Forensic Document Services – Fighting Identity Theft in the Business World

With technological innovation, the demand for digital products and services is increasing. This raises the need for companies to implement the latest identity verification solutions. Identity records are an extremely crucial way of validating users’ credentials. This way, all organisations in the modern world have used multiple methods of validation. This is important for businesses to regularly monitor financial transactions from banks, insurance companies, and crypto firms. It is important to implement the latest document verification solutions. 

Document fraud is increasing with time and giving way to other kinds of fraud such as money laundering, terrorist financing and identity theft. The application of forensic document services can help experts fight fraud cases and follow the latest KYC & AML regulations. 

Using Forensic Document Services to Fight Crimes

Forensic record analysis uses various techniques that experts can utilise to discourage criminals and deter ID theft. In the USA, there were around 70% more incidents of record scams. Protecting businesses through forensic record authentication solutions is crucial. This ensures that customers have a seamless onboarding experience. 

According to Research & Markets, the global digital forensics market size will achieve a financial worth of around 8.973 billion dollars by 2026,  showing a CAGR of 12.14% from 2029 to 2026. 

The Federal Trade Commission (FTC) in the USA highlighted that they acquired approximately 5 million identity fraud cases in 2020 which is a 50% increase from the previous year. Common examples of identity theft are credit card fraud, business or personal loans, and tax scams. 

A number of companies have improved and grown exponentially in the market. For example, Online Forensics Corporation is a major player that provides user tracking services to catch criminals behind fake accounts.  

The following organizations can protect their users’ identity credentials through stringent document verification measures. 

Fighting Banking Fraud

Banks are one of the top financial firms that get impacted by record fraud cases. For instance, this includes fake cheques and credit card scams. In the USA, victims yearly report around half a million cheques which result in massive financial losses. In reality, criminals use deceptive techniques to take advantage of banks and withdraw funds out of digital accounts. 

Perpetrators also use ID credentials from customers to commit phishing attacks and conduct scams. Document verification services play an important role in fighting financial crimes. Banking service providers must integrate strict validation protocols that ensure unbeatable security around the ID credentials of clients. 

Deterring Insurance Fraud

Insurance companies are an easy target for cybercriminals as perpetrators can easily use fake bills to claim massive amounts of money. In the USA alone, around $80 billion gets lost in fake claims. Forensic document services are available solutions for insurance corporations to examine users’ receipts. With the help of the scientific method, business experts can easily fight fraud and discourage bad actors. This way, companies can easily protect the confidential information of high-worth clients. 

Combatting Immigration Fraud

The cases of forged and fake records for immigration are increasing with time. This happens especially in the UK, and the USA as fraudsters try to exploit loopholes by providing fake tax returns. Applying forensic document services can facilitate immigration departments to discourage visa scams, and deter bad actors. 

The Role of Global Regulatory Authorities in Monitoring Document Forgery Cases

Global regulatory authorities such as FATF, and the EU have highlighted forensic document services as an important approach to deter money laundering. This way, companies can also curb terrorist financing and other financial crime cases. In this context, most countries have put serious regulations to discourage fraudsters from committing record scams. 

United States of America (USA)

Section 471 of the USA categorizes record fraud as a federal crime. It was identified that anyone having the intention to commit fraud by using counterfeit materials or security of the USA is guilty of a serious offence. This can result in serious consequences and even jail depending upon the type of crime. 

United Kingdom (UK)

The United Kingdom (UK) has applied Forgery & Counterfeiting Act which classifies record fraud as a serious crime and gives serious penalties to criminals. The standard given by the UK government covers all modern-day industries such as education, insurance and immigration. 

The Bottom Line

With the help of AI algorithms, the latest forensic document services can help businesses maintain their market credibility and boost annual profit rates. The latest KYC services are specially created to modernise customer onboarding experience. The use of OCR & forensic document analysis can help business experts validate identities quickly. 

Teaming up with a third-party vendor can provide businesses with PCI DSS-compliant forensic document services. Consequently, the importance of forensic document analysis becomes obvious.