According to the International Air Transport Association, the number of passengers will more than double from 4.2 billion in 2018 to 8.2 billion by 2037. With a growing number of travellers comes to an increased danger of fraud. The implications of impersonation, forgery, and identity theft can be disastrous. It makes it difficult for travel agents to comply with KYC standards and incur significant losses. A global survey done in 2020 discovered that the entire cost of fraud for travel businesses is a startling $25 billion. As a result, it has become critical for the travel industry to provide document verification services in order to protect itself against identity fraud.
The usage of document verification has made it simpler for the travel industry to identify and trust its clients while also improving and lessening the user experience. So, what exactly is “document check,” and how does it work? Continue reading the blog to learn more.
Document Verification and Processing
The identity verification document refers to the procedure of determining the authenticity of any document. A driver’s licence, national identity card, birth certificate, passport, bank statement, or any other document requiring verification is included. The technique recognises the letterhead, watermark, signatures, and stamps and compares them to data collected from the paper’s Machine Readable Zone (MRZ). The digital onboarding feature eliminates the need for applicants to be physically present throughout the document authentication process in order to obtain their identity verification document quickly.
The procedure of verifying documents using digital technology needs the uploading of a photo of the original ID document taken by an image capture app and a selfie. To be considered validated, the papers must pass multiple quality checks and validations. Face orientation check, headshot integrity, selfie to ID photo match, selfie liveness detection, colourspace analysis, and many more features are included. These validation procedures ensure that the document verification services are far more dependable and legitimate than a casual inspection.
How Does it Help the Travel Sector?
The travel industry has seen significant changes as a result of significant technological breakthroughs. These developments aim to keep their consumers delighted while protecting themselves against fraudulent actions that result in the loss of millions of dollars. One of the most significant recent innovations in the travel industry is the employment of document verification companies to safeguard the business against document fraud. Using these services helps them to get to know their customers and provide a more smooth travel experience. It also enhances the traveller’s experience by providing the necessary protection without making them feel uncomfortable.
Document verification services eliminate the friction created by many checkpoints while also accelerating the ID document verification certificate. Instead of various documents, travellers only need to guarantee that they have document verification services with them, making their journey pleasant and hassle-free.
Not only does adopting these services improve the consumer experience, but it also protects the agency against various types of fraud. Let us take a quick look at these:
Payment Information Theft
It is one of the growing crimes in which hackers employ malware to steal credit card information from travellers. The hackers use this information to book a vacation online and then sell it to someone else, or they arrange a trip and then claim a refund. Travel firms may simply keep a check and balance on it by using document verification services.
Data Leakage Prevention
Hackers utilise internet booking sites to access tourists’ sensitive information, which they subsequently use for nefarious purposes. Although such accidents are rare, when they do occur, they result in significant losses. Transparent document verification services are required to avoid criminal activities. As a result, it is preferable to maintain protected guards rather than makeup for massive losses.
Last-minute Bookings
Another widespread illegal behaviour fraudsters commit is booking the trip within the final 24 to 48 hours, leaving the travel firms insufficient time to authenticate and check the papers. As a result, they are unable to detect fraudulent behaviour. Travel companies can process and validate papers in minutes using document verification services, saving them from big losses.
Final Thoughts
Institutions are heading away from manual labour due to a rise in errors and criminal activity. Paperwork is more error-prone. To mitigate illegitimate activities, document verification services can play a pivotal role. Regulatory authorities need to take stringent action against document fraud. Automation is ready to serve the anticipated purpose in the financial industry.