Sunday, January 29

How Do the Latest Online Document Checks Reduce Fraud in Real-time?

The technological advancement has benefited businesses a lot but it has also equipped cybercriminals with sophisticated tools to fulfill their malicious plans. In any business sector, there is always the risk of identity theft that worries the professionals. According to statistical reports, approximately 50% of US citizens have faced identity theft between 2020 and 2022. It has cost them around $13 billion. The financial loss and the number of victims will keep increasing if concrete steps are not taken. In this regard, an online document checks system can facilitate the clients in their challenges. The document checks system will ensure compliance with standard regulations and reduce identity theft effectively. 

Online Document Checks – Define the Document Verification System

The online document checks procedure facilitates companies in document verification of their clients. The system checks the full name, address, and date of birth of the clients. Moreover, it checks the documents against special checkmarks that are only present in the original documents. For instance, holograms and special paper. If there are no fabrications in the document, the system sends the verification message to the end-user. If the system finds manipulations in the records, they are immediately rejected and the client gets the notification. 


Online Document Checks – How Does it help Against False Persona?

Identity theft is the crime of stealing someone’s credentials for personal gain. The perpetrator does everything without taking permission from the original account user. This inflicts mental and emotional harm on them. These days fraudsters can use diverse ways to impersonate someone’s identity. For instance, they can create a fake profile that resembles the original identity and then damage their reputation for financial gains. For this purpose, they can post rude comments and inappropaiate videos on their digital media accounts. They can isolate themselves from their social circle by posting controversial content on their social media platforms. 

The Legal Standpoint on Identity Theft: Digital Document Checks

According to federal law, it is a grave offense to steal someone’s identity and use it for illegal activities. The federal court issued an ITADA (Identity Theft and Assumption Deterrence Act). Additionally, according to the USA Department of Justice, the offender gets a maximum sentence of 15 years in prison for the crime of identity theft. The law enforcement personnel will also confiscate anything that is facilitated the completion of those goals. These steps were important in deterring identity theft because the victims were losing a lot of money. 

Online Document Checks System: Robust Fraud Prevention

The rising cases of Identity theft and money laundering have puzzled the international regulatory bodies. In this light, FATF, FINTRAC, and FinMA have introduced KYC/AML guidelines and they strictly push these standards on current businesses for immediate implementation. As per the guidelines, all companies must conduct CDD on their customers. The process requires that clients submit their documents and share their personal credentials for profile creation. This is critical for effective fraud prevention. 


Financial institutions conducted the KYC procedure through private sessions (onsite visits). But the advanced digital technology has made things easier for both parties through the integration of artificial intelligence with the document checks procedure. The latest technology allows users to perform their business responsibilities and get their identity verification results in no time. 

Document Checks – How Accurate is the Procedure?

The advanced software can easily distinguish between fake documents and original records. The high accuracy levels of the document checks system make it scalable and a compatible solution for all kinds of businesses. The digital method is so much better than the manual document authentication approach as it saves time and resources for the company. 

Document Verification Process and the Use of AI

The integration of artificial intelligence and machine learning algorithms has enabled users to get identity verification results from the comfort of their homes in real-time. The document checks system has features that allow it to validate diverse types of documents in various types of foreign languages. Business industries e.g. airports, online stores, and banks are implementing AI-powered document verification procedures for early fraud prevention. The technology allows the users to automate their repetitive tasks, counter scams, and show compliance with the latest regulatory standards. 

Concluding Thoughts

To wrap up, digital advancement has changed many things for business clients and individual consumers. Businesses can easily perform document verification procedures during their customer onboarding process. It provides a frictionless experience to clients and they are highly likely to come back. 

In the past, the online document checks system was hectic and time-consuming. A special candidate had to work on document verification and check for every possible manipulation in the documents. There were some complex manipulation strategies that were not detectable by the human eye. This is where cyber criminals were able to fool the system and achieve their objectives.

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