates provided by the financial institutions which take into account the documents of the users. Performing preferred modification by falsifying, forging, or tempering the document can cause serious damage to the user as well as the business corporation. This is the main reason firms need to devise significant ways through which they can combat document fraud. Not only this, using the innovative technologies of identity verification, any illicit tricks used for conducting various document frauds can be caught before any real harm could be provided to the business. This will also lead to initiating trust between the organization and its customers while enhancing their onboarding experience.

Anjelica Huston

About the author: Anjelica Huston

Anjelica Huston writes about technology and human potential.

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