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Verification of Document: Beneficial for Financial Organizations to Avoid Fraud



Verification of Document

Artificial intelligence and machine learning has proven to be beneficial for corporations in every aspect. But criminal activities are also increasing with the use of the latest technologies. Due to which, corporations experience cyberattacks and as a penalty, corporations have to pay around 5 billion dollars. The chance of external attacks is reduced by digital verification of document and the evaluation of records is done smartly. To avoid bans and fines, companies must ensure compliance with the standards of Anti-Money Laundering (AML) or Know your Customer (KYC). The process of document verification has been modernized by the use of artificial intelligence and machine learning software which also protect corporations from ID scams.

Importance of Conducting Document Verification

If the verification of document is not done by the companies, they are putting them at risk of being scammed. Scammers continuously try to cheat/scam companies, banks, etc. The practice of fooling companies is mostly done by using stolen or fake documents. Mostly scammed is done to companies, running on traditional setups of security or using manual data. Unfortunately, due to this practice, there is a high chance of human error and the companies can fall into bankruptcy. 


To minimize such risks, document verification is very important. Customers would be requested to prove the identity in order to proceed further, otherwise the process will be terminated if the details do not match. Document verification can be done by validating the data provided for example: Facial Recognition, Data Correlation, Photo Liveness, Database Verification, Document Scanning, Fraud detection, etc.

Effects of ID Fraud in the USA

Data breaching problems are mostly faced by the corporations that run on the traditional methods as their proof of identity documents are not scanned by the modern/AI based document checker which affects the company’s reputation and development. Hackers use an illusory approach to achieve their goals by using someone’s profile which is a serious crime. This is where the Verification of Document solution plays an important and beneficial role.

Process that Supports Verification of Document Solutions

Users must be aware that a Verification of Document system only processes the records which are supported by the government, because of their unique characteristics. They only receive final results for their benefit in documents produced by the government. So, in this case, the customers can send the passports and utility bills only.


Systems for document attestation from a trusted vendor support and good customer care with the use of Artificial Intelligence (AI) models. Customers are guided by the smart services to provide government-supported documentation after which the Optical Character Recognition (OCR) software will extract the data and store it in a well-encrypted cloud storage for quick access. If the hackers or violators try to breach the security safeguards, the verification of Document will immediately stop the evaluation process and will warn the authorities.

The Role of International Regulatory Departments

FATF, FinCen and FINTRAC departments deal with identity theft and other financial crimes. These crimes are on their top priority list. It is made mandatory for all the companies to make verification documents and identity verification standards in order to lessen money laundering. All of this will be done according to the AML/KYC requirements. Document Attestation and Registration can be modernized with the help of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) for a positive experience.

Integration of Artificial Intelligence (AI) and Machine Learning (ML), has proven to be really fruitful for record verification systems and Anti-Money Laundering checks. The verification of document is now much easier than before, just because of the modern and digital era. Therefore, it is beneficial for the consumers as it consumes less time. And verification of documents can be done without physical presence.

Benefits of Using AI and ML for Document Verification

Modern technologies such as Machine Learning (ML) and Artificial Intelligence (AI) have given companies an opportunity to work more effectively. And quickly in the process of Verification of Document. This not only improves the customer experience but also alleviates the pressure of manually wading through a block of applications. In addition, it lessens the chances of fraud. The benefits of using Artificial Intelligence and Machine Learning include: 

  • Higher scalability
  • No latency issues
  • Elimination of human error
  • Data-driven decision-making
  • Great forgery detection
  • Improved user experience and customer satisfaction


In the era of modern technologies, Artificial Intelligence (AI). And Know Your Customer (KYC) standards can play a vital role in the enhancement of smart document verification and can boost customer support. Verification of documents is really beneficial to control scams and ID frauds. This process increases the reliability of the system and allows corporations to gain the trust of a customer. It can also help the companies to achieve their goal without the risk of errors.

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