OCR, or optical character recognition has become an increasingly vital tool in verifying people’s identity. When combined with intelligent database technology, OCR can be critical in avoiding possible fraud and being compliant with Know Your Customer (KYC) regulations.
In financial circumstances—such as onboarding new bank customers, writing insurance policies, conducting underwriting and mortgage processes, verifying credit card authenticity, processing transactions, and heading off identity theft—making sure people are who they say they are is essential.
People may present identifying documents like driver’s licenses, visas, passports, credit cards or national ID cards, but these are easy to forge. OCR scanning technology combined with intelligent database matching can verify driver’s licenses, residential permits, passports, and other documents. The technology can determine if the verifying document is authentic, but it does much more.
OCR combined with intelligent data extraction technology can retrieve information from official documents in a wide variety of external databases, and can be compared with what is claimed by the owner of the document. That verifies identity, and also can pull up information about z potential customers’ own associates around the world. This is done by analyzing reference data—things like addresses, emails, mobile phone numbers, age and even the final four digits of Social Security numbers—to match and verify any submitted document.
The power of optical character recognition and its ability to satisfy Know Your Customer regulations comes from its linkage to intelligent systems and sophisticated database matching. Melissa KYC captures identity documentation, either in-person or remotely, by digitally scanning documents such as passports or national ID cards and checking them by OCR. It authenticates submissions in real time with multisourced data, and standardizes, corrects, and matches customer records globally.
Melissa KYC ensures that compliance activities are seamless while creating a straightforward, friction-free experience.