Address Verification – Mitigate ID Frauds


displays for stores with location

It is becoming quite of a challenge for business organizations and the financial sector to meet (Know Your Customer) KYC compliance mandates these days. The efficient tactics of fraudsters conveniently spot loopholes in the authentication system of a business. The service of address verification by global IDV providers here plays an essential role to mitigate identity frauds and recognize appropriate groups of customers as quickly as possible. 

The online solution validates the true location of a customer with global coverage of clients and businesses, the single API integration, machine learning of the system, and much more. The potential of address verification through digital solutions is full of remarkable features any business can think of. Any compromise or negligence in customer identification could be the last mistake a business makes as from there, they might not have another chance.

Verifying an Address in Real-Time

The working mechanism of global solutions is brief yet extensive. Substantial and accurate information is available in just a few seconds so businesses can streamline their activities with satisfaction.

  • The customer during the preliminary KYC is required to submit soft copies of address and national ID documents. In address verification, most businesses or financial institutes also demand a recent utility bill along with an identity card, passport, or another ID certificate. To confirm the authenticity of the client, it is specified in that the specific utility bill must not be older than three months
  • The screening technology of OCR (Optical Character Recognition) in the address verification selects the location field from the images of the national ID documents and utility bills. The solution confirms the address from global registers 
  • The final output is exhibited to the concerned business or financial institute in no time with a greater accuracy rate

Characteristics of Address Verification System 

Global Coverage

Looking for an authentication error in the automated solution is exactly like looking for a needle in a haystack. In this current business landscape, things are quite unpredictable. The service of address verification ensures that a corporate firm or financial institute never gets outgunned by imposter clients. The online system comes with a coverage of clients all across the globe. 

The abundant volume of intact data from international databases plus the OCR screening of the multilingual system of address verification can frictionlessly select the information. It converts the location data into the desired language of a business entity with great precision.

ID and Address Verification 

The automated global solution makes the customer onboarding much more rapid by authenticating the identity and current geographic location of the client seamlessly. The accurate working of the system combats ID frauds and saves a business from non-compliance penalties by the regulators.

Back-Office Access

The increasing statistics of cyber crimes pose a great deal of doubt on AI technologies. In such situations, it is hard for an enterprise to rely on global solution providers. However, the organisation rendering facility of address verification provides evidentiary proofs after result submission. 

The output along with images or video recordings of the authentication gets automatically entered in the back-office of the solution. The particular business firm or financial institute can confirm the results by examining the images and video clips of address verification into the back-office account. 

Integration

The particular business client can share the ID and address documents with the authenticating solution without deploying it in their own working system. There is also no necessity of making an installation or upgrading for the solution of address verification.

Industrial Use Cases

Logistics

The logistics service provider or shipping corporations can also be questioned for non-compliance with regulators due to inaccurate address verification by the product creating or distributing business. The automated system enables the delivery business to confirm the local or foreign address of the client in no time to later avoid any complaints. The extra charges for second delivery can also reduce the permanent customer group.

E-Ticketing

The travelling industry is one of the busiest ones globally. The address verification solution assists e-ticketing platforms, they can provide a greater customer experience to clients by swift confirmation and reduce delays.

Financial Entities

In the financial sector, address verification holds an essential place in customer onboarding. The location of the customer can be a risk factor if the region is not a partner of FATF or other, also if the client comes from a country with numerous corruption lawsuits.

Conclusion

The solution of address verification is an integral part of the KYC. The customer identification compliance program is there to combat ID frauds and financial violations like money laundering. The confirmation of a client’s location helps delivery businesses, e-commerce, and most importantly the financial sector. The address verification with AI-based systems mitigates identity fraud with convenience. 

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