OCR Software: A Bulletproof Vest Against Fraudulent Activities
Technology is getting smarter, so are the hackers. Customer demands are evolving with the passage of time and providing an enhanced customer experience is the key to success for every business around the globe.
Acquisition of artificial intelligence and cognitive technology is becoming a new normal among businesses and financial infrastructures. Do you know that in 2020, 1.4 million complaints that were received by FTC were of identity theft, which is 651,000 higher as compared to 2019? The figures are expected to evolve in the upcoming years, leading us to the fact that it’s high time for businesses to rethink the enhancement of their cybersecurity. Are there practices and measures enough to fight chargebacks? Think again!
Progression in identity theft and cybercrimes leads us to the fact that it’s high time for organizations to acquire robust mechanisms to fight counterfeits. Real-time identity verification solutions powered by optical character recognition technology fulfill all the requirements of businesses for the enhancement of cybersecurity protocols. OCR Technology automated data extraction from scanned documents or image files that contain handwritten or printed text. OCR solutions detect illegitimate documents in a matter of seconds effectively, efficiently, and accurately.
Let’s dig deep into some facts which answer all the questions that why businesses must acquire OCR services today.
Defining Optical Character Recognition
Data extracted technology named optical character recognition (OCR) is a business solution that automates data extraction from printed as well as handwritten documents and then converts them into machine-readable forms that are used for data processing afterward such as searching, analysis, etc.
Without a doubt, OCR solutions are acquired by a wide range of businesses to smoothen data extraction and data processing. This technology reduces the chances of errors that might encounter during manual data extraction and also helps to save time.OCR technology came into being back in the 1990s and keeps on progressing with the passage of time. Today OCR document scanners are very smart and they can extract data from documents with a very high rate of efficiency and accuracy. In the current age, OCR solutions have reached a tremendous accuracy rate of higher than 90%.
Advanced OCR solutions are capable of extracting data from a variety of text templates and formats for example financial statements, receipts, contracts, invoices, ID documents, and more. These digital files can be searched to view, edit and repurpose the required documents for sending information to other systems.
How Does OCR Technology Work?
Let’s see how OCR technology works: OCR Software, OCR Software
- OCR solutions possess OCR scanners for the processing of physical forms of documents.
- OCR software converts the document into two colors, black and white, after copying all the pages in an OCR process.
- The bitmap or scanned-in image is then analyzed for light and dark areas. The light areas are identified as backgrounds whereas the dark areas are identified as characters.
- The processing of dark areas is done afterward for the identification of numeric digits and alphabet characters. Identification of characters is done using two algorithms: Feature detection and pattern recognition.
- The identified characters are converted into ASCII (American Standard Code for Information Interchange) code that is utilized by computer systems for risk assessment and handling further manipulations.
Use Cases of OCR systems
OCR apps are used in numerous use-cases, some of them are as follow:
- Translating words within an image into a certain language.
- Sorting letters for mail delivery.
- Text recognition, for example, license plates, with a camera or software.
- Placing important, signed legitimate documents into an electronic database.
- Electronically depositing checks without the requirement for a bank teller.
- Archiving historic information, for example, newspapers, magazines or phonebooks, into searchable formats.
- Automating data entry, extraction, and processing.
- Deciphering documents into text that can be read aloud to visually impaired or blind users.
- indexing print material for search engines.
- Scanning printed documents into versions that can be edited with word processors, like Microsoft Word or Google Docs.
Benefits of OCR Scanner Apps
The main benefit of OCR services is this technology minimizes manual effort, saves time and energy, and reduces any chances of errors. This technology permits certain actions which cannot be carried out with physical copies including compressing into zip files, highlighting keywords, incorporation in a website, and attaching it to an email.
OCR scanner app provides the additional functionality of being capable of searching and editing those documents while taking document images and authorizes them to be digitally archived.
Here are some more non-negligible benefits of OCR technology.
- Enhancement in productivity
- Error reduction
- Reallocation of physical storage space
- Elimination of manual data entry
- Resource savings due to the capability to process an immense volume of data faster and with only fewer resources
OCR scanner apps play a promising role in document data extraction and the identification of illegitimate documents or modified documents. Hackers are evolving swiftly and detection of illegitimate documents is getting more and more difficult with every passing day. OCR document scanners enhance the process of document verification and real-time user authentication. OCR technology is getting very innovative that even mobile OCR is available these days. OCR solutions are not very expensive at all that’s why businesses must not think even twice before the acquisition of OCR processes and solutions.
More and more advancements and innovations are done in OCR solutions these days, resulting in progress in Intelligent character recognition (ICR) technology. The implementation of OCR technology and solutions within businesses infrastructure can:
- Reduce costs
- Accelerate processes
- Automate document routing and content processing
- Centralize and secure data (no fires, break-ins, or documents lost in the bank vaults)
- Enhance services by ensuring employees have the most up-to-date, accurate information when they need it