Digitization has created various obstacles for businesses, especially identity theft. It is a reprehensible crime that adversely impacts victims. ID fraud also brings monetary damages to organizations: more than $5 billion. The ID document verification solutions can facilitate in latest record verification checks that protect businesses’ critical data. The advanced technique guarantees compliance with AML/KYC guidelines to deter bans and hefty monetary fines. The integration of AI & ML models provides seamless ID document attestation services. In the following manner, AI-powered record validation systems secure modern-day industries against identity theft.
The Aftermath of Identity Theft in the US Population
Making use of fake identity profiles for one’s advantage is a despicable crime that hackers can exploit to acquire all the benefits associated with the victim’s ID. Cybercriminals apply complex techniques to attain their atrocious goals. Organizations that do not opt for the latest ID document verification solutions experience serious data breaches that can reduce their credibility. Hence, the implementation of record attestation checks is necessary nowadays.
Intervention of Identity Theft and Assumption Deterrence Act 1998 (ITAD)
Previously, the US congress annunciated the ITAD Act of 1998 to control the rising cases of identity theft incidences. In accordance with the US Department of Justice, identity fraud is a terrible felony with serious aftermaths, such as going to jail for more than 10 years. Moreover, it is compulsory to seize all materials that support such detestable acts.
Executing a powerful security system will help control the rising cases of identity theft. In agreement with the latest statistics, identity theft’s monetary loss has exceeded $200 million.
The Impact of Global Regulatory Agencies
Fighting Identity theft is the ultimate purpose of KYC/AML standards. For example, FinCen, FINTRAC, and FATF legislative agencies accentuated that all organizations must apply KYC guidelines and fight actively against money laundering and other financial scams. Implementing Customer Due Diligence (CDD) & Enhanced Due Diligence (EDD) review systems will make sure ID validation of all clients during the official onboarding process.
The digital transformation has made accessing identity record validation services easier from anywhere in the world. Integration of Artificial intelligence & machine learning software has boosted the efficiency of digital security protocols. Clients can use identity record authentication solutions through online platforms with the help of any electronic device.
The Process of ID Document Verification Solutions
Integrating artificial intelligence technology with record validation services enhances customer satisfaction. The software guides clients in submitting government-supported docu
mentation during the consumer onboarding procedure. The execution of OCR software quickly captures data from users’ records and safely stores it in the industry’s database.
Only if clients provide accurate data do they receive final verification output. Consumers should be aware that ID document verification solutions only accept government-supported records with holograms and special paper as security checks. If cybercriminals try to violate security checks, ID document verification technology will immediately halt the record validation process. The general mechanism of the ID document attestation system is:
Stages Behind ID Document Verification Systems
- AI-powered software assesses the originality of records in the course of user document validation procedure
- The ID document verification product from a record attestation organization also evaluates if users have submitted valid credentials or not. If the given information is inaccurate, the software guides clients accordingly. Customer record validation services also process documentation in various world languages, for example, Swedish and Dutch
- AI-supported ID verification technology from a record attestation organization reads MRZ codes and evaluates their originality, utilizing data for deciphering encryptions and cross-checking users’ data
- If there is natural wear/tear, the authenticity of documents reduces drastically. The ID document verification solutions from a record authentication industry check records for wrinkled edges as well
AI-supported ID document verification solutions are very effective than poor attestation approaches because cybercriminals use complex deception techniques in verification of documents that outdated security measures cannot detect. Special ink & paper and hologram features differentiate official records from forged ones. Consequently, AI-powered ID document verification services from a record validation organization guarantee security against ID theft.
Implementation of ID document verification services from a record validation enterprise ensures higher quality results. The record attestation service also cross-evaluates data against various global watch lists to discourage crimes. Integration of AI & ML technologies boosts the standard of the procedure in a record attestation industry and enhances customer satisfaction. Combating identity theft cases is a considerable advantage of ID document verification systems. The latest digital record attestation services are resourceful for a company. Thus, modern industries can easily guarantee compliance with AML/KYC regulations to fight money laundering and identity theft incidences.