In the modern world, fraudsters can use sophisticated technologies to forge bank statements, legal records and cheques. Document forgery detection was initially a challenging task which allowed fraudsters to get their hands on the Personally Identifiable Information (PII) of customers. In this context, experts want innovative digital solutions that can help fight document manipulations in real time. The application of document forgery detection solutions can resolve the above issue and facilitate organisations to comply with KYC & AML regulations.
Document Forgeries: A Quick Overview
Record manipulation is a heinous crime which involves the creation of fraudulent documentation that can easily fool the security protocols of an organisation. The following are five popular types of records that criminals can manipulate with advanced editing tools:
- Passports photo
- Driving Licenses
- Cheques & Financial statements
- Invoices and Legal contracts
- ID cards & Birth certificates
Top 3 Kinds of Document Manipulation Techniques
There are various types of methods that can help manipulate user records, such as falsifying data or substituting images in original records. The following are three major techniques that criminals employ to achieve nefarious goals:
- Freehand Simulation: Using this approach, cybercriminals try to replicate the writing style, signature or design of original records.
- Tracing: This is about duplicating text, users’ signatures and designs with the help of light and carbon tracing. The criminal uses paper to replicate original records and creates identical copies.
- Electronic Manipulation: Fraudsters use online photoshopping tools or editors to copy the users’ signatures within the official records and use them in fake copies. The criminal also forges other data to achieve malicious goals.
Fighting Fraud with Document Forgery Detection Solutions
Several digital service providers Walmart, Amazon and Paypal, follow international regulations to validate user documents during the onboarding process. But such vendors use outdated approaches which are time-consuming and do not fight fraud effectively. This is where the applications of document forgery detection solutions have become crucial.
Financial firms & immigration departments are at a high risk of encountering document forgeries. Criminals can use sophisticated technologies to bypass security protocols to apply for visas and achieve other nefarious goals. With the application of forensic document forgery detection solutions, professionals can discourage crime instantly.
Records such as ID cards, legal contracts, bank cheques and stamps have special security features that play an important role in fighting crime. The application of advanced technologies can help experts to discourage fraud cases when hackers use sophisticated methods. Professionals can even use shredded records for evaluation.
The Contribution of Document Forgery Detection Solutions Regarding Compliance
In regulation businesses, document verification is not stressed that much but corporations still use an outdated approach to validate client records during the onboarding process. Rapid digitization and exponential growth of online platforms have increased the demand for digital onboarding processes to ensure a better customer experience.
To meet clients’ demands and deal with challenges during the onboarding process, the application of document forgery detection has become essential. In financial firms, a smooth onboarding procedure and compliance with international regulations are important. After the introduction of the Patriot Act and other guidelines, international agencies started urging businesses to comply with standards for fraud prevention. This is also essential to discourage money laundering and terrorism financing cases worldwide.
In this context, the following two critical regulatory obligations came to surface. The standards also play an important role in document forgery detection process:
- Know Your Customer (KYC): Financial firms must incorporate robust due diligence procedures such as digital identity & document authentication to validate credentials of new clients. This is critical during the onboarding process.
- Anti-Money Laundering (AML): Such standards play a critical role in curbing money laundering and terrorism financing incidents worldwide. The procedure encourages experts to cross-match user credentials against criminal databases and PEP lists. In various jurisdictions, AML & KYC checks go hand in hand.
The Bottom Line
Government-issued records play an important role in the identity verification of onboarding customers. Poor IDV services can result in serious repercussions, such as data privacy violations & penalties from global regulatory bodies. Document forgery detection has become critical in the modern world to comply with KYC & AML regulatory obligations. The application of innovative digital solutions can help experts fight record manipulations and discourage crime during the onboarding process.
Business experts can team up with third-party vendors to benefit from document forgery detection solutions that are GDPR-compliant and produce high-quality results. Hence, corporations can secure a competitive advantage in the market to attract investors and new customers.