Technology

Online Address Verification – Combat Identity Frauds 

This particular service integrated into the customer identification program of a business or financial entity called the KYC (Know Your Customer) is rendered in a brief period of identity document confirmation. The significance of online address verification is somehow understated. It not only helps businesses to deliver products on the precise location but defends them from an increasing wave of identity frauds.  

Geographic information on an identity document is the most imperative thing. This mere data field sometimes displays pretty much. Whether a client is a customer of a local or international firm, online or not, addresses should be communicated and validated accurately. The global SaaS IDV providers with online address verification make the customer onboarding process more reliable and transparent. Many imposters create false ID records with fake addresses to prevent their traceability. 

Process of Address Verification System

  • The client transfers images of the documents. The KYC compliance system to validate address, along with ID records also demand recent proof of the location of the client in the form of electricity or another utility bill 
  • In online address verification, OCR (Optical Character Recognition) accumulates the data extracted from images of ID documents and bills into textual form
  • The solution for online address verification confirms the geographic location of the client and other credentials from classified global databases. The conclusion is displayed to the business authority in no time with the maximum validity

Industrial Use Cases 

Logistics Service Providers

There are few countries and territories that believe that the service of online address verification is more suited for companies that operate all over the globe, have international clients. This is not really the case. Verifying an address of a local customer with AI-driven technology can prevent several issues. In the traditional model of the business, if logistics management forwards a particular package to an incorrect remote destination from the actual one, the additional costs over next delivery and charging an extra fee to the client, all of this can be prevented with online address verification

The delivering third-party can authenticate the exact addresses of clients to avoid mistakes on their behalf. The global solution here can be treated as a long-lasting optimized asset.

E-Ticketing

The airport security performs their tasks accurately but a particular e-ticketing platform can also benefit their business with online address verification. AI-powered solution with self-learning technology that performs better check after check, streamlines the identification program.

Banking and Other Financial Platforms

The financial sector has been one of the major clients of online address verification since the beginning. The global IDV provider in banking performs validation of every client with digital screening which is entirely supported by an interconnected network of several artificial intelligence models. 

During the customer confirmation process, online address verification ensures that the location mentioned is genuine. This is especially important with international and remote customers. The concerned management authenticates to confirm that they are not going against predefined regulatory policies and legislation. 

Every region has a different policy of customer onboarding depending upon several factors. Online address verification displays those elements. The other factors can be the global position of a particular country or territory or political relations between the regulatory powers of the concerned financial enterprise and the client respectively. All gets taken care of with online address verification.

For instance, there are specific countries that are prohibited from having a professional alliance with a particular region. The banks and cryptocurrency exchanges are either banned over there or the customer’s parent country is on the blacklist, online address verification is there to comply with all these imposed regulations and restrictions.

If a business client belongs to the blacklisted country or territory or that place has some unconventional aspects like it was the homeland of terrorist units and all, the firm can instantly be aware and on the basis of compliance policies can position the customer profile in a high-risk zone if possible, the process gets shaped seamlessly with the service of online address verification. 

The same goes for virtual currency platforms and crowdfunding marketplaces, the respective businesses with digital services can minimize the margin of inaccuracy. 

Conclusion

The system for online address verification has significant applications for business organizations and financial institutes. This small fraction of the KYC compliance solution offers so much more, beyond expectations. By this, it can be estimated that the global IDV solutions are the next big thing for every industrial market. The global service of online address verification is beneficial for multiple sectors such as logistics service providers, shipping companies, banks, crypto exchanges and so much more. No price can be put on risk-free customer onboarding.

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