Document forgeries are a heinous crime and on top of it selling records on the dark web is like exacerbating the situation. Moreover, false records sell at a higher price than scanned versions. According to Statista, a government-issued Maltese passport got a price of $6,500, whereas various European Union Passports got sold for around 3800 dollars. The application of document verification online solutions can help modern-day corporations fight identity theft and other financial crime cases.
The following article discusses the importance of record authentication services, types of document forgeries and how businesses can use the latest technology to accomplish their goals.
Document Forgeries: A Brief Overview
Document fraud is about modifying records to bypass security protocols and achieve rewards instantly. Document fraud’s consequences are severe and depend upon the situation and kind of forgeries committed. Faking official records such as ID cards, driving licences and passports is a serious crime in various jurisdictions worldwide.
According to Markets & Markets research, the global identity verification market size will achieve a financial worth of around 18.6 billion dollars by 2027, showing a CAGR of around 14.4% from 2022 to 2027.
In the case of deployment method, the cloud segment will grow at the given CAGR. The reason behind this is that cloud services are usually low cost and have broad availability of SaaS & IaaS models. The application of cloud technologies can help enterprises fight fraud. Corporations that use cloud-based deployments can massively aid the expansion of the identity verification sector around the world.
Top 5 Types of Fake Records
Interpol has given various categories of document forgeries which are below:
Forged Records:
Modifying official records with the intention to delete, add or modify records is a serious crime. Examples of forged records are page substitution, data alterations, photo substitutions and attacks on various stamps and VISAS.
Counterfeit Records:
It is about replicating an original document without permission from authority figures.
Blank Stolen Records:
Authentic records are usually blank at the beginning. They become fake when criminals steal blank records or government-issued records from the manufacturing supply chain and input fake data.
Pseudo Records:
This is about replicating documents from government-issued documentation such as passports, rental agreements and national ID cards. Only the application of document verification online solutions can help businesses fight cases of Pseudo records.
Camouflage Records:
Some information is not present on ID cards. However, extra information about issuing authorities and agencies that do not have the power to issue records is present in camouflage records. This type of scam is quite unsophisticated but fraudsters can easily bypass the security protocols with it.
Best Advantages of Using Document Verification Online Solutions
The cases of fraud are increasing with time and business experts want to opt for solutions that can help mitigate the risk of crime. This way, enterprises can maintain a strategic advantage in a challenging market atmosphere. With the application of document verification online, companies can benefit from faster ROIs, offering a modernized onboarding experience and fighting fraud effectively. The following points shed further light on the top advantages of record authentication services:
- Quick Return on Investment (ROI):
Corporations that use an automated record processing system can easily eliminate their own expenditures and increase ROIs quickly as compared to outdated technologies.
- Smooth Client Onboarding Experience:
Digital record authentication solutions can help businesses onboard customers effortlessly than traditional approaches. This way, new and genuine clients do not need to wait in long lines and get their verification results. In this way, users only need to submit their details and the AI-driven solution can easily determine their authenticity.
- Facilitating Compliance with KYC & AML Regulations:
Document verification online solutions can help businesses follow the latest KYC & AML regulations which help experts avoid hefty fines and permanent bans. Hence, the importance of document verification systems becomes obvious.
- Ensuring a Positive Customer Experience:
In modern times, corporations want to ensure a positive customer experience and secure a competitive advantage in the market. High customer satisfaction is important to improve business reputation. The application of document verification online solutions can help businesses ensure high security for clients worldwide. This way, onboarding clients can feel secure and improve their brand image. Finally, businesses can produce massive revenue and stand out in the challenging market atmosphere.
Concluding Remarks
ID verification of customers is important to fulfil the requirements of know your customer & anti-money laundering services. The application of document verification online solutions can help businesses streamline their workflow and modernise the onboarding procedure. This way, enterprises can ensure a positive experience for their users and maintain market credibility.
Applying the latest document verification online services can help businesses attract genuine customers worldwide and boost sales.
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