Online Document Verification: Importance, Types, and Entire Process 

The world is transitioning to digital onboarding due to high-speed internet, cell phones, and the pandemic. Financial institutions, banks, and other firms can easily verify identity by physically comparing a user’s face to an image ID. The identification still needs to be confirmed by imposing a back-end system to compare unique identifiers such as address, name, and date of birth. 

Research indicates that the online document verification market value expands from 3.59$ Billion in 2017 to 6.78$ Billion by 2023. Hence, companies must know about their customers and investigate new applicants. 

What is Online Document Verification? 

The government issues Verifiable and approved papers, such as bank statements, driver’s licenses, and other federal or state documents. The technique identifies document features such as watermarks, stamps, transport material, and typefaces. 

Furthermore, PII data from the ID front is compared to similar information acquired from the document’s back Machine Readable Zone (MRZ). 

Users don’t have to be physically present to validate their documents of the facial recognition of ID pictures. The user just has to upload an image of their government-issued ID and a selfie by using a picture capture program on a smartphone. 

Document Verification Types 

The document check criteria rely upon the additional forms to validate the user’s details and credentials for the academic credential. 

Hence, Online document verification has various conditions relying on the business needs. The most typical requirements are: 

  • Employment Verification
  • Citizenship Verification
  • Education Certificates Verification
  • Address Verification
  • Certificates Verification or Skilled Licences

Other conditions of document verification are: 

Many enterprises consider visas, driver’s licenses, and additional government-issued IDs. 

  1. Education Certificates Verification

Analyzing an individual’s abilities and academic data according to their credentials is easy with document checks. 

Basic information includes: 

  • Attendance Dates
  • Earned Grades and Percentage
  • Graduation Year
  • Grade Sheet Copy 
  • Roll on Registration Number/Hall Ticket
  1. Certificates Verification or Skilled Licences

Investigate the Licence or Certification duration, such as LLB, CA, CFA, CPA, or the license’s existing state. 

  1. Pre-employment Ground Investigation

This step verifies an individual’s details and academic certifications about prior employment. It consists of the following steps: 

  • Remuneration
  • Departure Reasons
  • Tracking and Evaluating performance
  • Employment period
  • Rehiring Status
  • Applicant’s personal qualities, honesty, mindset, and any victories
  • Holding positions
  1. Criminal Record Investigation

A criminal record analysis aids in examining if the individual has a criminal past in the background. Then, the provincial police department will investigate the candidate’s illegal activities in his location. 

  1. Experienced or Private References Verification 

Experienced references provide useful data about the user’s workplace routines and manners. This information will be beneficial: 

  • Leadership Characteristics
  • Customer strength or weakness
  • Team player 
  • Individual reputation, user honesty, and attitude.
  • Client’s preliminary work duties 

 Document Verification Importance 

Document check provides the proof of ID details in the user onboarding process. It obliges companies to verify new customers immediately. Banks and other financial institutions continuously face fraud, identity theft, and breaches on the web forum. Hence,  id document verification service is bound to decline such risks. 

Consumers are asked for proof to confirm their identity before accessing their new accounts. Furthermore, the organization compares its existing information with the prior one. The approach will automatically finish if the documents and particulars do not match. Thus, document checking safeguards companies from all risk types. 

Document Verification Process

Online document verification is an approach to confirm a document’s legitimacy. Lawfully issued documents, like account statements, driver’s licenses, or other authorized government documents, are often the most trustworthy and reliable. Watermarks, typefaces, badges, and carrying elements are proven as part of the technique. Besides, a comparison is made against the recognizable information imported from the document’s machine-readable zone(MRZ) and the information from the ID’s commencement.

With the digital onboarding methods, applicants for document verification no longer need to be present to authenticate their data or ID verification. With the assistance of smartphone picture capture software, the user instantly uploads a selfie and a picture of their government-issued ID.

Which Documents Must be Verified with the Verification Procedure? 

Companies should choose, collect, and verify those unique documents that meet their needs. Examples of these documents include: 

  • Social Security Card
  • Birth certificate
  • Permanent resident card
  • Bank statements
  • US military card
  • Tax returns
  • Certificate of citizenship/naturalization
  • Proof of insurance
  • Proof of address, such as utility bill
  • Business documents
  • Ownership proof, such as car title
  • Employment records such as W-2 or pay stub
  • Educational certificate such as a transcript or a degree 

Final Verdict

Firms ought to be efficient in authenticating document verification services. Users can immediately enroll genuine clients using straightforward image capture or automated validation technologies.  

Successful paper validation knows that the used picture is captured, faked, pirated, or parted. Fraudsters also utilize them to execute fraud. Document verification varies by nation, client moods, and anticipations regarding security, efficiency, and privacy. 

AnandTech

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