Electronic signatures have today take over the world. Many industries have since embraced this new way of signing and have said goodbye to the traditional way if signing and approving documents.
This can be attributed to the several advantages that e-signature has.
The traditional system involved either printing, scanning, signing, re-scanning of documents or using courier services to send documents back and forth and this was not only time consuming but also involved a lot of paperwork and it was also possible to lose important documents in transit.
Many of the biggest industries in the word including insurance, healthcare, and financial companies use e-signature methods to confirm client's identities, authorize treatment plans and procedures, and prove the identity of their clients at any given time. E-Signatures solutions for healthcare offers very fast solutions in case of an emergency.
The number of interactions that are being conducted via the web is always increasing. In as much as this delivers fast, efficient, and cost-effective services to whoever needs it, it is no doubt that -e-signatures are exposed to cyber fraud and insecurities.
Transacting any kind of business via the internet requires trust. Both parties need to have full confidence that the system will stay safe. Authenticating and verifying the customer's identity is quite important to make sure that their information is not misused or stolen.
To provide a solution to this, the eSignatures verification tools were launched with the main purpose of preventing fraud and improving users' experience.
What is Signature Verification?
While various companies have adopted electronic signatures, many questions have been raised especially concerning how safe they are. In as much as both the consumers and the companies have benefited from the use of e-signatures, cyber fraud remains a threat and there was a need to find a working solution for it.
E-signature verification is a tool that organizations like banks, insurance companies, hospitals, and any other company that has fully embraced the digital era can use to validate the identity of their customers, partners, or anybody that they are dealing with online.
Signature fraud is a real threat and it is quite challenging for the human eye to successfully identify any fraudulent signatures. This created a need for a reliable authenticating solution. Signature verification tools are faster and accurate and reliable. They are the answer that companies and customers have been looking for.
Electronic signature verification will help to prevent identity theft, which is one of the biggest forms of cyber fraud. These tools will provide the perfect solution and help in establishing trust in e-signatures.
How Electronic Signatures Are Verified
Several legislative bodies live The Electronic Signature in Global and National Commerce Act (ESIGN), The Uniform Electronic Transaction Act, (UETA) and Electronic Identification Authentication and Electronic (eIDAS) have all endorsed the validity of electronic signatures. In other words, e-signatures are legal.
The system of verifying electronic signatures is almost similar to the methods used in proving the validity of the ink and pen signatures. Verification helps to prove that any signature used was made by the proposed signee. It established the location, date, and time that signature was made and also ensures that the signed document was not tampered with in any way.
This means that with the launch of signature verification, companies can fully rely on e signatures. Various software solutions like eSignly are also offering other added layers of security for these signatures by creating security checks, certificates, and other levels of encryption as soon as one signs a document.
Companies Offering Signature Verification
Tech companies like eSignly, Topaz, DocuSign, have all launched various signature verification systems that are set to detect electronic signature fraud across all signature platforms. Any e-signature service provider can now access and use these tools to ensure that they serve their client's better than before.
DocuSign, one of the biggest tech companies offers a stringed electronic verification tool that is set to deliver:
- Tough authentication options
- Unmatched compliance
- A very strong level of enforceability and non-repudiation of transactions
- Full document encryption that will ensure data remains private
DocuSign is also offering a free 30-day trial period just to help its consumers get a grip on how it works.
ESignly also provides solutions and products that help to deal with any insecurities, the complexity of signature verification and lack of trust. The products and solutions offered by ESignly are used within a company and managed by authorized service providers.
This will ensure that any data received from, financial, government, healthcare, and legal institutions are verified immediately and this will establish trust and ensure that all audit trails are kept.
The signatures can be verified in different formats like PKCS#7/ CMS, XML, and PDF. The documents can also be in different formats and have multiple signatures. Systems like e-signatures insurance that receive e-invoices, regularly signed reports, orders, and more need a system that can review and verify such documents and this launch comes as good news to such companies.
The launching of these verification tools and products comes as good news to the business sector. E-signature solutions for real estate offer realtors a powerful platform that allows all transactions to be done virtually and with this verification, the seller, buyer, and realtor can collaborate quickly, securely and be able to work from wherever they are.
Using electronic signatures is the next future, and a few years to come, the traditional methods of signing documents will be completely taken over by the digital way. Verification will prevent fraud, ensure security printing, allow document e-signing, fingerprint scanners, and iris and facial recognition.
Signature verification will make it easy for companies to embrace the use of e-signatures because they can now not only trust in the system but can also assure their clients or business partners of the safety of their details.
The launch of the e-signature verification tool will no doubt change the business world and allow for a more convenient and efficient way of authorizing any information.