Document frauds are prominently becoming popular as criminals are faking identities for personal gains. This phenomenon is costing more than thousands of millions to industries worldwide. Criminals use fake, forged, counterfeit, and other similar types of documents for several gains. For instance, to approve loans, avail medical benefits, open accounts, onboard legit platforms, flee arrest, and reside in a country illegally.
To restrict and identify criminals, the American Congress documented the “Identity Theft and Assumption Deterrence Act” in 1998. As per the guidelines, impersonation of identity through document fraud is a legal offense. To furthermore ensure authenticity, online solutions are in line to back the industries’ identity verification process. They detect several types of identity frauds that are briefly discussed onwards.
How to Verify Documents Online and Combat Criminal Activities?
As per the report by Federal Trade Commission (FTC), there were 1.4 million fraud cases so far reported. They included a massive number of identity theft complaints. Documents frauds are the most common in identity theft. These are majorly faced by the financial industry, e-commerce, healthcare, and every other industry. Below are some of the document fraud types alongside solutions to combat them:
1. Forged Documents
Forged documents are the ones that involve changes instead of completely fake information. Criminals change the date of birth, name, expiry date, address, or any other desired information. Though new improved online tools like photoshop, these changes are a piece of cake for criminals. Similar is the case with property documents. Criminals make few changes and illegally own the property.
However, if companies use encrypted AI-backed services, they can e verify documents in minimal time and save customers from dramatic consequences.
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2. Blank or Stolen Documents
Documents are blank papers in the beginning. During manual making, documents are easy to exploit. They do not contain any information and criminals can add in whatever they want. This way they make fake bank statements and carry out identity theft. However, they can not completely make the documents look legit. There will be changes that online solutions can identify. Document attestation online will make sure that the information is in the right place and spaces are accurate.
3. Counterfeit Documents
This is among the most common frauds that industries face. Criminals fill in their required information while following the same template. This fraud type is different from blank documents because criminals don’t enter data on black paper. They just simply replace information within the same document. This mostly happens during the KYC stage.
However, AI-enabled identity document verification is the gamechanger here as it identifies watermarks, ink, stamps, and other features to authenticate documents. Customers upload these and the system runs scans while using machine learning technology.
4. Compromised or Misused Documents
Central governments have document samples uploaded on their sites which makes it easier for criminals to carry out document frauds. Online services detect these manipulations and ensure that companies are onboarding legit customers.
5. Camouflaged Documents
Criminals often use tricky data to dodge manual verifiers. They are identical to the original documents. Through these fake entries, fraudsters easily slip through the manual verification process.
But the case in online KYC verification is quite different. Companies using digital AI-backed solutions are less likely to become a victim of this type of fraud.
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6. Fraudulent Documents
Fraudulent documents are somewhat tricky to authenticate. This is so because criminals use someone else’s information and pictures to undergo identity verification.
To combat this type of fraud, businesses need to palace document checks. By using encrypted online solutions, they can ask customers for real-time pictures. Also, they can ensure that the end-users satisfy the identity claim.
How does AI-backed Document Verification Process Help Industries?
Firstly, as per regulatory compliance companies must verify their customers. Before the digital transformation, industries followed manual ways. However, circumstances have evolved and businesses are adopting online services. The process is user-friendly, clients are asked to upload their identity documents. After submission AI-based services run authenticity scans and display the results.
They detect fake, forged, camouflaged, and every other type of illegitimate document with encrypted accuracy. It is far better than manual identity document verification. The benefit of digital solutions is that the customers won’t have to stand in long queues or leave their houses.
Lastly, industries are mandated to comply with the KYC regulations. Here, the decentralized cryptocurrency industry is an exception. Therefore, AI-enabled digital solutions allow companies to onboard global customers with ease and seamlessly. Hence, to thrive and carry out authentic functioning, companies should adopt robust digital document verification solutions.
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