Bank Account Statements fraud causes billions of dollars in losses each year - a Secure QR Code based account statement will stop this
3 reasons why secure QR codes will stop bank account statement frauds, forever.
In a recent expose on How students fake their bank balances to get to America, Indian Express reported that a typical student wanting to study in the USA or Canada is required to show a bank balance between Rs 25 lakh (USD 35,000) and Rs 50 lakh (USD 70,000)
Some students that don’t have this kind of money by fair means, resort to fraud. This is done by forging or making ‘fake account statements’ and ‘fake loan approval certificates’. Such fake document services are available for as low as Rs 1,000, and the technological advances have made it easy for scamsters to make these documents “look” like originals. That makes it hard for third-party verifiers to determine the authenticity of the document.
News Story Involving Fake Account Statements in Telangana
Why are Fake Documents a Problem?
Fake documents can create a lot of issues. They deny genuine applicants an opportunity to study, get jobs, they raise costs for employers as poor hiring can lead to subsequent costs for firing, rehiring, additional training etc. It adds to the time and cost of hiring, applying for visas etc as each document must be verified against the source. Overall it imposes costs on society at large and creates unnecessary friction and reduces productivity.
Your bank’s account statement or a loan approval letter may need to be verified by third parties for visa processing, collaterals, other loans approvals and son-on. It is important there be a simple method that helps in achieving the dual purpose of eliminating tampering allowing the documents to be trusted and easily validating such statements.
You can make them tamper-proof and easily verifiable with the Secure QR Code. These QR codes capture the account related data at the time of generation of the statement into a QR code that is signed by the private key of the issuing bank and with adequate security which makes it impossible to forge or tamper. This QR code is added as an image using the Qryptal (or similar) generator and the same can be validated using the dedicated Secure QR validator app. You can see the image of a sample bank statement with the Qryptal QR as given below-
The three key benefits of using a secure QR code for a bank account or financial statement are:
Example of Secure QR Code used in Bank Account Statement
Works for both printed and electronic documents:
This is an important attribute as in today’s world documents seamlessly move between the realm of the physical and electronic submissions in most cases and needs to be verified in both situations. This is the most important aspect that gets addressed in the QR code-based solution, unlike other solutions that have encryption that can be checked only electronically with sophisticated systems.
There is no need to maintain a separate database. This becomes important in terms of preventing access to your internal systems to external entities for reasons of security and privacy. In fact, QR code-based document production systems don’t even need a connected database since every piece of information is stored in the QR code itself keeping your systems isolated. There is no URL and hence no phishing attacks
Banks have legacy systems and core banking environments. It is expensive and complex to modify existing systems or even make codebase changes to add these new functionalities. A secure QR code can be easily integrated with existing account generation systems and does not require changes to core banking software.
It is as simple as above to stop fake certificates and fake account statements by enhancing document security with Secure QR codes for Banking. Qryptal is a leading provider of such a solution which can help to prevent frauds in banking documents with easy to deploy QR Code security.