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Fraud Prevention Measures For Banking Customers Addresses Checker

Using an address checker in the onboarding process of your banking customers can help you combat fraudulent activity and ensure that the accounts you are giving to your customers are legitimate. As fraudulent activities are becoming increasingly sophisticated, traditional identity verification checks are no longer enough to protect your company. An address verification system can help you strengthen your KYC process, reduce chargebacks, and criminal transactions. An AI-based address verification system, such as Shufti Pro, will combat fraud while making customer onboarding simple and convenient.

Proof of address

New technologies are making it easier for banks to perform more efficient proof of address verification processes. These technologies can speed up the onboarding process, automate address verifications, and help financial institutions achieve better fraud prevention and compliance outcomes. Successful identity verification processes use a combination of technologies and smart workflows to identify and verify customers. Regardless of the bank or financial institution, the proof of address process is still a critical step in customer protection.

A document that states your residential location is known as a proof of address. Banks ask for this as a security measure to ensure that they can send you mail and locate you if needed. Any proof of address you submit must be clearly dated. Generally, banks will request a document dated within the past three months. However, rules can vary by bank and the type of document you submit. A document with a date from more than three months ago may not be sufficient proof of address.

Sources of proof of address

In the banking industry, proof of address refers to a document that verifies your current address. It’s also known as proof of residence, and banks require this information as a security measure. They want to make sure that if something should go wrong, they can send you the mail or find you if necessary. The document you present must be clearly dated, and most banks will accept documents from the last three months. However, the rules for each institution vary.

Bank statements can also be a great source of proof of address. These statements are a document issued by a bank every month, and contain financial information such as your name and address. While bank statements can serve as a proof of address, they must be recent. A three-month old statement won’t be valid, and will likely not prove your address. Furthermore, bank statements leave room for security risks.

Methods of verifying an address

While address verification is not a simple process, it is necessary to reduce terrorist financing and money laundering risks. The most significant challenge to address verification is identifying the real POA. BASIS ID has a powerful combination of machine learning technology and Compliance Officers with decades of experience. Here are some of the best ways to verify an address. These methods can help ensure the accuracy of data and avoid the risk of fraud.

Address validation involves examining the address data submitted by a customer. The address information is verified against databases and other sources to produce a match signal. The address is valid if it matches the identity and is in the correct hierarchical alignment. If the address data is incorrect, however, the process will produce a no-match signal. Using will allow banks to connect a customer’s real world location with their digital identity.

Fraud prevention measures

Fraud prevention measures for banking customers address checkers have many advantages. Having a way to look up the address of a banking customer allows you to be sure that the person’s name and address match. Providing this type of service to customers reduces the time and effort required for reconciliation. This also helps you focus on exception items instead of chasing down duplicate accounts. Listed below are some of the benefits of this service.

Using numeral-based systems is easier to understand than a manual address checker. Users are unlikely to enter an exact address when they check out. It’s likely that they’ve entered an apartment address instead of a street address. Or they might have misread the 9-digit ZIP code and entered a 0 instead of a nine. There are numerous variations of this data, and the result can be misleading.

Cost of address verification

As chargeback ratios rise, financial institutions are increasingly turning to address verification as a means of mitigating the online reputational risk. Despite the increasing risks associated with identity fraud, returned shipments are still one of the biggest losses faced by any business. According to CNBC, 30 percent of online purchases will be returned, costing businesses an estimated $37 billion. Address verification, however, can reduce the number of returned shipments significantly.

Another solution aimed at reducing the cost of address verification for banks is the deployment of an AI-powered solution called OkHi. This software allows banks to verify customer addresses across many financial institutions. OkHi’s press release states that it is 30% more accurate, 4x faster, and 50% cheaper than traditional address verification methods. It can verify more than three thousand different document types, and is compatible with 150 languages. The technology can verify a person’s address and confirm that they live at the address indicated on the document.