AI document verification is the procedure of investigating the document authenticity. Moreover, document checking extracts data using an optical character recognition (OCR) system, applying facial recognition to compare images with documents with previously provided records in the database and confirming authentic holograms and microprint text. Understanding this process is crucial for companies with frequent work in human resources and government departments responsible for investigating documents. For the past ten years, from 2017-2027, the worldwide expenditure in the document verification market is projected to increase from 4.93 billion by 2017 to more than 18 billion in 2027.
Let’s learn about 10 frequently asked questions (FAQs) about document verification services.
What is a Digital Document Verification Service?
Document verification is an in-person interaction, such as a bank teller inspecting a client’s driver’s license while opening a bank account to ensure the image matches. Hence, it’s a stalwart and simple identity authentication form.
By utilizing a digital document verification service, that in-person procedure has moved online from physical meetings. Physical ID documents involving passports and driving licenses are investigated through a purpose-built system corresponding with the individual who presented the documents previously provided. This usually happens by uploading a selfie and a government-issued ID document.
Moreover, the system inspects the authenticity of sensitive personal data such as age, address, name, and document attributes involving watermarks, colors, fonts, and stamps. In the digital age, the most advanced solution is verified in almost real-time.
Which Kind of Documents can be used for Identity Verification?
Regulatory bodies commonly use official documents such as passports and driver’s licenses.
How Does Verification of Identity Document Work?
The document-checking procedure includes cross-matching an individual’s personal attributes, such as their identity document biometrics and facial structure. This must be executed with a validated data set involving essential supported documents. Investigation of the credibility of face identification and physical ID documents can be quickly executed through digital automation merged with artificial intelligence (AI) and machine learning (ML).
For instance, ID papers and images must undergo different authentication checks in minutes to provide more robust security than an instant conventional inspection. Users can pass different security checks without delays by removing blur or glare and an advanced picture capture app that guides the applicant. Some features can guide the applicant or automatically capture and process high-quality portrait images and ID documents.
What is an Authentic Procedure for Investigating Documents?
Verifying an ID document helps ensure its legitimacy so the verification process may vary depending on the firm. Authentic government IDs involving voter IDs and driving licenses are accessible to investigate as their layouts are challenging or complex to copy. Moreover, these documents are part of an integral record against which few companies verify the essential details. Usually, firms ask for authentic and original ID documents to compare the information from electronic copies.
Furthermore, a firm automatically or manually uses different systems as part of the validation process investigating holograms, typefaces, watermarks, and paper quality. In some cases, biometrics from passports happen automatically by contrasting the captured information with the data in the warehouse.
Which Incident Happens During the Document Verification in a Government Job?
A professional team from the recruitment department investigates the document that follows authentic data and eligibility requirements while executing a job application or exam. Moreover, they usually check the documents for accuracy and validity during the verification process. In a few cases, they also ask their clients for the original documents to be scrutinized closely. Hence, any mismatch in data leads to ineligible data or disqualification. Not only this, but any malicious activity from the candidate’s side also leads to intentional falsehood. In these cases, the recruitment department contacts the company and asks them to authenticate documentation.
Which Financial Data Do Lenders Verify While Providing a Loan?
The following information is essential for financial lenders to investigate:
An Account Statement is usually required when the borrower has adequate funds for the down payment and exceptional financial habits to repay the loan.
An Account Holder’s Name ensures that the loan application corresponds to the account owner’s name.
A Credit History reviews the borrower’s repayment history to authenticate their eligibility criteria.
Collateral’s Ownership and Worth ensure that the lenders can instantly recover the amount if the company defaults.
Digital document verification is a fair, straight process, but there is a vast difference in performance, capabilities, and outcomes among different vendors. Therefore, an exceptional place to start is searching for a system that includes advanced computer vision models, machine learning (ML), and multi-dimensional analytics that are indicators for usability and accuracy.