Document Scanning is a high-level method for beginning user relationships right from the beginning of the project. If used for transaction authentication, both in-store and online, Document Verification helps clients to: Verify private information like date of birth, driving license, social security numbers, etc., from the files. Customers can also verify their identities on applications by using their own Personal Identification Numbers (PINs) or passwords. In addition, customers can verify the authenticity of business documents such as invoices, receipts, contracts, and other types of legal documents. This method of authentication greatly reduces fraudulent transactions.
Secure document scanning
This is a more secure way of verifying information as it prevents hacking into the network. The most common way of doing so is through signing up with an identity management company (IMC). However, many fraudsters are able to forge signature on documents that do not belong to them. Furthermore, some IMC companies do not use certified forms, which weakens their security. For these reasons, this method of onboarding proves to be an effective measure against fraud.
Structure documents with document scanning Another benefit of this method of onboarding is that it helps businesses reduce costs by reducing the number of duplicate, mis-spendable, and expired utility bills. Duplication is a common problem. While employees usually enter a user ID and password to activate certain features, they may also swipe their credit or debit card without authenticating their identity. Even when employees do Authenticate, they may reuse a PIN. Thus, by requiring employees to sign-in with a unique, verified signature, the number of duplicate and expired utility bills is dramatically reduced.
Reducing the number of duplicate and expired utility bills saves the client money. By eliminating non-genuine usage, a utility bill validation service enables the client to recoup expenses incurred on unpaid bills. This method also provides protection from fraud. Signature verifications help prevent forged or stolen identity documents. This is because if a customer knows he is using someone else’s card, he will be more likely to report the crime to the appropriate authorities. Onboarding helps combat this fraud by preventing the creation of false user ID and passwords.
Document Scanning and Address Verification
Document Scanning and Address Verification are two different verification methods that prevent ID theft. There are two ways a document can be verified. One is mechanical verification – where the employee must hand in a copy of a presented document, and the second is electronic verifications – where a computer scans a document, comparing it to the printed copy. In the case of fraud, companies can further enforce verifying with physical copies of presented documents.
To validate a person’s identity, companies use several methods including address verification, credit verification and credit history checking. Credit verification is usually used to determine whether or not the person is who they claim to be. Companies that provide identity verification services also perform an exhaustive check of financial and bank accounts. They may cross-reference bank statements and credit reports, and compare them to data provided by internal databases for security purposes.
Companies may also perform employment and criminal background checks. Employees can be investigated for fraud if they fail to disclose their full name, previous address and Social Security number upon request. A background check would help determine if the employee had a record of fraud. A hiring and employment verification services company would perform a thorough background check to find out if a candidate would have access to sensitive information and if they had undergone verification.
Companies may also perform electronic and physical database checks global inventory management. By cross referencing an electronic and physical database, a company would verify if items presented as available on a shelf, where they are stored, if the location is secure and if the price is right. A company that offers document verification and other database checks global inventory management services would be able to perform these functions more efficiently than doing it themselves.