Current market trends in online document verification solutions
Why do banks and financial institutions need to verify documents?
Over the years, proof of address (PoA) fraud has become a serious challenge for financial institutions and other businesses, COVID-19 has accelerated the fraud related to the address proof doctoring. These documents can be easily altered as they lack basic security features and there are many occasions when a temporary address was submitted to imitate the permanent address. These are few of the reasons why banks and government need proof of address (PoA) and needs to ascertain their authenticity:
- To prove address and verify identity
- know your customer (KYC) requirements
- To comply with ‘The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017’
- To access or gain other forms of government issued IDs
These types of activities not only preserve the digital environment, it also preserves the operation system of government to operate based on flaw free actions. Because the people want to be a part of fraud free society, the fraud can be corruption, fake document approval and much more. The digital document verification process provides complete security to financial institutions and governments and preserves the integrity of the online ecosystem.
Current market trends in online document verification technology
To answer this question lets first understand that what is the problem with printed documents like electricity or gas bills, council tax bills, phone bills, water bills and credit card statements and bank statements. All printed records and certifications are conceivably liable to duplicating and falsification.
If you do a Google or Bing search on ‘document verification’, you will learn that the internet is flooded with providers. The word is Identity as a Service (IaaS). However, such providers have their own restrictions. They can only verify and validate documents with 100% confidence which has a person’s photo (which is used for biometric mapping) and built0in security features. These providers are bit comfortable in validation documents like passports, driving licenses and biometric residence permits (BRP). All 3 documents have inbuilt security features like watermarking, optical variable ink (OVI), UV reaction, integrated changing image, Relief or embossing on the PVC substrate, holograms and more. However, documents like electricity or gas bills, council tax bills, credit card or bank statements, water bills etc lacks such security features. The current providers have failed to solve this challenge and her is what is currently happening:
Most providers are only doing optical character recognition (OCR) which is a procedure used to change over pictorial format into understandable content designs. This technology has been around for a while. OCR is widely implemented in changing over printed-text into editable-content. However, they do not verify or validate the authenticity of the document. There remains a big gap which complygate is trying to bridge. We just do not focus on Image type, resolution, brightness, and textual style type.
Complygate document verification coupled with AI
Complygate is leading the change in online document verification for documents like electricity or gas bills, council tax bills, credit card or bank statements, water bills etc, which lacks security features like QR codes and holograms. This even makes the problem harder for us. However, we like challenges and finding solutions. We are continuously and tirelessly investing in developing solutions for online document verification over digital environments using Artificial Intelligence (AI) and Machine Learning (ML).
Complygate document verification solution uses AI and machine learning tools along with robust document verification processes which provides the extreme security to users and beneficiaries. It can reduce the cost of manual interventions and can save time while onboarding new customers.