In today’s digital landscape when the world has transferred into a global village, industries have shifted towards online or remote transactions. Industries can increase their reach by targeting their customers globally and enhance their customer experience through online services. On the other hand, customers can avail the opportunity to select the products or services from a wide list of options without paying any physical visit. From Government to e-commerce stores, from banks to retailers, and from logistics to healthcare every industry is offering remote services to their customers. According to general e-commerce published by Forbes Advisor, By 2026, 24% of retail purchases are expected to be performed online. Here, the risk of online scams also exists persistently along with the rise of online interactions through the use of internet facilities.
This blog will explore how document verification can be beneficial to different industries to combat fraud and streamline their operations.
Document Verification: A Quick Review
Document verification is a process in which the identities of users are verified by validating the authentication of their documents. This process is elementary to comply with the regulations of Know Your Customer (KYC) anti- money laundering (AML). The verification documents can be assessed for authentication physically or online.
Online Document Verification
It is essential for all industries to carry out Online Document verification to verify the identities of their customers and combat fraud, forgeries and other illegal activities in this digital realm. To deal with this challenge, an AI powered document checker can perform the document checking process automatically, accurately, and securely within a few minutes. The following are some online verification documents that are required to complete the identification process.
- Identity Documents
Passports, driving licenses and social security cards or identity cards can be used as a proof of the identity by the users.
- Educational Documents
Educational certificates, degrees, and transcripts can also be submitted as verification documents.
- Employment Documents
Employment letters, payslips, and employment contracts can be used for the document verification process.
- Address Documents
Utility bills, tax papers, and rental agreements can also be placed as verification Documents.
- Financial Documents
Different financial papers, such as bank statements, legal contracts also fall under the category of online verification documents.
How Document Verification Works for Different Industries?
Online document verification is playing an important role in different industries to accommodate a large number of customers by verifying their documents. Here are some of them:
- Financial Industry
Banks, insurance companies, and other financial institutions carry out online document checking as a part of their customer onboarding process. It is a part of the KYC process that is essential for these institutions for the compliance of AML regulations. From account opening to loan processing and from investing in mutual funds to insurance services ,verification of documents ensures a secure financial environment for both the customers and financial institutions.
- Healthcare Industry
Document verification is used in the healthcare industry for the identity verification of patients. Online document verification enables health institutes to deliver an accurate medical treatment to their patients if they are contacting them remotely. Document checking protects health providers against identity theft and fraudulent activities that are imposed by fraudsters during the provision of insurance and health cards. It also facilitates the patient’s record keeping process while securing their privacy.
- Employment Agencies
All employment agencies whether they are hiring for construction, real estate, or software companies need document verification. It is used to verify the employment records and educational qualifications of the applicants.
- Travel Industry
In this realm of online travel services, a comprehensive online document verification is necessary for travel agencies to safeguard against the identity theft, fake identities, or use of stolen credit cards. Online booking of tours, seats and accommodation also requires a comprehensive document checking to avoid financial losses due to phishing websites and emails.
- Crypto and Blockchain Industry
Online document Verification plays a crucial and challenging role in the crypto and blockchain industry. It helps the crypto wallets and exchanges to combat illegal and fraudulent actions by verifying the identities of their users. It is a mandatory requirement for the crypto industry for the effective execution of KYC and AML regulations.
- E- Commerce Industry
E-commerce industry involves a high rate of online transactions with vendors, suppliers, and customers. Online document verifications not only secures businesses from account takeovers or fake accounts but also enhances customer experience. Logistics involved in the shipping of products also require document checking for safe delivery.
The role of document verification in different industries is highly important for a safe and secure customer onboarding and protection against fraud and criminal activities. Due to fast shifting of industries towards online services and digitization it is vital for the industries to implement an efficient document checker. Powered with AI, this robust tool empowers businesses against fraud and forgeries.