Document verification is an essential aspect of Malaysian business operations, whether it’s for KYC (Know Your Customer) or KYB (Know Your Business). Without the process of verification, businesses may face challenges like fraudulent activity that can have a negative impact. According to a 2024 report, Malaysia loses RM54.02 billion due to scams. 74% of respondents reported facing scams each month, with identity theft accounting for 21%. In 2023, the Royal Malaysian Police reported 33.5% of crime cases, with 12.3% involving fraudulent loans. As fraud activity grows and gets more sophisticated, businesses face new challenges with more complexity. To avoid these cases, businesses need tools to detect and prevent fraud. This article will go over the best verification software in Malaysia, including the features to look for and the best software to utilize.
Understanding the Document Verification Software
Document verification software is a system that is designed to automate the process of identifying and validating the authenticity of documents. The software that is often used for verification is Artificial Intelligence (AI), which leverages OCR (Optical Character Recognition) and Machine Learning (ML). These technologies work to extract data and detect anomalies or fraud from a variety of sources, such as scanned or printed documents. Documents that are commonly checked are ID cards, bank statements, contracts, insurance cards, and more. With this software, Malaysian businesses can speed up the verification process and ensure satisfactory outcomes.
Key Features of Good Document Verification Software
To ensure the software meets business needs, the following key aspects can be considered:
1. Optical Character Recognition (OCR)
OCR is the main factor that makes the verification process go smoothly because of its capabilities to automatically read and analyze data in documents. This technology can retrieve data from physical or digital papers quickly and accurately. Some documents may come in the form of images, which OCR can convert from image formats into text. With OCR, businesses do not need to input data into the system manually, which takes much time and effort.
2. Multi-language Support
Most Malaysian businesses use both Malay and English, but some overseas enterprises use Chinese or other languages. Businesses should look for features that support multiple languages so that they do not have to manually translate documents and can swiftly validate them.
3. Automated Fraud Detection
Fraud detection is an essential feature for businesses in the verification process. Fraud now has become sophisticated, making it harder to detect, even leveraging tools. Thus, it is important to ensure that the fraud detection tools are powerful enough to detect even slight signs of fraud. Automated detection speeds up the decision-making process; for example, if a customer applies for a loan and their bank statement reveals fraud in transactions, it will be faster for the business to make a decision that rejects the loan application. This protects businesses from financial loss.
Fintelite, the Best Solution for Document Verification Software in Malaysia
We already know how essential document verification software is for all Malaysian businesses. They are facing the possibility of fraud every day, emphasizing the need to address these challenges through the implementation of sophisticated software. Fintelite exists to serve as a solution for the document verification process. With its powerful technology, it can process documents and detect fraud 10 times faster with over 90% accuracy. Fintelite covers all document types and multiple languages. It also provides template documents that are easier for businesses to process.
You do not need to worry about the security and cost. Fintelite is certified by some trust institutions to protect your sensitive data. It also provides features based on your needs, so the price is affordable with all the benefits you get.
