Do you own an online Business and Commerce platform? Do you need to identify the authenticity of the documents your consumers use to make payments? If you ever find yourself in a position where you have to/want to verify whether customer’s documents are legit, then all you need is a secure verification platform such as Netverify.
These systems use real-time identification and verification technologies to scan through customer documents and relay feedback in real time. Stay with us and find how these revolutionary online services work.
How online verifications work
The services use advanced technology such as machine learning, facial recognition and verification experts to help businesses adhere to regulatory stipulations. These compliances include Know Your Customers (KYC) and Anti Money Laundering (AML). Harvard law school provides more insight on KYC requirements.
This reduces the cases of fraud that your business may experience while providing a safe and secure service for your customers. These services basically help your business organization in three ways if you decide to put one in place.
Verification of customer IDs
By using a mix of computer vision, artificial intelligence and ID experts, an online customer identification system can determine how authentic an identification document is. It also determines if it truly belongs to the user.
This ID verification can seamlessly integrate into the workflows that you have in place. A simple API call instantly verifies whether the docs are legit. This feature uses the Acquire, Extract and Verify principle.
All the customer has to do is place the ID or driving license in front of a camera/webcam, and the system acquires the image and then determines if it is a fake or not.
Identify customers
As an organization, you need to ensure that the person carrying out any transaction is actually a ‘person’ and is ‘present.’ If the person has been proven to be present, you then need to establish if they are who they say ‘they are.’
A biometric facial recognition, live verification experts, and liveness detection capabilities make customer identification possible. The selfie taken by the customer is compared with the ID earlier scanned and a comparison made if it is the same person.
Capturing and verifying customer documents
The Document Verification feature allows customers to perform high-quality scans of supporting documents using their smartphones and upload it to the system. These can be utilities or even bank statements.
The data from the documents, even when scrambled, can be acquired and verified. This further puts more proof of the true identity of the customer.
Wrapping up
In conclusion, online verification systems offer you a secure platform that assures you of the authenticity of the customers you deal with in this digital market world. It reduces fraudulent transactions that taint your company’s image. Customers no longer have to manually send emails or drop copies of documents for verification purposes.