Businesses around the globe are facing digital frauds nowadays. The onset of the covid-19 pandemic last year pushed businesses to adopt digital platforms. The shutting down of the whole world made the industries have a system that would provide unstoppable services to customers. That shaped the world of business that it is today. But the story does not end here. Fraudsters also followed the businesses from offline to the online world. Now we see a constant increase in online scams that are increasing with every year. Artificially intelligent document verification services are one of the effective ways for companies to prevent digital identity fraud.
Businesses Having Document Verification Services To Win Customer Satisfaction
It has become a fact that bow enterprises have become compelled to follow the document verification services in order to safeguard their businesses from evil acts of imposters. Let’s see, which industries are taking full advantage of document verification services:
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Financial Institutions
Banks and other financial institutions are on the head list of criminals to carry out their activities. Therefore, we can say that businesses are practicing document validation services for all the right reasons.
The current pandemic will be written down in history. Generations would remember how the people living in the twentieth century have fought with Covid-19 and how it impacted the overall working operations for merchants.
While remembering the lockdown of the entire world they would not be able to neglect the exponential rise of cybercrimes and how the banks adopted document verification services to counter these frauds.
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Customer Onboarding
Financial institutions make sure that they onboard legitimate users through online document authentication checks. Almost every one of us has experienced the situation where we have to show our documents to get the services of businesses.
Organizations verify documents to become compliant with document verification services designed by policymakers. Online transactions have become lucrative for perpetrators to carry out money laundering. Businesses that become a source of money laundering and terrorist financing are under immense pressure to have identification solutions like document attestation to counter document frauds.
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Gaming Industry
Talking about shutting down the entire world and suspension of the business activities. Have you ever thought about how individuals used to spend their time locked down in their homes having nothing to do? Games, yes, games were the safe corner people taken from the boredom that pandemic brought with it.
The trend of online games has been seen during these times. It would be right to say that Covid-19 did well on online gaming platforms. Digital players have benefitted the online gaming industry to bag huge revenues.
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Age Verification
But the story does not have all the good experiences to mention. Gambling websites also utilized document verification services to protect their platforms and genuine players from any kind of unfortunate experience.
Running a gaming platform means having an age-specific business. It reflects that only players of a certain age or above a particular age can and should have access to these websites. These put the merchants of such businesses under immense responsibility to verify their customers through document verification services before onboarding them.
Children out of their innocence and attraction to adults-oriented games try to deceive document checks and then eventually become victims of the fraudsters’ illegal aims. This leads minors to undergo identity theft which impacts them physically and mentally. Therefore, age-restricted online gaming sites must perform document authentication before confirming access to any player.
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Travel Industry
This industry is employing AI in its administrative workflows. One of the businesses greatly influence by the Covid-19 pandemic was the travel industry. International and even local flights got canceled in wake of the situation.
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Frictionless Customer Experience
However, when the flights opened after the slight improvement in the whole corona scene, fraudsters got the full advantage with genuine travel lovers. That is when the fraudsters pulled the first one on airlines and the airports.
Because of the increased scams, travel agencies opted for identity document verification services to distinguish between legitimate and illegal travelers. Document verification services gave them a chance to facilitate genuine customers with a frictionless experience and secure their services from being manipulated by the imposters.
Winding It Up
Teaching the lesson of honesty and fair play to cybercriminals will take a lot of time and effort. For now, what we have in our hands is to verify the individuals that come to get our services. Document verification services are an effective way to categorize the users i.e. either they are liable enough to be onboarded or not. It can be applied at the time of customer onboarding, account opening, age verification, and more.
