In this technology-driven day and age, signature frauds and forgeries are taking an increasingly heavy toll on various business operations and transactions. Is your business majorly suffering from signature frauds and forgeries? Are the fake signatures adversely affecting your business processes? Is accurate identification of signature thefts becoming an ever-growing problem for your business? Are you looking for the perfect solution where you can reduce the signature fraud as well as increase the business efficiency?
Then, dynamic signature authentication is the ideal solution for every business of any size to accurately identify the signature frauds and forgeries, as well as to streamline the business transactions. However, signatures still occupy an important role in business operations, for the authorization of various business transactions as well as acting as proof of identification.
Traditional Signing Processes
Previously, businesses would implement the pen and paper methodology for signing a business document. During the pen and paper signing process, businesses needed to take the printout of the document, scan it, and then send it to the third parties for signatures. However, when documents were returned back, it was not always certain and there was no verification process to confirm whether the specified person signed the document or if it was someone else. In addition, the business transaction speed was much slower with the tiring procedure of obtaining signatures through the pen and paper method.
Online Electronic Signatures
Electronic signatures came into existence to improve the speed in business transactions as well as to provide security to the business documents. Electronic signature software is an effective solution for businesses of all sizes. It offers an enhanced security to business documents, reduces human errors, lowers transaction costs, cuts down the costs involved in shipping and on other stationery items, saves time, and improves customer satisfaction. Although an electronic signature speeds up business transactions, it offers a few disadvantages such as limited storage options, as well as not being able to offer any authentication capabilities to verify the identity of a user.
Dynamic Signatures – Overview
In order to provide high security to business documents as well as to authenticate the identity of a user, businesses have discovered a new technology called real-time dynamic signature verification. During the real-time dynamic signature verification process, a user needs to provide 10-15 samples of hand-written signatures either by a mobile smart phone, tablet, or any signature capturing device for the registration purpose. Among those 10- 15 users’ samples of hand-written signatures, the system automatically selects the best five signatures, which is referred to as specimen signatures, and stores them in the database as templates for future reference.
If needed, when a user signs on the document, the system automatically takes the current user signature and dynamically captures the unique and multiple characteristics such as velocity, pressure, aspect ratio, etc. It then compares them with already stored templates (i.e.. pre-enrolled signatures) in the database.
Based on the similarity score (which is also a customizable feature) obtained during the matching process of user’s current signatures with pre-enrolled signatures in the database, the user is authenticated or rejected.
Once user authentication is performed, the gradual enrollment method comes into picture. During the gradual enrollment process, the system automatically adds the user’s latest signature templates in the database based on high similarity scores.
Dynamic Signatures – Advantages
This dynamic signature verification, which is also known as real-time signature verification process, possess several advantages to businesses such as providing additional security to business documents, eliminating the task of remembering the complex passwords, PINs, and keycards, reducing the human errors, accurately identifying the signature frauds and forgeries, in addition to fitting into an affordable budget.
In conclusion, dynamic signatures are an excellent solution for businesses to accurately verify the identity of a user in real-time, as well as to detect the signature forgeries and frauds precisely.
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