The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    ca

    51.222.253.17

    Elevating Document Verification with OCR in 2024 | Data Extraction in Real-Time

    n-img-doc-ver

    The Optical Character Recognition (OCR) market was valued at US$15 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of approximately 15% from 2020 to 2030 – forecasted to reach an estimated value of US$70 billion by 2030. The need for optical character recognition in different global markets has arisen due to the demand for efficiency and automated solutions in the verification processes. Companies require a robust verification solution that can aid them in keeping cybercriminals off bounds and safeguarding their operations. 

    Businesses must have security checkpoints at every process, from user onboarding to transactions, as verification firewalls alone are insufficient. Document verification is an extensive task that requires companies to gather and verify the necessary identity documents of a user. Manual document verification is a time-consuming process that can lead to errors, and automating this process can help individuals keep track of all business activity.

    What is Optical Character Recognition (OCR)?

    Optical character recognition (OCR) has revolutionized how document verification works by improving text recognition’s speed, accuracy, and security. Leveraging  OCR technology into the standard verification process can be a game-changer for businesses looking to improve their security. 

    OCR is a globally recognized system that enables businesses to extract and convert text from paper-based documents into decipherable computer-readable formats. For instance, an invoice or receipt saved on a computer in image format is devoid of functions like editing and searching, making it hard for businesses to go through those documents. OCR enables users to convert those documents into machine-readable text, storing and preserving all content as text data.

    OCR technology helps companies reduce verification time and automate document authentication procedures like data scanning, processing, and archiving, which ultimately minimizes the need to acquire physical documents. OCR is essential for handling countless document formats in both paper and electronic form, with robust data-capturing features.

    Decoding OCR: Exploring its Types and Functions 

    Companies of all sizes use OCR technology to improve their document verification processes and safeguard their data while detecting signs of manipulation or forgery in real-time. A robust OCR scanner offers many solutions to companies that allow them to leverage modern technologies for streamlined document verification processes. Where OCR extracts characters from a document utilizing existing templates, it has other types depending on the data captured, some of them are as follows:

    • Optical Word Recognition (OWR)

    OWR relies on the same processes as OCR; however, it is essential to note that OWR is a bit different from OCR. It is primarily used to scan multilingual documents, especially those languages that use syntax and semantics with extensive spacing and strokes. Text formats that separate alphabets while spacing are hard to scan using traditional methods, which is why a more advanced version of OCR is utilized. OWR technology focuses on one word at a time and works best on printed documents. 

    • Intelligent Character Recognition (ICR)

    A major challenge that OCR solutions face is recognizing uncommon text fonts and styles that vary from person to person. ICR technology leverages advanced data capture techniques to scan and recognize versatile writing styles. AI and ML are used to analyze text components like lines, loops, and curves to help people scan complex documents, which ultimately aids better text recognition. 

    • Optical Mark Recognition (OMR)

    This OCR application is specifically designed to recognize symbols and logos present on documents. Traditional OCR technologies may sometimes confuse smudges, dots, and logos with text, leading to inaccurate data extraction. OMR technology helps companies differentiate between symbols that are logos and those that are not, resulting in greater accuracy. Additionally, with the help of OMR, streaks and unnecessary lines that may have been inadvertently produced are also scanned and eliminated.

    b-info-optical

    Optimizing Operations: The Crucial Role of OCR in Business Improvement

    OCR solutions now come up with an accuracy of up to 99% as a result of the significant advancements in AI and ML algorithms. A robust OCR scanner leverages ML and AI algorithms, which allow higher accuracy and efficiency in converting text from unorganized files like physically printed documents, screenshots, or document images with high precision and zero errors.

    • Enhanced Efficiency and Productivity  

    OCR eliminates the extra hassle for businesses regarding tedious tasks, ultimately saving time and freeing up resources that can be redirected to other tasks that require human skills and creativity. This accelerates processing times and reduces human errors, resulting in more accurate data and increased productivity. OCR can be easily integrated into the existing workflows of a business and allows them to streamline document verification processing by processing more documents in a shorter time frame. 

    • Enhanced Due Diligence (EDD)

    OCR aids the document verification process and allows companies to leverage robust verification, ultimately improving reporting. By implementing this method, companies can fast-track their enhanced due diligence process while ensuring compliance with global regulations. This allows companies to streamline operations, saving time and resources.

    • Eliminating Financial Crime 

    Document verification backed by OCR technology empowers businesses to verify crucial identity documents quickly and with increased accuracy, allowing them to identify illicit entities beforehand. Individuals such as money launderers and terrorist financiers can use fake documents to manipulate companies’ verification systems and utilize them to carry out illegal financial activities. A robust OCR software can enable institutions to effectively scan and verify documents against pre-defined templates, ensuring they are not forged. 

    OCR Dynamics: Exploring Influence on Industries 

    Optical Character Recognition (OCR) has played a crucial role in revolutionizing multiple industries that utilize enhanced document verification for streamlined processes. 

    • Banking 

    The banking sector uses OCR scanners to meet compliance requirements effectively. This technology utilizes OCR to validate paperwork for deposit checks, loan documentation, and other banking transactions, and businesses in the banking sector to secure transactions, prevent fraud, and validate more documents in less time, ultimately contributing to a more productive workflow.

    • Healthcare

    Businesses in the healthcare sector can leverage the power of OCR technology to process patient records, including insurance payments, hospital records, diagnostic tests, and treatments. This allows businesses in this sector to streamline their record-keeping, finances, and compliance while balancing finances. Companies in the healthcare sector have higher compliance and insurance costs, which requires them to have a robust verification and data collection system.

    • Government Bodies 

    Optical character recognition technology is a highly practical and innovative tool that can greatly benefit government bodies and regulatory authorities. By integrating OCR into processes like applications, forms, and other documents, governments can significantly reduce processing times for citizen services like passport renewals, visa applications, and social security benefits. Further, this will help governments automate data processing, digitize archives, and enhance document management, ultimately creating a productive workflow that will help boost the economy. 

    The Synergy Between OCR and Identity Verification (IDV) 

    Streamlined document processing and verification through OCR can significantly improve the identity verification process, allowing companies to scale up their verification journey. A robust OCR application complements existing verification workflows and creates a more efficient process for businesses while having a user-friendly interface for consumers. 

    Shufti’s OCR for business combines artificial intelligence to perform instant image-to-text conversion of paper-based documents into digital PDFs and text documents. Our industry-grade solution extracts information from a wide array of documents, including handwritten papers, business records, official letters, invoices, and much more. Shufti’s OCR has multilingual support for 150+ languages and covers 240+ countries and territories. With more than 90% accuracy, online businesses can efficiently optimize their customer data.

    Related Posts

    Blog

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions

    The promise of payments technologies is being realized. Consumers are executing frictionless paym...

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions Explore More

    Blog

    5-Steps to Improve Customer Due Diligence Process

    The digital age has witnessed a new wave of financial fraud. It is estimated that $4.7 trillion o...

    5-Steps to Improve Customer Due Diligence Process Explore More

    Blog, Identity & KYC

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry

    Know Your Patient: The healthcare industry is more prone to data breaches than any other industry...

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry Explore More

    Blog, Business Technology

    Why is Libra Cryptocurrency The Most Trending Thing Right Now?

    The universe of crypto revolves around an aversion to a central financial authority. The financia...

    Why is Libra Cryptocurrency The Most Trending Thing Right Now? Explore More

    Blog

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti

    Businesses deplete millions of dollars each year on outdated technologies, employee training, and...

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti Explore More

    Blog

    Age verification regulations demanding better compliance from businesses

    “Youth is the hope of our future.” Jose Rizal  It is no secret that the youth is a valuable asse...

    Age verification regulations demanding better compliance from businesses Explore More

    Blog

    Blockchain Technology and KYC for Crypto Exchanges – How Shufti Can Help

    KYC compliance is the backbone of the Anti-Money Laundering (AML) measures implemented by any fin...

    Blockchain Technology and KYC for Crypto Exchanges – How Shufti Can Help Explore More

    Blog

    The Top Customer Onboarding Tips for Businesses

    Today every business is competing to boost their retention rate and offer their audience a secure...

    The Top Customer Onboarding Tips for Businesses Explore More

    Blog

    Ensure Digital Security with e-KYC Solutions

    In today’s world where the distances have been reduced considerably with the advancement of techn...

    Ensure Digital Security with e-KYC Solutions Explore More

    Blog

    Video KYC: A Complete Overview

    The digitisation of KYC was inevitable, but the COVID-19 pandemic accelerated what would have oth...

    Video KYC: A Complete Overview Explore More

    Blog

    Merchant Onboarding – Evaluating the Best Practices to Onboard Risk-free Partners

    Partnering with the right people who can actually help your business grow is quite a tedious task...

    Merchant Onboarding – Evaluating the Best Practices to Onboard Risk-free Partners Explore More

    Blog

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance

    With technology evolving every day, online gambling is one of the sectors that has revolutionized...

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance Explore More

    Blog, Reg Tech

    How Identity Verification Services make Regulatory Compliance Easier?

    Financial institutions and banks have ended up in a loop of dumping billions of dollars because o...

    How Identity Verification Services make Regulatory Compliance Easier? Explore More

    Blog

    Address Verification: Types, Benefits, and Best Practices

    Improving customer service and combating fraud frequently requires swiftly gathering and confirmi...

    Address Verification: Types, Benefits, and Best Practices Explore More

    Blog

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021

    After the skyrocketing fines and penalties on banks for AML non-compliance in 2020, the year 2021...

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021 Explore More

    Blog

    How OCR Helps in Fighting Financial Crimes?

    OCR, also known as Optical Character Recognition, isn’t a new technology. However, it’s use in fi...

    How OCR Helps in Fighting Financial Crimes? Explore More

    Blog

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions

    On September 23rd, the 2021 UK NRA (National Risk Assessment) was published as part of the govern...

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions Explore More

    Blog

    The 5 Pillars of Anti-money Laundering Compliance

    Imposters often “launder” money acquired through illegal activities, like drug trafficking, so th...

    The 5 Pillars of Anti-money Laundering Compliance Explore More

    Blog

    Key Takeaways From Shufti’s ID Fraud Report 2021

    The year 2021 was all about determining and reducing the growing number of biometric identity fra...

    Key Takeaways From Shufti’s ID Fraud Report 2021 Explore More

    Blog

    e-IDV | Enhancing Fintech Onboarding, Operations & Compliance

    Fintech is unprecedentedly growing and changing as it responds to the always-changing tech landsc...

    e-IDV | Enhancing Fintech Onboarding, Operations & Compliance Explore More

    Blog

    Facial Recognition: A Technology for Online Businesses to Prevent Fraud

    Today, biometric technology has traditionally established itself and has become an integral part ...

    Facial Recognition: A Technology for Online Businesses to Prevent Fraud Explore More

    Blog

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention

    Since governments worldwide are increasing the pressure to regulate, compliance has become a key ...

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention Explore More

    Blog

    Strengthening digital businesses with online age verification

    It is projected that by the end of 2021, 2.4 billion will buy products and services online, up 46...

    Strengthening digital businesses with online age verification Explore More

    Blog

    Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations

    The ever-growing industries across the world are opening gates for numerous opportunities to gree...

    Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations Explore More

    Blog

    How FinTech can Leverage on FINMA Blockchain Initiative?

    Swiss Financial Markets Supervisory Authority (FINMA) has taken a revolutionary step in the histo...

    How FinTech can Leverage on FINMA Blockchain Initiative? Explore More

    Blog

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023

    Customer onboarding and business relationships always come with associated risks that must be han...

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023 Explore More

    Blog

    How ID Verification Helps in Fighting Digital Scams?

    ID VERIFICATION: Digital scams are common phenomena and it affects all types of businesses in eve...

    How ID Verification Helps in Fighting Digital Scams? Explore More

    Biometric Technology, Blog

    How eIDAS compliance is easier with Biometric Consent from Shufti pro?

    Biometric consent authentication is a brand new verification solution from Shufti, using an i...

    How eIDAS compliance is easier with Biometric Consent from Shufti pro? Explore More

    Blog

    Enhanced Digital Security with Facial Recognition and Liveness detection

    The increasing number of cyber-attacks and online fraud calls out for strong security measures. U...

    Enhanced Digital Security with Facial Recognition and Liveness detection Explore More

    Blog

    Risk Assessment: Building Trust Among Travellers

    The travel and tourism industry is among the largest in the world. Many countries, such as the UA...

    Risk Assessment: Building Trust Among Travellers Explore More

    Blog

    The Truth Around DeFi Compliance – Bridging the Transparency Gap

    Financial markets around the world have seen increased popularity with the advent of decentralise...

    The Truth Around DeFi Compliance – Bridging the Transparency Gap Explore More

    Blog, Financial Crime / AML

    What is PEP Compliance and Why do Financial Institutions Need it?

    For Politically Exposed Persons (PEPs), an inter-governmental body established in 1989, Financial...

    What is PEP Compliance and Why do Financial Institutions Need it? Explore More

    Blog

    KYC and AML: The Key to Secure BNPL Services in 2023

    Seems like Buy Now Pay Later (BNPL) services have taken the world by storm, with 360 million user...

    KYC and AML: The Key to Secure BNPL Services in 2023 Explore More

    Blog, Online Marketplace

    Why age verification matters to online businesses?

    Identity verification services are fast becoming a business norm for companies that are enthusias...

    Blog

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry

    With global stock markets skyrocketing, the wealth, asset and investment sector is under growing ...

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry Explore More

    Blog

    Top 5 Trends to Revamp the Online Gambling Industry in 2022

    In recent times, the online gambling sector has demonstrated continuous growth along with technol...

    Top 5 Trends to Revamp the Online Gambling Industry in 2022 Explore More

    Blog

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help

    Since the start of civilization, humans have used money in several different ways, and throughout...

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help Explore More

    Blog

    Securing Online Marketplace Through Identity Verification System

    Since the Covid-19 outburst, technological advancements and emerging innovations have digitized t...

    Securing Online Marketplace Through Identity Verification System Explore More

    Blog

    How Artificial Intelligence is taking ID verification to the next level?

    Identity theft is deemed as a growing problem. Particularly with the increase in online shopping,...

    How Artificial Intelligence is taking ID verification to the next level? Explore More

    Blog

    Improving Identity Verification Processes Through Perpetual KYC – How Shufti Helps the Banking Sector

    Banks are considered a subset of the financial services industry and play the most crucial role i...

    Improving Identity Verification Processes Through Perpetual KYC – How Shufti Helps the Banking Sector Explore More

    Blog

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks?

    The eCommerce industry continues to grow rapidly, so are fraudulent activities. According to Stat...

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks? Explore More

    Blog, Online Marketplace

    New Rules by the UK Gambling Commission and Their Impact

    The UK Gambling Commission announced new gambling rules earlier this year to make gambling safer ...

    New Rules by the UK Gambling Commission and Their Impact Explore More

    Blog

    Top 5 Technologies Disrupting the Healthcare Sector

    Within the next five years, experts are anticipating major technological disruption in the 808 bi...

    Top 5 Technologies Disrupting the Healthcare Sector Explore More

    Blog

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX

    Would you ever want to use a product that is hard to understand? A McKinsey Report revealed that ...

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX Explore More

    Blog

    Covid Report Verification: New Restriction for Airports

    The Covid-19 cases have drastically increased over time and as of February 6, 2021, 18,262 new ca...

    Covid Report Verification: New Restriction for Airports Explore More

    Blog

    Online Dating Scams – ID Verification Solution to the Rescue

    COVID-19 exposures and its associated risks with today’s in-person meetups and traditional ...

    Online Dating Scams – ID Verification Solution to the Rescue Explore More

    Blog

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes

    Emerging technologies and digitization are transforming the investment sector, creating opportuni...

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes Explore More

    Blog

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience

    Modern gaming is the most recent evolution of online games that has enchanted gamers across the g...

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience Explore More

    Blog

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021

    After the skyrocketing fines and penalties on banks for AML non-compliance in 2020, the year 2021...

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021 Explore More

    Blog

    Risk Assessment – Helping Businesses Determine High-Risk Customers

    The 2008 financial crash was a pivotal event in shedding light on the detrimental impact of lacki...

    Risk Assessment – Helping Businesses Determine High-Risk Customers Explore More

    Blog

    Balancing UX and Security in the Finance Sector with Biometric Authentication

    The global coronavirus outbreak transformed financial operations and forced retailing banks to te...

    Balancing UX and Security in the Finance Sector with Biometric Authentication Explore More

    Blog

    The US Corporate Transparency Act – What’s New? [December 2022]

    Generally, small to medium businesses in the US continue operating without disclosing the benefic...

    The US Corporate Transparency Act – What’s New? [December 2022] Explore More

    Blog

    KYC Services For ICOs – Why you need to have them now?

    KYC services play a vital role in conducting an ICO in more than one way. They can make the entir...

    KYC Services For ICOs – Why you need to have them now? Explore More

    Blog

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process

    When businesses brainstorm ways to scale, they generally think about focusing more on sales. Howe...

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process Explore More

    Blog

    5 Frauds in the Education Sector and How They Can be Prevented

    Educational institutions have become an attractive target for cybercrime attacks in recent years....

    5 Frauds in the Education Sector and How They Can be Prevented Explore More

    Blog

    Identity Verification making online dating platforms secure

    The expansion of the internet and mobile devices has led to the rapid adoption of online dating. ...

    Identity Verification making online dating platforms secure Explore More

    Blog

    Digital Age Verification replacing Age Gates for better compliance

    Age verification is one of the trending snd sensitive topics these days, especially in the busine...

    Digital Age Verification replacing Age Gates for better compliance Explore More

    Blog

    Top 10 Forged ID Documents on the Dark Web in 2023

    As criminal activity increases every year, the massive amounts of data being uploaded to the inte...

    Top 10 Forged ID Documents on the Dark Web in 2023 Explore More

    Blog

    How to Create a Wow! Fraud Prevention System with Shufti

    The ever increasing threat of identity fraud skyrocketed when the coronavirus pandemic struck the...

    How to Create a Wow! Fraud Prevention System with Shufti Explore More

    Blog

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps

    Fraud has always been on the rise ever since the advent of the FinTech industry. As perpetrators ...

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps Explore More

    Blog

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape

    Financial technology (FinTech) exists to improve and automate the delivery of economical services...

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape Explore More

    Blog

    How Optical Character Recognition is Changing the Financial Industry

    Banking and other financial services are the world’s most closely watched and strictly gove...

    How Optical Character Recognition is Changing the Financial Industry Explore More

    Blog

    Corporate Transparency Act – The Road to Better AML Compliance

    According to the latest reports, the United States ranked number 1 for not complying with the ant...

    Corporate Transparency Act – The Road to Better AML Compliance Explore More

    Blog

    The Reality Behind Money Laundering through Environmental Crimes

    Environmental crimes are among the most prevailing and profiting offenses present in the world. C...

    The Reality Behind Money Laundering through Environmental Crimes Explore More

    Blog

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification

    Social media was a simple place for interaction a few years back. People valued it for its securi...

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification Explore More

    Blog, Business Technology

    What Due Diligence Means for Your Business

    Due diligence is a process that helps banks and individuals to get to know in detail who they are...

    What Due Diligence Means for Your Business Explore More

    Blog

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking

    With the avalanche of security vulnerabilities in the verification industry, Shufti is launch...

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking Explore More

    Blog

    Identification, Verification and Authentication – Cut from the same cloth

    The modern era of technology has brought so many frauds to light. The digitized world has urged b...

    Identification, Verification and Authentication – Cut from the same cloth Explore More

    Blog, Online Marketplace

    Verify ID For a Secure Travel Experience

    Since we are using the Internet for a great many things including shopping to online booking of f...

    Verify ID For a Secure Travel Experience Explore More

    Blog, Online Marketplace

    KYC for customer on-boarding in Telecommunications Industry

    Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

    KYC for customer on-boarding in Telecommunications Industry Explore More

    Blog, Online Marketplace

    Age Verification – Must Have For Age Restricted Retailers

    Mobile e-commerce makes up for nearly 29% of the entire e-commerce sales in the US. A majority of...

    Age Verification –  Must Have For Age Restricted Retailers Explore More

    Blog

    OCR technology for businesses – Its applications and benefits

    Optical Character Recognition (OCR) technology provides a business solution that automates data e...

    OCR technology for businesses – Its applications and benefits Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started