How ProofEasy’s VeriDoc Patented Technology can help eliminate counterfeit products and fraud

VeriDoc Patented Technology

Introduction

The importance of document verification and fraud elimination in the business world:

Since its inception, businesses have been targeting and analysing basic human needs to increase their market value, flourish and be ahead of the pack in the entrepreneur world.

Whereas some go back to square one because of internal failures, others become potential targets to payroll frauds, bank scams, stolen credit cards, identity scandals etc, leaving them bankrupt in no time. The sensitive aspects of organisations to be plagued by frauds are physical/digital documents, usernames, passwords etc. as some may lack the viable resources to perform regular checks and often lack the ways to secure their financial systems. According to a report by IBM in 2020, data breach reported in India had the average cost added up to approx. 140 million. Propitiously, for businesses to go against these technological parasites, we now have a wide range of solutions, tools and products to ensure safety, security, verification and make the process trustworthy.

Stating the risks of forgery across multiple industries

1. Identity thefts / Bank Frauds In 2020, RBI announced a 159 % increase in bank frauds that amounted up to 25 U.S billion dollars stating the banking industry most victimised. These thefts prey like a parasite on personal information that is considered to be the most vulnerable digitally. Fraudsters take pleasure in playing ‘catch me if you can’ by stealing passports/usernames/passwords/bank statements; discovering weaknesses in financial systems; identifying your billing patterns to use money/identity for a range of criminal offences including smuggling, trafficking, espionage, etc. 2. Food Industry Frauds Did you imagine that one of the necessities of our lives can become a prospect of fraud? Then irregular and poor supply chains, mislabelling of items, abuse of ‘organic’ and ‘premium food’ labelling are some of the reasons that top the list. Food frauds and wastage has gained momentum in the past years and has affected about 10 % of supply chains. 3. Fraudulent activity in legal contracts / mortgage documents / insurance Cases of counterfeit with changed policies by insurers and keeping their clients in dark never fail to make headlines. All this is a reaction to the document fraud that has given rise to fake employers, doctors, engineers, robbing people of their jobs as well as lives. These thefts only require pseudo-documents to pilfer the real documents. Once fraudsters grab hold of these, it doesn’t take long for them to tamper with one’s mortgage payments, properties and life savings and use them to their own advantage. 4. Fraud in Pharmaceutical Industries As the businesses expand, the infiltration of fraudulent schemes and their potentiality becomes hard to preclude. As recent pharmaceuticals export worth US$ 15.86 billion has been seen, these industries still haven’t managed to save themselves from illegal drug labelling frauds, unlawful kickbacks, clinical trial manipulations, drug switching, etc which leads to commodity losses, drop in sales and reputation of the brand and tampered checklists. 5. Illegal land deeds. Since land deeds and registries are dealt with on paper which possesses a high risk of unreliability and theft. This results in land and property grab forcing innocent owners and robbing them off of their land ownership. Fencing the land and being indulged in physical combats may be of use in some cases but in the end tampering of land, documents would make it all go in vain.

Ensuring Document Verification and Security through ProofEasy’s VeriDoc Technology

1. How VeriDoc Technology uses tools and gateways to verify and secure documents?

After witnessing document frauds and other possible thefts, VeriDoc has set in motion various unique and dependable solutions, tools, software for businesses to ensure their data is not forged or tampered with.

These technologies are designed to manage verification at each step of supply chain processes, land registrations, legal qualification and licensing and ensure the validation of documents. These can be done through ‘digital handshakes’ that guarantees the marks of changed goods and guards the liability of products.

VeriDoc’s patented verification protocol is developed with a trusted anti-fraud software a Distributed Ledger Technology (DLT), that encrypts the digital fingerprint of documents and making them indestructible.

Its technology has broken down the technical complexities by enabling the public to scan the document through QR codes. Expensive and extensive hardware technologies are no longer required or in demand.

VeriDoc’s blockchain technology containing integration, explorer and other software like Drag and Drop Tool, Data Analytics and Reporting Tool disables the copying of land titles and allows you to own smart contracts and their regular checks through on-premise verification gateways.

2. Steps to use VeriDoc Technology to verify different types of documents

To add an entrusted layer to the security of your financial systems and ensure smooth verification of documents in your business, VeriDoc’s technology is just a click away.
Their developer tool aligns a braced platform for organisations and businesses to perform quick verification at all times, keep checks on their documents and shield them for future references.

To get started, register an account for your business, grab your API key and Secret Key. Then make sure to read through the API Documents and sample code. Finally, integrate with the VeriDoc Global server and make the right call.

3. Benefits of document verification in various industries.

In business, the incessant flow of opportunities and projects with potential clients proves to be a boon. But you have to always be looking over your shoulder, as with every chance, there are thousands of threats coming your way.

Conclusion

Long story short, to raise the bar of your business applications and keep your business on its toes, an alliance with ProofEasy’s VeriDoc Technology would banish all counterfeit products and frauds.

As digitization brings convenience to the table, business breaches and trickster activities come along. To date, digitisation has revealed its dark side with more than 500 digital theft incidents in the country. With increasing cybercrimes, the possibility of these forgeries cannot be ruled out completely but can be made to affect the business infinitesimally.