Enough of these defaults, and a financial institution will fall into bankruptcy. When a con artist gets approved for a loan or credit card, they'll spend the money and disappear. They often do this using a mix of stolen and counterfeit documents. ![]() Scammers consistently attempt to fool credit card companies, banks, and loan agencies to extort money. If a financial institution doesn't verify documents, they are putting themselves at risk of being defrauded. Why is it important to conduct document verification? The goal is to determine if the document presented (e.g., an identification card) is authentic or not by comparing it to official records. ![]() For example: verifying that financial statements, passports, licenses, utility bills, and certifications are real and actually belong to the applicant who submitted them. ![]() Document verification is a process for document authentication and proving document ownership.
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