All kinds of institutions e.g. companies, the banking sector, online businesses, and other platforms should perform E-Verify Documents in order to manage risks and align themselves with the rules and regulations of the local regulatory bodies. However, to align themselves with the given rulings and acts, there is a concern about the availability of the resources, the impact on positive customer experience, and the protection of data. These kinds of problems arise usually and hinder the growth of the system.
The digital document authentication system appears to be an appropriate solution for the above problems. It is because the requirements of the regulations provide a safe and smooth client experience which enables efficient data security.
Why is E-Verify Documents Attestation or Identity Authentication Required?
Identity theft is a crime because the fraudster uses the identity to gain the benefits that come with it. Multiple methods use for impersonification. One common method that is used and employed by scammers is the use of pseudo names and using it to gain their missions and fulfilling their plans.
For example, the thief can post negative comments and obscene pictures in order to tarnish the image of the victim. In this way, the fraudster will keep using the chatrooms and social media channels of the victims for accomplishing the ultimate plans.
There is an illegal element in identity personification. The act punishes according to the local rules and regulations. In the year 1998, congress passed an identity theft prevention act. The law forbids stealing someone’s identity in order to violate the rules of the local and federal government. This kind of heinous act forbids under state and local regulations. As per the USA department of Justice, the criminal act sanctions 15 years in prison along with the confiscation of any material benefits obtained during the process.
It shows that the cases of the above crime increase with the passage of time. In the year 2018, approximately 2 million cases of fraud occurred and the victims completely lost their money. The humungous loss that occurred and robbed the victims of their assets was around $1.50 billion.
How does E-Verify Documents Play An Important Role In Fraud Prevention?
Governmental bodies propose these ways (e.g. FATF and FINTRAC) to reduce crimes. There are KYC and AML compliances that can prove to be beneficial for the business sector. The rules and regulations facilitate businesses to perform proper customer review processes (aka CDD or customer due diligence).
The process is important so that proper verification of the verified documents online can be carried out. It is critically important in order to reduce the instances of fraud. The verified KYC document system is majorly carried out by the banking sector, financial companies, and governmental institutes through individual sessions.
Nonetheless, the arrival of the latest technology has made the procedure easier and smoother than ever before. Artificial intelligence and machine learning algorithm-backed systems are highly efficient and accurate.
The customers have the facility that they can do their business on any electronic device available to them and the staff members of the organization will ensure the safety of the customer’s identity.
How Does The Process of Document Verification Work?
The latest software incorporates into the websites and other applications of the industries. The process plays an important role when the customer wants to onboard a company. In this regard, OCR technology helps in the extraction of information. The given data evaluates using the software within a few seconds. Later the results show to the client after complete authentication.
If the given information is accurate. The services of the organization give access to the client. The vice versa is also true. The authentication process applies to government-issued records.
A number of institutions (e.g. banks, financial companies, digital document verification stores, and even airports). Such places have the capacity for an AI-backed identity authentication system. The process and the system are put in place so that fraud attempts can be prevented in the present as well as in the future. Hence, the software supports the companies in client authentication along with the best compliance with the higher regulatory bodies.
Also read about Accredited Investor Verification