Today, technology has changed our lifestyle by optimizing our daily tasks. Gone are those days when someone had to pay for each call and waited for several weeks to get response from their loved ones. Similarly, businesses can never forget the days when officials signed the checks, authorize paper documents, assessed, and examined financial transactions via conventional procedures of signatures. In order to meet the deadlines, put extreme pressure on the workers and led to costly mistakes eventually.
So, gradually with every passing day, organizations had to face bottlenecks to handle the signing activities of volumes of paper contracts. It led to the advent of signature forgery.
Recognize Fraud While Signing Documents
As the name suggests, signature forgery is the act of replicating the signature falsely of some other person. There are many processes which can be utilized to obtain such fraudulent activity. Some are:
a. Skilled and Unskilled
Skillful criminal practices signatures with having the access to the samples of genuine signatures. The authentication of signatures is challenging to determine.
In case of unskilled forgery, the forger traces signature over a sheet without any knowledge/experience that is used as a guide in the long run.
Here the criminal copies a signature which does not have any similarity with the real one. Generally, this is performed without accessing the original signature.
So, in order to get rid of the forgeries, digitalization has played a pivotal role. Contracts get scanned and are sent to the relevant officials/suppliers through various sources like emails.
Tampering Digital Contracts is Easy
Cybercriminals can hack business email ID and convince customers for payments in their bank accounts successfully, costing the firm a lot of money. In this scenario, it is not challenging for the hackers to tamper digital contracts like documents without proper trace, leading to massive security breaches and financial loss. If the enterprise does not have adequate legal backup to prove tampering in court, it will be daunting to search for justice.
Safeguard Business with eSign
It has been observed that the electronic signature market will reach $10 billion by the end of 2023. Hence, implementing electronic signature technology which supports biometric signatures provides a 360-degree protection to the digital contracts. This is integrated with the below features allowing protection against fraud and user experience.
The Future: Blockchain
Blockchain is the distributed ledger platform providing a secure way to categorize, store, and handle contracts with features of decentralizations and cryptographic hashing. Today, many industries are switching to cloud-based eSignature platform powered with capabilities of Blockchain.
a. Safety against fraudulent activities
It provides high-level solutions to users by eliminating tampering of records. Each single function gets recorded with Blockchain.
b. Simple operation tracking with no effort
Blockchain enables seamless monitoring and tracing of signatures at the time of document process.
c. Streamline worldwide operations
It allows organizations to sign contracts from anywhere around the globe. Generating, editing, uploading, sending, and signing smart documents are done with great ease.
Use of Flexible System
The digital era is about experiencing an evolving number of smart devices to conduct daily businesses. Hence, the demand for signing solution which is compatible with many operating software/devices is growing.
Robust eSignature tool ensures that the business world can easily use the signature solution on the move. Upload contracts of several file types from various platforms, set the advanced options while sending contracts for signing like due date, reminders, generate groups for signing in bulk, and much more. It helps to build better customer relationships and is straightforward for document management experience.
Undeniable Signing Certificate
Modern electronic signature application presents undeniable signing evidence to the parties as this authenticates signature information by capturing timestamps, IP addresses, signer’s locations, and more. Tools and technologies like Blockchain aids in storing transaction hash and contract ID preventing breaching of contracts. This method ends with creating a certificate of signing the contract as evidence.
It encourages electronic integrity and data security with the condition which digitally signed contracts cannot get tampered/edited after signing is done. It minimizes the risk of forgery of contracts.
Boosts Operational Effectiveness
The digital era inspires firms to implement automaton and optimize document workflow with the help of electronic signature software. This decreases arduous administrative activities and eradicates human mistakes, diminishes expenses on resource supplies, such as paper, and makes sure signers with advanced and intuitive digital authentication. As an outcome, it boosts staff productivity and work effectiveness.
With the help of standard processes of contract validation, advanced methods to prove a signer’s identity, along with blockchain and automation-powered electronic signature system, the agreements get protection which they deserve. It is the right time to plan and deploy the best eSigning software which is available with all the capabilities to secure your business and customers from data tampering and signature frauds.