fighting identity fraud with AI based ID Document Verification

Sep 28, 2021

Fighting Identity Fraud With AI-enabled Id Document Verification

It’s no secret that identity theft has become one of the most severe issues confronting online businesses. According to a study on identity fraud and theft statistics, 14.4 million people were targets of identity theft and fraud in 2018. 

Furthermore, as the number of online transactions increases because of the COVID-19 lockdown, so does the number of fraudulent purchases, data breaches, and cyber fraud cases.

Digital ID document scanning solutions, on the other hand, are now becoming increasingly common. ID verification remedies, which get integrated with advanced technologies, ensure customer verification using government-issued ID documents. 

Also, using AI-based identity verification allows for accurate processing, authentication, and confirmation of identities at scale.

How does AI combat fraud by verifying documents?

Most of us have encountered this situation, where a person is required to submit a government-issued ID document either when setting up an account or performing any payment. 

The verification official verifies the information on the document and compares the photo on an ID document to the customer’s face to ensure that the person is not an impostor attempting to defraud. 

Also, these days, AI administers the same function as a verification officer, using technology that enables remote ID validation via online document validation. 

This method enables businesses to conduct transactions over the internet by ensuring that the people on the other side of the line is who they claim to be. 

Since there are many ways to create falsified documents, and claiming another individual’s identity as fraudsters have become more advanced, it’s crucial to keep up. Technology, on the other hand, aids in the detection and elimination of fraud.

Advantages of using artificial intelligence for document verification

Mentioned hereunder are the top benefits of using artificial intelligence for fraud detection and document verification

  • AI ensures that your customers have access to speed and efficiency.

Consumers value ease and efficiency the most to meet customer requirements, according to a study. Manual biometric identification is a time-consuming and inefficient process. 

Clients can verify their identity quickly with AI ID document verification by simply uploading a picture of their passport, driver’s licence, or identification card from their computer, or by taking a photo of the ID and transferring it using their mobile phone.

  • Reduces risk by bringing on real customers.

Validating the identity of your customers becomes increasingly important as your digital business expands, both for you and your customers. Customers abandon online transactions due to a lack of a noticeable security process. 

ID document verification reduces risks, boosts customer trust, and aids by local regulations, all immediately and with fewer errors than manual methods. 

To sum up, we can state that businesses can easily prevent fraudulent activities and save their consumers and employees from fraudulent losses caused by identity theft frauds online by facilitating AI-based document verification facilities. 

Are you looking for reliable digital ID verification or KYC solutions for seamless client onboarding? Look no further than Accura Scan. 

We are a leading scanning technology company and provide businesses with high-grade AI-based ID Forgery detection solutions to help them identify fraudulent activities for better fraud prevention. For more details contact us at +91 820-898-8751 (IND).