How OCR Helps in Fighting Financial Crimes?

There are numerous benefits of using OCR technology in any sector. The checks that OCR runs, helps businesses like yours to ensure only legitimate customers are onboarded.

Conveniently Verify Customers

OCR-based AI KYC verification process is a convenient method to verify customers. Employees that used to spend countless hours in manual data extraction, can now dedicate that time toward more productive tasks.

GDPR Compliant

OCR-based KYC solutions that are compliant with GDPR, ensure that your business remains safe from heavy penalties and fines. However, not all KYC solutions are GDPR-compliant. It is imperative you confirm GDPR-compliance when selecting the right KYC vendor for your business.

Save Countless Hours

Manual data extraction and verification can take as much as up to 5 business days. This is costly for companies that want to onboard legitimate customers and remain competitive in the industry. Every document is checked manually with the customer database. But with an OCR-based KYC solution, all of those hours can be saved.

Imaging cutting the times of KYC verification from days to less than a minute, all while remaining compliant with AML and KYC regulations.

Reduce Verification Costs

Remaining competitive is vital for long-term survival, however, not all businesses can continue competing with others because of skyrocketing verification costs. When verification time increases, so does the cost of onboarding new customers.

However, with AI-based OCR technology, your business can now cut costs of hiring a dedicated team for the sole purpose of verifying new customers. For businesses, KYC can cost as high as up to $20 without OCR, but this cost can decrease to as low as $5. This is a huge reduction in costs, but the actual expenses will vary based on the verifications conducted, and the industry.

Onboard only Legitimate Customers

You never know who your next customer will be; a convicted fraudster, or a legitimate business. Forged documentation, deepfakes, unmatched social security numbers, all add up to the problems of KYC verification.

Using an AI-based OCR solution helps you onboard only legitimate customers. Manual verification of documents is not enough to identify forgery. OCR can detect forged documents within seconds which ensures any criminal is caught beforehand during the onboarding process, before any ruckus is caused down the road.

Prevent Fraud Easily

When forged documents and fake identities are caught in an instant, it will help in preventing fraud easily, as compared to manual processes.

From account takeovers to money laundering, and tax evasions, it is not possible to remain safe with the ever-evolving crime landscape.

Banks across Europe, the US, and the UK have been shutting down their branches, and moving to digital banking. And criminals are taking advantage of this opportunity to get online and conduct frauds.

Thanks to AI-based OCR technology, it is easy to prevent frauds today as compared to five years ago.

Wrapping It Up

Law enforcement authorities across the world are inching closer to implementing some of the most stringent KYC/AML regulations. But complying with these regulations is no easy feat. You need an AI-based, strong KYC verification system that ensures compliance with all laws. That’s where Shufti’s AI-based OCR for Business comes in.

With access to over 3,000+ ID templates, support in 230+ languages, and scanning against 1,700+ AML sanctions lists, our dedicated compliance experts will help you get up and running in no time.

Regardless of your industry, frauds will continue evolving with the passage of time. What works today, may not work tomorrow, which is why you always need to keep tabs and remain vigilant of fraudulent attempts. Whether it is ID theft, impersonation scam, or a banking fraud, a robust verification system always got you covered.

Want to know how Shufti’s AI-based OCR technology can help you remain compliant? Then go ahead and talk to one of our compliance experts, for a free demo.