The cases of identity theft and financial fraud are increasing all over the world. Such scams incur a greater financial loss to the organizations. The signup process for digital financial services has started using the MFA (Multi-Factor Authentication) approach. It integrates nicely with the already existing technologies in financial institutions. Moreover, it supports organizations in showing compliance with AML and KYC guidelines given by the higher regulatory bodies. It makes sure the availability of elevated security levels by the company
Every financial institution should make sure that they certify the user’s identity in order to manage risk in their databases. In fact, it is their regulatory obligation on a regular basis. However, the responsibility is tough to accomplish because of several factors. The company can face a shortage of resources, bad customer experience, and low data security. All of these challenges can be easily dealt with using the document authentication verification process.
All around the world, identity theft is a serious offense because it can harm the mental, and emotional well-being of the victim. The fraudster can use multiple tactics to fulfill his evil plan. For instance, using a synthetic identity to damage the online document verification services of the victim. They can post derogatory comments which can be threatening to the recipient.
Such instances are increasing on a daily basis. The real number of cases is crossing millions and the financial loss incurred to companies is reaching billions of funds.
To grapple with the issue of rising fraud cases, the financial regulation authorities (FATF, FINTRAC) have formulated AML and KYC compliance. Businesses should stick to these rules and regulations in order to protect their systems from bad actors. These are actually client review processes (technically known as CDD) for accurately analyzing the client’s data during the onboarding process. In the past, the staff members had used the KYC process through manual effort. Nonetheless, the digital transformation has allowed companies to carry out the procedure through artificial intelligence. It has made the procedure easier and more convenient for the business and customers because they can do verification using their electronic devices.
The AI-backed software can easily integrate with the website porta or application. During the customer onboarding process, the software asks the clients to submit their photos on the spot. This is where the liveness detection feature plays its role. Furthermore, the software requests the clients to show their documents so that it can extract relevant information by the use of optical character recognition technology. The software carries out the analyses and shows results to the end-users. In case the data is inaccurate or fabricated, it will be rejected. When the given information is accurate, the software sends the final result to the customer.
It should be kept in mind that the authentication procedure happens on government-issued records. For example, ID cards, driving licenses, and credit cards. If any customer tries to submit counterfeit documents, the system will reject them immediately. It is part of the system integrity protocol.
It is common during the account opening process and different monetary transactions that the banking staff members ask for official documents. Actually, they want solid proof for verifying the identity of the customer. When the staff receives the proof of identity, the officer cross-checks all the details and matches everything. They want to make sure that the profile of the customer is valid or not. The use of AI has made things even easier because remote verifications occur seamlessly. Through this technology, businesses can even carry out remote verifications seamlessly.
The rise of technology has made a number of matters easier for companies but it also means that fraudsters have their hands on sophisticated technologies which they can use to commit complex scams. Businesses should keep updating their systems in order to efficiently protect their databases from fraudulent identities. It will ensure AML/KYC compliance from the company as well.
To sum up, the document validation solution is time-saving for companies and individual clients. It is because customers can get identity verification results without hassle. The software has the capacity to accommodate all kinds of customers from all over the world. It can verify foreign documents with their local formats. A number of financial institutions have integrated AI with the latest technology. As artificial intelligence can enhance its experience with each new entry, it is an optimal solution for preventing fraud and scams of various types (especially identity fraud). The advanced technology facilitates businesses in client identity authentication as well as staying compliant with financial regulations.
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