As digital documents have surged in popularity these days, document fraudsters are also on the rise. Fraudsters use sophisticated ways to forge documents such as signatures, IDs, certificates, and much more. The potential risk and the cost associated with fraud have made businesses and organizations extensively use document verification tools to identify and prevent any document forgery. OCR-based document verification is one of the most efficient and trustworthy ways to unveil such fraudsters and save businesses from fraudulent activities.
Optical Character Recognition (OCR) is an advanced technology that can read and recognize text from images and documents. OCR-based document verification has been widely adopted by businesses and organizations that deal with a large number of files and documents regularly. OCR technology has made document verification much more reliable, accurate, and quicker.
Adopting such advanced technologies for document verification has become a critical component for businesses. OCR technology provides several benefits that make it an essential tool to combat fraud. Here are some of how OCR technology plays a prominent role in detecting fraud.
Detecting Forged Signatures:
Fraudsters may try to generate fake signatures on documents to pass them off as real documents. This can be done using advanced printing technologies that mimic real signatures. An OCR-based document verification system can accurately detect any forged signatures present on documents by comparing them with signatures on records or samples.
Identifying Alterations:
Fraudsters may try to tamper with critical data on digital documents, making changes to critical data points like personal ID numbers, birth dates, financial details, etc. OCR technology can detect these alterations within seconds and scan each document and compare it with original records to identify any discrepancies or alterations.
Machine Learning Algorithms:
Machine learning algorithms coupled with OCR technologies scan through thousands of transactions every day looking out for unusual behavior or transactions outside regular patterns to identify potential fraudsters.
Digital Signature Authentication:
OCR has evolved over the years to accurately match human handwriting styles as part of signature recognition techniques. Today, OCR-based digital signatures are increasingly being implemented across the world as it becomes harder to copy real signatures because they require precise stroke analysis, speed, and pressure sensitivity, among other things that make them difficult to replicate. Thus making the entire ecosystem safer against phishing attacks.
KYC Verification:
Manual KYC procedures often lead to human error, misinterpretations, or deliberate collusion with fraudsters. However, OCR eliminates most of these vulnerabilities by automating the bulk of KYC processes. Fewer interactions between customers and staff minimize opportunities for fraudsters to manipulate employees into approving illegitimate requests.
Preventing Fraud with Bautomate's AI-powered OCR Document Verification
Document verification is a crucial aspect of any business that deals with a large amount of data and documentation. Breaching personal data and financial information can be detrimental to the trustworthiness of a business. Therefore, business owners must take appropriate measures to ensure that their documents cannot be forged or tampered with.
If you are looking for a solution that can accurately and efficiently verify and authenticate documents, then Bautomate’s OCR is the perfect solution that provides you with the most cost-effective, automated, and secure way to perform document verification.
Our AI-powered OCR can automatically detect fraud in documents by identifying forged signatures, alterations in critical data, and fake IDs. Bautomate’s advanced OCR technology scans and compares documents with original records and provides quick and accurate feedback to businesses, which helps to prevent fraudulent activity and maintain the integrity of their documentation.
