Digital transformation has become the norm for many industries in the past decade. This allowed many businesses to adopt and leverage modern technology to make their operations more flexible. Countless enterprises from different sectors were able to give their customers online platforms that made it easier for them to shop and engage with the brands. It also allowed organizations to offer remote work setups for their employees, especially after the arrival of the COVID-19 pandemic in 2020.
However, the growth of online platforms in the past decade has provided new opportunities for fraudsters to attack their target institutions. With a mixture of traditional strategies and tech-savvy tricks, exploiting a firm’s line of defense became easier for many swindlers. This is especially true for cybersecurity measures that rely too much on knowledge-based credentials like passwords, which are already considered vulnerable to fraud.
And if cybercriminals could get a hand on classified data, they could use this to cause more damage to businesses and consumers. They can use the information to make fake documents and use them to create new accounts on e-commerce platforms, banks, and government channels. Investing in an identity document authentication tool can prevent attempts to use others’ information during onboarding.
The Benefits of Identity Document Authentication
Document verification is often part of a firm’s expansive identity-proofing measures. This process enables businesses to authenticate the identity documents submitted by potential customers, especially those trying to sign up using online platforms. And with the digital sphere expected to grow further moving forward, having a reliable document authentication solution is now a must for many companies.
Although any business can invest in a document verification tool, it is heavily used by enterprises in the financial sector. As part of the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations of the Patriot Act of 2001, banks and financial technology (FinTech) services can ensure compliance by having a document authentication tool. This can help them guarantee that anyone using their services is a rightful client, not someone posing as one.
Conclusion
The growing digital consumption in recent years has resulted in the continual increase of successful fraud and identity theft attacks. Implementing strict document verification can come in handy for many institutions, allowing them to mitigate account creation fraud and phishing attempts. This can also improve their operations by streamlining the onboarding process, allowing them to save time and money and build customer trust.
If you are searching for a reputable provider of document verification and identity authentication solution in the market, then authID is for you. We provide innovative cybersecurity solutions that can help eliminate your reliance on passwords, prevent fraud, and boost user trust. Book a demo by clicking here or calling +1 (516) 778-5639.
