A record of $16.9 million was lost in digital fraud during 2019-2020, which is 13% more than the previous year, and it’s no secret that identity-related fraud is increasing nowadays. Online ID verification solutions are considered as one of the ways to cope with identity-related frauds.
Data breaches, fraudulent transactions, and identity theft continue to increase, but identity verification services can secure your business. The onboarding process will be incomplete without customer verification, and enhanced Artificial Intelligence can improve security measures for companies. With the power of machine learning, automating operations makes the process accurate and efficient rather than solely depending on human verification experts. These ID solutions collect internal data through robust mechanisms for record-keeping of software performance and operation. The acquired data is regularly transmitted to the provider using automated systems. The process, if automated, significantly improves the accuracy and turnaround time.
Identity document verification using AI checks the input image against all authentic classes of documents to verify its originality. Parameters such as consistency in content, visual correspondence, and resemblance in layout are assessed to perform verification. This R&D report has discussed the process and benefits of the enhanced verification services in detail. Shufti Pro’s AI-powered verification services are helping many businesses in securing their customers from fraudsters and your business can be one of them too.
