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Battling Document Frauds with ID Document Verification

Consumers have become more demanding than ever with the upsurge of the digital world. They wish to attain profitable results in a time-efficient way. If a business’s onboarding process does not live up to the expectations of the users then it might probably lead them to leave. Similarly, if the customers encounter fraudsters’ activities such as forging or falsifying documents, it will impact their loyalty to the brand in a negative aspect. Losing customers is considered to be a nightmare for a company in today’s competitive world. The stakes are high, and solutions are required to deal with illicit document crimes. With the execution of ID document verification 

services in businesses, imposters can be caught in real-time before they could damage the firms in any aspect. 

Deceitful Document Frauds Affecting the Firms Badly

Document frauds have taken different forms over the past few decades. Financial institutions are facing a loss of billions of dollars due to the non-verification of identity documents. Fraudsters can make illegal transactions and can apply for loans while using fake documents. They can further use it to purchase a property or to travel to different countries on the basis of forged documents. This can affect the brand image of the company in a negative shade and will end in losing customers’ trust. With scammers getting smarter with their forgeries, companies have moved to establish an online document verification solution.

Enabling an Online Document Verification Service to Gain Profits

Over the last few years, the traditional method of document verification has evolved into an online document verification system. Businesses gain profits by time-saving and cutting costs by eliminating the need for the customers to perform in-branch visits. They are instructed to upload the document’s picture’s so that it could be scanned after which the text could be converted into machine-readable data. The document’s genuineness is also determined by comparing it with proof of the document presented by the user. Final results are generated indicating whether the user’s document is authentic or not. 

Top 3 Common ID Document Frauds used by Imposters

Documents scams are concerned with the duplication, manufacturing, and counterfeiting of the document according to their own desires to perform illegal tasks and bypass legal authorities. They are classified into 3 major categories which are listed below: 

  1. Modified Documents

Performing alterations to modify any text or element in a document is known as modified documents. It is further split into two categories which are:

Forged Documents

Fraudsters change the identity information of a person by filling out fake information partially or entirely. Applying false stamps or watermarks, removing some specific information, and much more are some of the tactics of conducting forgeries in documents. Digital software can also be used to change the variables in a document and make it look original.

Blank Documents

Document thefts can precede while stealing the original documents from the manufacturing supply chain and leaking them to fill in false information by fraudsters. 

  1. Illegitimate Documents 

Making a duplication of an original document as a false creation is referred to as an illegitimate document. Typically, it comes in three forms which are:

Sample Documents

Images being available on the internet of the government-issued documents as samples can also be used to perform illicit crimes. 

Counterfeit Documents

Scammers use a pre-designed template of an original document and insert fake information. Even the pictures attached in the document are false or photoshopped. 

Camouflage Documents

Fabricating authorities that do not even exist or which cannot provide issue access is used by criminals to carry out unsophisticated frauds. 

  1. Falsified Documents

They can be a id document verification that may be original but is used under someone else’s name which does not have any link with the document. These documents are further divide into two forms:

Wrongfully Obtained Documents

In this type of document fraud, criminals fraudulently obtain information about a user and use their photo on a fake document to gain access from the legal authorities. 

Imposter Document

Documents that belong to a legal holder are present by someone else at the time of registration. 

Wrapping it Up

Forging the documents while modifying them in a way that looks legitimate to the company is a trick of imposters to gain illegal access to the firm. With the fraudsters getting to use new variant approaches for performing document frauds, online ID document verification is need for the companies to uphold their reputation and save themselves from financial losses. Moving from manual document verification to digital identification, companies can reap benefits in a time-saving and cost-effective manner. This will further help them to uplift the customer’s experience and protect them from any fraudulent activities ultimately leading them to improve the brand image positively.

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