Ecommerce Fraud – Protect Yourself with These 4 Document Verification Methods

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Ecommerce Fraud - Protect Yourself with These 4 Document Verification Methods

Does your business need to worry about document verification? If you work in finance, do business internationally, sell valuable goods and services, and more, the answer is an unequivocal “yes”.

Document verification allows your customer to use personal documents to authenticate their identity as you do business. We have tried and true methods that are still in use, but today, a lot of this occurs via mobile, making a seamless, user-friendly experience a top priority.

Here are four methods to know about as you consider reliable document verification.

  1. Barcode Reading

Driver’s licenses, passports, and other credentials often feature a barcode. When credentials have been forged, this barcode may look authentic enough, but reading it tells a different tale.

The barcode, either with or in lieu of an MRZ, are present on ID documents the world over. With ID varying from country to country, people who do business with anyone, anywhere need to be prepared. Therefore, the question is, does your business have the capability to read that barcode?

  1. Magnetic Ink Character Recognition (MICR) and Optical Character Recognition (OCR)

We think of paper documents as something incredibly easy to replicate. Indeed, even an intermediate forger could produce a reasonable facsimile with the right equipment and a few concerted attempts.

MICR and OCR work together to combat this. MICR is an identification tactic that’s been around for a long time, and is most recognizable as the characters printed on the bottom of checks. To innovate and refine this technique, businesses will use OCR to compare those magnetic characters as captured and ensure an accurate read.

  1. Facial Recognition

In a mobile world, facial recognition is considered one of the most reliable new ways to verify someone’s identity. Companies like jumio.com are at the forefront in bringing this tech to companies of all sizes and industries.

Facial recognition goes further than document verification – it proves to you that the person who has supplied it is who they claim to be. Biometric authentication takes a photo of the user who has submitted documents and compares it – to the most minute, imperceptible detail – to identification documents featuring a photo.

Best of all, this high-powered tech is simpler than it sounds to execute and doesn’t inconvenience the customer.

  1. Machine-Readable Zone (MRZ)

Many ID cards and passports contain what’s known as an MRZ. The basic details on documents, from name and address to DOB and gender, are easy enough for fraudsters to manipulate. The MZR basically reiterates this information, so that a scan can back up what’s printed on the document.

The average person wouldn’t even be able to detect MRZs, but third party document verifiers know how vital it is. Like that barcode, you must be prepared to double check what a user is claiming.

You can be sure that thieves really miss the days when identification verification involved making calls, copies, and sending faxes. We used to sacrifice productivity and sales when spending time checking the veracity of one’s documents.

Now, methods designed to pick up on what your eyes can’t are widely available to prevent fraud, save money, and build your reputation as a secure and reliable organization.

Editorial Team
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