Online Document Verification Industry Trends At The Moment

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Online Document Verification Industry Trends At The Moment

Why is document verification required by banks and other financial institutions?

For financial institutions and other enterprises, proof of address (PoA) fraud has grown to be a significant concern over time. COVID-19 has expedited the fraud related to address proof doctoring. These documents lack fundamental security protections, making them easily alterable. Additionally, there are many instances where a temporary address was provided to look like the actual address. Banks and the government require proof of address (PoA) and must verify its authenticity for a number of reasons, including the following:

  • To establish residency and confirm identification
  • Understand the needs of your customers (KYC)
  • To abide by “The Money Laundering, Terrorist Financing, and Transfer of Funds Regulations,”
  • Regulations for Funds (Information on the Payer) of 2017
  • To obtain or obtain other government-issued IDs

These kinds of efforts safeguard not just the digital environment but also the government’s ability to run on error-free acts. People wish to live in a society free of fraud, thus fraud can take many different forms, including document approval fraud and corruption. Financial institutions, governments, and the online ecosystem are completely secure thanks to the digital document verification process.

Online document verification technology market trends today

Let’s first consider what the issue is with printed documents like energy or gas bills, council tax bills, phone bills, water bills, credit card statements, and bank accounts before we can respond to this question. All printed documents and certifications could theoretically be subject to copying and fraud.

You may find a tonne of providers online if you search for “document verification” on Google or Bing. Identity as a Service is the phrase (IaaS). Such suppliers do, however, have their own limitations. Only documents with a person’s photo (which is used for biometric mapping) and built-in security elements may be verified and validated with absolute certainty.As a result of the existing suppliers’ inability to address this issue, the following is what is happening right now:

Optical character recognition (OCR), a process used to convert visual format into understandable content designs, is all that the majority of providers offer. This technology has existed for some time. OCR is commonly used to convert printed text into editable material. They do not, however, confirm or approve the document’s legitimacy. There is still a huge gap that complygate is attempting to fill. Simply said, we don’t pay attention to image kind, quality, brightness, or font style type.

Verify documents in compliance while also using AI

For documents lacking security elements like QR codes and holograms, such as energy or gas bills, council tax bills, credit card or bank statements, water bills, etc., Complygate is pioneering the change in online document verification. Even worse, it makes our job more difficult. We enjoy solving problems and facing obstacles, though. We invest continuously and tenaciously in creating solutions for online document verification using machine learning and artificial intelligence (AI) in digital settings (ML).

The Complygate document verification system combines powerful document verification procedures with AI and machine learning techniques to give users and beneficiaries the utmost protection. It can speed up the onboarding of new customers and lower the cost of manual interventions.

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