The signature verification online tends to be more popular with the support of the IT industry, which replaces the traditional signature in many transactions.
2020 would be an unforgettable year that causes disruption to several industries. Evidently, COVID19 has suddenly changed the way people communicate and do business. The booming in online services is witnessed when COVID19 forced most countries to impose travel restrictions among citizens.
2020 also notices one of the most distinctive presidential elections in the US while millions of Americans voted by absentee ballots. This year, it takes 5 to 7 days to call the winner of this election. The delay is claimed as a result of the struggle in verifying ballot mails. At this time, the signature verification system has been leveraged to speed up the validation process. It allows matching the signatures on the mail to voter records.
On the other hand, the signature verification online also contributes to several parts of daily life, especially in financial services and offshore business activity. However, despite the popularity of the signature validation software, it still remains the ambiguous side of this system you might not know. In this article, we will show how the signature validation software work.
Overview of the signature verification system
Basically, the signature verification system refers to Hightech tools, which detect the authentic signature. Accordingly, the signature validation software checks the fraud and forgery of using a signature, making sure the signature presents the right person.
The beginning of signature validation software
In the past, the unclear signature area needed to be validated manually due to lack of authorism allows erasing the undefiled pattern. Currently, this technology embedded in the signature verification system depends on pattern detection and geometrical analysis for validating the specific document. In fact, the system initially requires a sample of signatures stored on digital files as a data set. In the validation process, the system would first define signatures on the document, which will be compared to the stored files. With the innovation of technology, the signature verification app also applies in uncleared areas with a high level of accuracy.
In the modern world, the growth of international business and online marketplace tends to be sources of rapid growth in demand for the signature verification system. While massive contracts are signed online, businesses need a system that protects parties to guarantee the responsibilities specified in contracts. Accordingly, it initially makes sure the presented person signed in the agreement is authentic.
The market size of signature validation was roundly 0.8 billion in 2017, which is expected to enjoy a growth rate of 25% by 2023. Whereby the dynamic signature verification tends to be the future of the market. With the booming of eCommerce transactions occurred online, the system also contributes to delete the identity duplication.
Across the world, Europe is predicted as the most booming area to leverage the application of the signature verification software. In Europe, cyber-attacks threaten the operation of SMEs and online businesses. In this case, this motivation seemingly speeds up the growth of fraud depending on solutions. Besides, the demand for authentication solutions in the Asia Pacific has also seen an explosion since many cyberattacks have record recently.
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Online signature verification on mobile devices
Since smartphones have become more popular these days, software developers are focusing on building an application that works on mobile devices. A handwritten signature is a common way of validating an individual with minimal changes across documents. So, how about signing in a touch interface of a mobile device? Obviously, it might contain unsmooth contours, which can trouble the verification system.
For adopting the demand of mobile transactions, online signature verification on mobile devices is developed as an efficient solution. It is based on the discrimination of signatures in vectors, combined from several histograms. Today, with the competition of mobile app development, many applications of mobile signature validation software are found on app stores. Accordingly, users are benefited from the use of multiple trendy features.
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Application of the signature verification system
The signature verification system has been applied in many sectors in both B2B and B2C transactions. Whereby the fundamental purpose of this system refers to secure parties involved in transactions.
Signature verification online
Inspired by setting up the comprehensive system, users could handily have signature verification online via several SaaS or web applications. Along with the domination of the cloud in IT services, many software development companies offer online services of validating signature fully on the cloud, which means no further installation. The easy-to-access features are attracting thousands of regular users that business could generate benefits for subscription plans or selling advertising positions.
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On the other hand, the public sectors seemingly pay attention to the signature verification online. Evidently, several governments, India, for example, offer online services that support both companies and citizens for validating digital signatures as pieces of legal documents. Accordingly, to build and maintain this system, they have formed a dedicated development team in handling to keep the technology up to date. Also, they focus on regulation and law to control the massive activities that occur daily.
Signature verification bank
Finance and Banking tend to be the industry that benefits the most from the signature verification system. Before signature validation software, banks had faced with tons of forged checks due to inaccurate manual checks. This process was not only time-consuming but also costly from labor prices.
The born of the signature verification system and face detection technology have reduced the cost of instantly checking bank transactions. By which, only limited transactions need a manual signature validation process, which speeds up the bank operations. Additionally, an automated signature verification system is applied for several types of documents instead of signature only.
Pdf signature validation online
Pdf signature validation might induce several risks of fraud. Evidently, instead of verifying the signature only, it requires to validate the whole documents associated with the signature against any potential revisions from original documents. In other words, pdf signature validation means to check whether the entire pdf document is the origin and legal or not.
Accordingly, the process of pdf signature validation online should follow:
- Document integrity: check the origin of every part of the documents
- PDF document authentication: Verify the person or people signing on or presenting the documents
- Disclaimer: once the signatures, which are respective with the PDF documents, the signatory has to be responsible for the content contained.
Trends of signature verification system by the next 10 years
Digital signature leveraging blockchain technology
In 2020, roundly 40% of the world’s signature are made in digital forms. Some of them were created with digital pens or figures on digital surfaces. In Europe, over 50% of people confessed that they rarely use handwriting signatures. Accordingly, to express the agreement with a document, users could leverage digital signatures to both private and business activities. Unfortunately, several challenges regarding applied digital signatures remain, which are expectedly solved by 2030:
- Lack of regulation and legal documents directly control the performances of activities, applying digital signatures in most countries.
- The improper technology development for securing document and signature validation since online frauds and scams become more sophisticated.
- Using digital signatures might induce changes in the business process.
- Some document types are struggling with digital signatures, including trust deeds, wills, and power of attorneys.
Despite the challenges that occurred, the technology of digital signature is gradually completed due to the support of blockchain. Many experts proposed that blockchain technology would improve the level of security to digital signatures. Expressly, it protects the authentication of multiple document copies online.
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Technically, for every document, blockchain will create hashes, which tend to be an address to access a specific piece of data. When validating a signature, it would compare two hashes to make sure the documents are the same without any changes.
The biometric signature verification system
Biometric security or Biometric Face Recognition are familiar with smartphone owners that allow users to use faces or finger to unlock the phone. In theory, those technologies tend to be the types of digital signatures, which can use to present the signers. In the next ten years, contract signing by fingerprinting would be the trend in business transactions.
ID verification in real-time
Currently, the signature verification system seemingly takes time since it needs to perform a comprehensive process. A novel technology has been developed to speed up the process, which is real-time verification. Basically, the information technology would generate the result instantly that better support the effort of fraud prevention.