The fight for document authenticity has never been so critical. From fake IDs, to ballot papers and COVID-19 medical certificates, we are all exposed to the damage that can be caused by fake documents.
According to advisory and risk firm Crowe and in conjunction with the Centre for Counter Fraud Studies at the University of Portsmouth, fraud costs the global economy over US$5.127 trillion each year and the cost is growing.
One of the biggest concerns is that individuals are not being provided with the tools to authenticate documents. For decades, governments and organizations have adopted a reactive approach, dealing with the repercussions after fraud has taken place. Fortunately, fake documents can now be stopped.
VeriDoc Global has developed a solution to help eliminate document fraud using blockchain technology. Blockchain often headlines in the news in the context of decentralised finance however this new technology can also be used as a tool to stop fraud. Blockchain offers a transparent and tamper-proof ledger. Used as a trusted reference point in the verification process, this technology can rebuild and repair a system that has given fraudsters an advantage over individuals for far too long.
VeriDoc Global’s patented technology is also reinventing how individuals authenticate a document. People no longer require special training or hardware devices to look for invisible ink, inspect holograms or make sense of serial numbers. They can simply scan a QR code using their mobile device and verify within seconds if a document is genuine or fake.
For organizations that issue documents, the new technology is ground breaking. Currently, billions of dollars are spent each year on print security features that do little in helping the public authenticate a document.
The biggest win for individuals is instant verification. People will not have to wait days or weeks for an organization to do a verification check and this significantly reduces the risk of individuals falling victim to fake documents.