The document verification process is a win-and-win situation for the customers and the companies. It empowers companies to accept different applications and gives them authentic consumer information.
This article briefly explains how to document attestation and compares traditional or digital document verification.
What is the Documents Verification Process?
Verification of the document proves the ownership of the papers. It defines the individual’s identity, which differentiates them from others. Most of us depend on the online world. From shopping to food ordering, we have to upload our personal information. That’s why 1 out of 15 face the threat of identity theft every year. Americans have the most chance of having their identity stolen. With the help of the printer and designing skills now, it is not a big task to make forged documents.
That’s why attestation of government documents, such as passports, utility bills, ID cards, or certificates, is essential. So you can be precise about the ownership of the documents.
In the financial sector, it is a must for organizations to perform a document verification process. Billions of scammers constantly use stolen and counterfeit documents to trick banks, companies, and insurance organizations.
There are two standard methods used globally for document verification. The goal is the same to identify the person, but both come with advantages and disadvantages.
Traditional Document Verification Process
If you want to be admitted to the school or to open a bank account, you pass the identity verification process. Many companies follow the old traditional way in which the physical presence of the consumer and verifier is compulsory. In this, they follow the old detection method to verify the documents.
Steps of the Traditional Document Verification Process
- Physically review the document: in this process, the verifier guarantees the document is not manipulated from any place.
- Comparing with reference document: next step is to check the format and pattern. Tester matches it with the original documents and cross-checks from all files or records.
- Checking security features: Original documents have different security features to reduce counterfeiting, such as holograms, bars, inks, watermarks, etc. Document verifier checks these features to ensure the authenticity of the documents.
- Verify the signature: if the original document has the consumer’s signature, the tester asks the consumer to perform the signature in front of them.
Overall the traditional document verification process is time-consuming and requires in-depth knowledge. The tester should have high expertise or attention to every detail. It is also time-consuming and hectic for the customers.
Online Document Verification Process
Digital verification of anyone’s identity with the help of government-issued documents makes it possible for businesses to know their customer. It also eliminates the need for a physical presence in personal verification and becomes a valuable tool to onboard anyone remotely.
As time passed, every human sector shifted to the online world. At the start, many things need to be corrected in online document verification, but digitization is continuously improving. With the latest robust machine learning technology, online verification is more accurate and swift.
Steps of the Online Document Verification Process
The steps depend on the software you use for online document verification. But usually, the following are simple steps for digital document authentication.
- Upload your documents: the user uploads the requested documents to the platform. You should upload according to the required format of the platform (JPG, PNG, PDF)
- Data extraction: after the document is uploaded then, the data extraction process will start in which platform extracts the data, such as name, date of birth, or other important details, using Optical character recognition (OCR)
- Verifying data: once the data is extracted, the platform cross-checks it to the user profile and database. It supervises the differences, contradictions, or errors that could display scammers and identity theft.
- KYC verification: some platforms demand biometric verification. That’s why they also perform facial recognition and fingerprint scanning for KYC verification which help to confirm user identity.
- Final decision: at the end, after collecting all data, the platform decides on the results of the verification process. If the user’s document is accurate, then it simply passes. The user will be rejected if suspicious information appears, and the platform may ask for additional information.
All these steps occur in minutes, and the document passes through a hundred validation checks. Automated and machine-learning technology is more effective than manual review, and it swiftly detects frauded and spoofy documents.
Windup Document Verification Process
These are the two techniques for the document verification process. The traditional way is accurate, but it is time-consuming. On the other hand, the online document verification process works smoothly and fast. It combines multifactor authentication and biometrics verification for frictionless identity and document checking.
