Current market trends in online document verification solutions
Complygate’s Online Document Verification solution uses AI and machine learning tools along with robust document verification processes in order to not only verify documents with the person’s photo and built-in security features, but also documents such as electricity or gas bills, bank statements, etc.
Over the years, proof of address (PoA) fraud has become a serious challenge for financial institutions and other businesses, COVID-19 has accelerated the fraud related to the address proof doctoring. These documents can be easily altered as they lack basic security features and there are many occasions when a temporary address was submitted to imitate the permanent address. These are few of the reasons why banks and government need proof of address (PoA) and needs to ascertain their authenticity:
- To prove address and verify identity
- know your customer (KYC) requirements
- To comply with ‘The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017’
- To access or gain other forms of government issued IDs
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