The right way to cut by 98,5% frauds for your Company.
During the past few weeks under the pressure of COVID-19, we have heard a lot about the problem of fraud detection. However, perhaps too little has been said about possible solutions to prevent document fraud.
We can all agree upon the fact that fraud is a social plague that, if not effectively tackled, affects all honest citizens. These are the ones who end up paying for the losses caused by fraud.
One must bear in mind that, for any Company, document fraud is like a potentially fatal "disease". If we do not quickly find the exact diagnosis, the correct solution cannot be applied in time.
And just as there are multiple diseases, there are also multiple types of fraud. Each specific fraud case requires specific treatment to avoid it and to get the best results.
Document fraud is particularly economically harmful.
This is because with a minimal economic investment (with less than 700 euros, it is possible to obtain two identity or travel fake documents of medium quality, but which can pass 80% of checks). In a few days it is possible to carry out various fraudulent operations in multiple Countries and in different commercial areas, with very high profits.
So far, we have talked about the economic damage of document fraud, but what can be said about the "danger" factor?
Once the fraudulent operation has began, it is possible that we realize when it is too late and that, for this reason, it is no longer in our possibilities to stop it.
The only way to effectively fight document fraud is to avoid it.
Recently, many Companies have appeared on the market offering document verification services. However, many of them simply detect whether an identity document’s check digit of is correct or not (many algorithms are in the public domain and are easily found on the Internet) or check whether the photo of the document holder matches or not with the person who exhibits it.
These document verification technology solutions were in the forefront at the end of the last century.
Today, we are faced with a market that is rushing towards digitization and remote customer procurement processes (KYC) when unfortunately, we only have the document image in order to carry out a document check.
Having said that, in order to verify the identity of an individual will it be enough to verify the check digit and verify that a photo of Robert Redford or Marilyn Monroe has not been used to counterfeit the document?
In this context, only an advanced document verification service can allow any Company to take the appropriate measures to prevent document fraud, thus avoiding to “leave the door open” to a person who is not who he says he is and who it will most probably not take long to cause serious problems.
To ensure this, Ariki Group has achieved two important results:
1. Has developed the most innovative international online document verification system on the market.
2. Is able to offer this innovative fraud prevention system at such affordable rates that its Customers use it even for very small transactions, since large-scale fraud is often better hidden among the activities considered "low risk".
The truth is, there is still no magic formula to fight document fraud.
However, thanks to many years of experience in document analysis on hundreds of thousands of authentic documents and thanks to the use of advanced technologies, we are able to deal more effectively with an "enemy" that is constantly evolving and causing serious damage to the economy.
Should you come across a Company that offers you any document verification services without being willing to explain what system it adopts to protect its Customers from identity fraud, we advise you to check out other solutions.
If you are interested in knowing a little more about how our international analysts and experts work in order to create the most advanced online document verification system currently on the market, we will be happy to show you why many law enforcement agencies in Europe rely on our professionalism and experience for their own training.
To find out how we can be a solid alternative to reduce document fraud by up to 98.5% for your Company, contact us so we can evaluate your specific case.