Shahid Hanif is Chief Technology Officer and Co-Founder of ShuftiPro, a Biometric Identity Verification (IDV) solution.
In an increasingly digital world, the demand for online services and products has increased, accelerating the need to implement identity verification measures. Any business dealing with financial transactions, banks, insurance companies and even ride-sharing services must meet strict customer verification requirements or risk failing to meet basic KYC compliance requirements.
It may come as a surprise that many companies still use manual processes to verify customer credentials. These methods are not only time-consuming but also highly error-prone, making it easier for forged documents to slip through the security net.
Today, solutions using artificial intelligence (AI) and machine learning (ML) technologies can automate and streamline the identity verification (IDV) process. Avec les new solutions IDV automatisées, les companies n'ont plus à s'appuyer sur des methods manuals de verification medico-legal des documents (FDV), mais peuvent automatiser ces processus, creant ainsi un moyen plus évolutif, précis en profitable de verifier Documents. Not all IDV processes are created equal, but the benefits of advanced IDV technology pave the way for future proofreading of your work.
For companies interested in moving to FDV, this article describes the steps needed to successfully implement this technology.
How evolving technology improves criminal document review
Believe it or not, forensic investigations date back to 539 AD when document forgery involved changing seals and tampering with manuscripts. Today, document fraud can include everything from identity theft, money laundering and terrorist financing activities. Today, fraudsters are falsifying more and more documents, making them even more difficult for the human eye to detect.
FDV includes the inclusion of scientific principles in the verification of the authenticity of documents. Experts in this field have used highly specialized methods, especially in courts where no document is accepted without notarization. Key FDV techniques include handwriting recognition, UV light sources, microscopes, imaging and infrared imaging.
Today, new technologies such as artificial intelligence, machine learning and optical character recognition (OCR) play an important role in detecting counterfeit products more intelligently. Using artificial intelligence algorithms, OCR can recognize document types more efficiently and accurately than manual techniques. It enables financial institutions to verify identity documents from different countries and to extract and verify customer information using built-in pattern matching technologies.
By comparing massive databases of official document samples from thousands of international jurisdictions, OCR combined with an AI and ML-based algorithm can detect anomalies by matching a document to a key data sample in 20 seconds or less.
Businesses should be aware that not all OCR services are created equal and choosing the right document authentication service provider is crucial. Not all companies that offer identity verification services have the technology to submit an FDV.
Steps for forensic review of documents
VAT can play an important role in GRC reporting and compliance, increasing efficiency by eliminating the need for manual processes. FDV can help organizations comply with ever-evolving international IDV and privacy regulations such as those of the International Organization for Standardization (ISO), National Institute of Standards and Technology (NIST), and Service Organization Control 2 (SOC2).
When companies decide to migrate to FDV technology, they must consider their organization's readiness for change, the existing infrastructure and the required training of employees.
Collection of subscription fees
Achieving consensus from business leaders and key stakeholders is essential for a successful transition to FDV. These internal conversations can help identify the best use cases and allocate resources. To start the project it is necessary to hire C-suite managers who are able to develop, manage and train the required staff, such as: B. Compliance and Risk Officers and the Chief Information Security Officer (CISO).
The goal of implementing an FDV is to increase efficiency while maintaining compliance, but unless support is gained across the organization, the process can become more of a burden than a net benefit. Therefore, top-down and bottom-up buy-in are required to support positive culture change.
Implementation of new technologies
The implementation of new technologies in existing frameworks and infrastructures such as IDV always involves risks. As such, teams must allocate sufficient resources to keep up with evolving identity fraud threats and keep systems up to date.
To meet the requirements, it is essential to have sufficient qualified personnel to implement the necessary risk mitigation tactics. Other risks companies need to consider are the costs that crew compliance can bring. Because maintaining FDV systems can be complex and stressful, companies must prioritize the well-being of their employees to reduce employee turnover.
Well trained staff
The implementation of FDV requires good training, intelligence, intelligence and control, just like the implementation of any new technology. Due to the extremely complex nature of FDV techniques, one training session is not enough. Only through continuous training and development, whether through workshops, seminars or tool sessions, will employees truly understand their role in the VAT process and how best to reduce fraud.
Implementing this approach is not as easy as a quick step. It requires a fundamental culture change at the organizational level to build a sustainable and risk-free future.
Closure
When properly implemented, FDV can be an integral part of any organization's KYC strategy. Identity theft and other fraudulent activities have a significant impact on the customer experience and increase the cost of doing business.
Reducing manual processes and making this transition can be an effective approach for businesses. Key steps in this process include ensuring top-down buy-in, successfully implementing new technology into existing infrastructure, and understanding the required staff training.
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