What Does Digital Document Verification Mean and Why is It Needed?

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What Does Digital Document Verification Mean and Why is It Needed

There is an unimaginable number of various paper documents in the world. And, unfortunately, it is very difficult to restore them in case of loss or forgery.

Moreover, automatic systems hardly recognize this kind of document, which in turn complicates its synchronization between different organizations and countries. That is why the document verification service was created – to solve these problems.

What is the concept of verification?

In a word, verification is identification. And describing the process itself, the action, we can say that this is an authenticity check or a procedure for confirming identity. The term “verification” comes from two Latin words: verus – “true, real, actual” and facere – “to make or do”. So, in literal translation, it means “to make something real”.

It turns out that when a person passes verification, they answer the question: does something comply with the requirements or not? And the feedback will be either “Yes, it does” or “No, it doesn’t”.

What is the concept of verificationAfter successful authentication, users get access to the products or services they need. The end result must fully comply with the requirements of the developers.

Identity verification is a standard procedure, especially when it comes to any kind of financial service. However, the range of use for verification is quite wide. Therefore, we decided to ask Euristiq, which provides secure document verification software development, to tell us about the main areas where digital document verification is an integral part of the work process.

Bank Identity Verification

This is probably one of the most popular types of document verification. To provide increased security for their customers, many banks request verified personal data from scanned documents of a person.

Therefore, when receiving a bank card, you need to confirm the fact that the person indicated in the contract intends to use it. For speed and convenience, such verification was also created online in Internet banks.

Payment Authentication (Digital Wallets)

Digital WalletsPayment services are also additionally protected from fraudulent schemes by verifying the user’s identity. Therefore, in order to register in any of them, you need to go through a verification process by sending scans of your documents. Also, to enter the personal account of the Internet wallet, you must go through a similar procedure.

Account Verification

It is common to receive the blue verification badge on many social networks. With them, users can create their own “official” pages. For this, a verification algorithm is provided, which involves providing the necessary documents to the Website Administration.

After completing these steps, the account receives an identity verification badge, which is strong proof that it belongs to a certain person.

Electronic Signature Verification (E-Sign)

This type of signature is usually used for the electronic transmission of documents. Thanks to special verification services, you can check the validity of the information provided.

Electronic Signature VerificationAs a result of the check, it turns out whether the individual electronic digital signature meets the specific site conditions, and whether the data on the owner of the signature is up-to-date.

Digital identity verification for employment

Nowadays, businesses need to constantly detect identity fraud and verify a user is who he/she claims online. This may be required due to various factors: account takeover attacks, an increase in data breaches and identity theft, as well as a growing demand for remote processes due to the COVID-19 pandemic, and so on.

Digital identity verification methods such as digital document verification, facial recognition, and biometric verification can help various companies check a person’s identity online.

What are the advantages of digital document verification?

  • Simplicity and convenience. With the help of automated document verification services, identity documents can be verified in real-time and within seconds. Extraction of data directly from the document eliminates manual data entry.
  • Security and trust. Data verification ensures the security and the operation of the Software that collects confidential information. Also, such verification prevents the implementation of fraudulent plans and provides an additional level of trust.
  • Universality and usefulness. Such technology speeds up the registration process, bank account opening, lending and financing, and it is also useful for improving customer experience.

So, if you are required to go through digital document verification, it often means that you need to perform a verification procedure to confirm your identity and the authenticity of certain data. In simple words, the developer of the software has taken care of both, his own and your safety, by referring to the necessary secure verification algorithms.

 

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