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.
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.
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.
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.
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.
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.
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 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.
Below is the list of advantages that are attainable to the organizations that incorporate identity document verification solutions.
Department of Information Technologies: https://www.ibu.edu.ba/department-of-information-technologies/