30% of all businesses are expected to suffer from Signature Frauds by 2023. Are you prepared?
Today, technology has transformed 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 a response from their loved ones. Similarly, businesses can never forget the days when officials signed the checks, authorized paper documents, and assessed, and examined financial transactions via conventional procedures of signatures. In order to meet the deadlines, extreme pressure is put on the workers, leading 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 which led to the advent of signature forgery.
Signature forgery is the act of replicating the signature falsely of some other person. There are many processes that can be utilized to obtain such fraudulent activity as follows,
So, in order to get rid of the forgeries, digitalization has played a vital role. Contracts get scanned and are sent to the relevant officials/suppliers through various sources like emails, SMS, etc.
Cybercriminals can hack business email IDs 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 with digital contracts like documents without a proper trace/audit trail, leading to massive security breaches and financial loss. If the enterprise does not have an adequate legal backup to prove tampering done to the contacts in the court, it will be daunting to search for justice.
It has been discovered by various researchers that the electronic signature market will reach $10 billion by the end of 2023. Hence, implementing a future-ready electronic signature solution that supports advanced features for mitigating fraud, provides a 360-degree protection to the digital contracts and also provides a better user experience.
Blockchain is a digital ledger of transactions that are distributed across the entire network 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 blockchain based digital signature solutions.
The digital era is all about experiencing an evolving number of smart devices to conduct daily businesses. Hence, the demand for digital signature solutions which are compatible with various operating software and devices is growing.
A robust eSignature solution ensures that the business world can easily use the signature solution on the move. Upload contracts of several file types from various platforms, set up advance options while sending contracts for signing like due date, reminders, generate groups for bulk signing, and much more. It helps to build better customer experience and relationships and is evident for document management experience.
Modern electronic signature solution presents undeniable signing evidence to all the parties as this authenticates signature information by capturing timestamps, IP addresses, signer’s locations, and more at server level. Tools and technologies like Blockchain aid in storing transaction hashes and contract ID preventing breaching of agreements and contracts. This method ends with creating a certificate of signing the agreement/ contract as evidence.
It encourages electronic integrity and data security as the digitally signed contracts cannot get tampered with in the signing process and also minimizes the risk of forgery of contracts.
The digital era inspires organizations to implement automation and optimize document workflow with the help of an AI-enabled electronic signature solution. This reduces recurring administrative activities and eradicates human mistakes, diminishes expenses on resource supplies, such as paper, and makes sure signers with advanced and intuitive digital authentication to boost 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 AI-powered electronic signature solution, the contracts/ agreements get protection which they deserve. It is the right time to plan and deploy the best digital signature solution which is available with all the capabilities to protect your business and customers from data tampering and signature frauds.
Certinal a wholly owned subsidiary of Zycus, recognized as a “Representative Vendor” in the 2022 Gartner® Market Guide for Electronic Signature, is a future-ready Digital Transaction Management solution for global organizations. Certinal eSign brings higher levels of security and multifactor authentication so you can do business confidently, securely, and efficiently.