Online document verification is the process of authentication of any document to know that either it’s legal and authentic or it is fake. It is the basic requirement of today’s digital world because there are several scams that we hear about daily. Nowadays fake and forged documents are there in markets that sell in high amounts. Such as an original Maltese passport could sell there for 4000 U.S. dollars, and passports from other European Union countries are for an average of 3000$.
Now it is a time of the digital world, and every business, and every industry has moved toward the digital environment, where it is essential to have the verification of documents. Documents are easily identified via various digital tools to confirm their identity and authenticity. As the world is digital, here we have various online verification tools in the market that give 100% accurate results. Now there has been a kind of revolution in this era with the help of these online verification systems.
Which Documents are Verified Online?
Following is the list of documents which are used for online identity verification:
- Government-issued ID
- SIM Binding, Passport, Utility bills, Residence permit, Bank statements, and Tax invoices.
All such documents can be used for online identity verification in various sectors and companies to know the legitimate customers to have a successful business.
Why do Businesses Need KYC Document Verification?
If a company is going to hold any business, it would be required to have certain documents from the customers or employees to verify their identity. It is the basic rule of business which is to Know Your Customer, a company has to follow it to run a business effectively without being at risk of any fraud or mishap. KYC document verification helps businesses and ensures that they are going to have a safe environment and do not have to face any risk regarding authentication. KYC includes documents regarding two types of identification.
Proof of Identity (POI) Documents
Passport ID cards, driving licenses, vote IDs, and health cards are used to have proof of identity.
Proof of Address(POA) Documents
It provides an individual or business residence at any certain address. It can be done via bank statements, lease agreements, utility bills, or any other official correspondence which includes the name and address of any business.
Where to use online document verification?
It is used in almost all industries nowadays to run efficiently. For example, it can be used in E-commerce stores, Insurance firms, Forex trade, Cryptocurrency exchange, Travel industry, Legal sectors, Educational institutes, Healthcare sectors, Online Businesses, and Freelancing. Almost all kinds of business industries have been moved toward onboarding systems so online verification is helping a lot.
Why there is a Need for Verification of Documents?
Documents are needed everywhere for all purposes: such as, whenever you have to go to any workplace for any job you have to submit various documents like educational and personal, whenever you have to go for admission regarding studies you have to submit specific documents like your national identity card, may be driving license or maybe passport as well, similarly somewhere you have to submit your photographs. We have to submit documents everywhere regarding basic formalities, nowadays we don’t need to submit all of them in hard form but we can submit them in soft forms as well which are identified by online document checkers.
What are the Basic Parameters for the Verification of Identity Documents?
We have to consider the following parameters as criteria for online verification of documents:
- Rainbow prints
- MRZ codes
- Document edges
- Photoshopped information
How to Use an Online Document Checker?
Just upload your documents on-site and they will be verified with the help of AI detection tools based on certain parameters which are there to make sure that the documents are authentic and legally assigned.
Online document verification is used in almost all industries nowadays to prevent any kind of fraud and mishap. Documents like CNICs, passports, driving licenses, and other legal documents are used in businesses regarding KYC. Online verification service detects documents based on certain parameters such as holograms, rainbow prints, MRZ codes, tampering, and photoshopped information.
There is just a need to upload the documents, and online verification is done with 100% accuracy with the help of AI detectors. Shufti Pro offers real-time KYC verifications within a few seconds with up to 100% accuracy. Shufti Pro has a team of IDV specialists from all over the globe, who are dedicated and passionate about ensuring that businesses would have the right tools for global IDV. Our KYC compliance officers and KYC verification experts are working to provide IDV services all over the world.