Impulsive Impact of AI and ML on Document Verification Solution

The rate at which data production is progressing is directly proportional to the human population evolving on this earth. Do you know that humans tend to produce more than 2.5 quadrillion bytes of data on a regular basis?

Hackers are unfortunately attaining benefit from this immensely produced data, due to which an increasing amount of data breaching activities are happening all across the globe. Recently in March 2021, 20 million records were breached and the number is estimated to increase in the upcoming years. This all boils us down to the reality check that it’s high time for enterprises to attain appropriate solutions to combat illegal activities.

Different Categories of Document Fraud

Before getting into the solution, it is crucial to have a better understanding of the problem. Here is how to document fraud is categorized into 3 different categories.

Falsely Represented Documents 

These types of documents can be original documents into legitimate documents but these documents do not actually belong to the person who is representing those documents. Falsely represented documents are further categorized into two categories: imposter documents and fraudulently obtained documents.

Modified Documents

These types of documents are obtained illegally from an individual or a potential customer and then modified or photoshopped to carry out fraudulent activity. Modified documents have two different types: blank stolen documents and forged documents.

Illegitimate Documents 

These types of documents are completely false documents that are developed to carry out illegal activity. Illegitimate documents are further categorized into 3 subcategories: camouflage or fantasy documents, sample or compromised documents, and counterfeit documents.

What is Document Verification? 

You might have come across a vast range of wordy definitions every time you Google the term document verification. Some might be wordy to you, difficult to understand and some might be extremely promotional. Let me tell you that you are in a better place right now. Here, I will explain to you the document verification in simple and easy words.

As the name suggests, the process of verification and authentication of documents carried out by enterprises for the enhancement of their security and to prevent unauthorized access to their network is called document verification. Manual document verification processes are very tedious, old-fashioned, and prone to human error. Thanks to evolving artificial intelligence, human intelligence, machine learning, and deep learning that have made the online verification process more versatile, accurate, robust, effective, and efficient. Digital document verification with the help of OCR data extraction features helps to combat counterfeits, chargebacks, identity theft, data breaches, and other sorts of fraudulent activities.

How Automation Solves Problem of Plenty 

Automation which is powered by artificial intelligence enhances the verification process and the physical attributes are matched with myriad approved identities. Artificial intelligence has automated not only document verification but all the verification solutions that must be mandatorily incorporated in financial infrastructures of all sizes.

Let us lay our eyes on some essential parameters that are included in an automation solution:

• The comprehensive quality of the document for example watermarks, text overlay, optically verifiable ink, etc.
• Edges of the documents that manifest superimposition for alteration.
• A 3-dimensional view of the document for the verification of holograms because they are comparatively different to manipulate.
• Signs of forgery and manipulation, for example making alterations in the original documents.
• Consistency of cross-document data such as full name, date of birth, residential address, permanent address, document number, identity card number, and so on.

How Machine Learning Amplifies Document Verification? 

The efficiency and accuracy of machine learning processes depend upon the volume of data that is fed into them. The data that is fed into that is then utilized for itself-training, by compounding its performance. Want to know some salient features of machine learning and how it enhances the document verification process? Don’t stop reading.

• The capability of maintaining a connection with the global database.
• Instant scalability to any level of extent.
• The relatively less associated cost.
• Machine learning empowers businesses in enhancing their verification services without compromising the customer experience. 
• Seamless confirmation of global regulations while tweaking slightly onto the ruleset. 
• Machine learning algorithms help in the selection and prevention of errors.
• Machine learning algorithms in document verification processes assist enterprises in the detection and prevention of unauthorized access, illicit money transfers, and fraudulent activities.

Benefits of Document Verification 

Below is the list of advantages that are attainable to the organizations that incorporate identity document verification solutions.

• Document verification solutions verify the document of the potential customer of business in a matter of seconds with a tremendous rate of accuracy and efficiency.
• Verification of documents with the help of artificial intelligence and cognitive technology helps in deterring any sort of fraudulent activity.
• Document verification solutions help in the enhancement of security protocols of organizations, especially financial infrastructures.
• Online document verification solution permits customers to go through the verification procedure anytime, anywhere.
• Authentication of documents helps in distinguishing modified or photoshopped documents and take appropriate action at the exact time of occurrence of any sort of fraudulent activities.
  
  Source: https://dzone.com/articles/impulsive-impact-of-ai-and-ml-on-document-verifica

Department of Information Technologies: https://www.ibu.edu.ba/department-of-information-technologies/