Since the pandemic has struck the world, many global changes have been made around the globe. Multiple businesses have evolved their functioning to online databases. This has either created ease for customers or either it has provided new opportunities for fraudsters to commit sophisticated crimes. These rise in chargebacks, vicious scams, and illicit activities have caused companies to imply reliable robust systems to fight back against these problems by verifying people.
Customer expectations have seen a new dimension which has raised many concerns during the onboarding process. Errors and complex procedures can cause the company to face huge losses. According to Hubspot, businesses lose $1.6 trillion due to poor customer service on average every day. To resolve this, an automated encrypted address verification solution can help companies to retain their previous customers and attract new customers due to its robust systems for determining the correct address of the individuals.
Understanding the Work Mechanism of Address Verification Systems
Online address verification works on an automated mechanism to enable the digital onboarding of the clients. These services are gaming immense popularity due to their accurate systems which have spiked the interest levels of companies that have started to invest in them for verifying addresses just like Shufti Pro Fundings. To deter the problems of fake order placing, abandoned carts, chargeback fraud, and more, the following procedure is carried out:
- Verifying the Facial Identity: The initial step to validate addresses is when a user is asked to upload their picture. After capturing their facial feature, they are further matched with the photo posted on the official document.
- Submitting Proof of Evidence: To fulfill the requirement of uploading a secondary document, customers upload a document that consists of address information such as utility bills, rent or ownership agreement, etc. Cross-matching the addresses will help in distinguishing a customer’s real identity.
- Displaying the Verification Results: After careful evaluation, the results are generated and are presented in front of the end-user causing them to save at the back office by making an API call.
Industrial Use Cases of Address Verification
The need to verify the address of a client has become mandatory for many sectors to mitigate identity fraud and operate their functionings smoothly without any disruption. Some of these sectors which are in dire need of an address verification system are listed below:
Verification of Addresses in the E-commerce Industry
Products getting shipped to the wrong places can cause numerous problems in the e-commerce industry. The main triggering force behind this is when a customer who is getting onboarded on the online shopping platform generally enters inaccurate or mistyped addresses as per Shufti Pro News. Companies can prevent these errors from occurring by opting for a solution with automatically generated address suggestions through which consumers can be saved from the hassle of inserting the same information each they proceed to checkout.
Verifying Addresses in the Healthcare Sector
The healthcare industry is consisting sensitive information which cannot be at risk of data breaches at any cost. They need to adopt the digital address verification service for keeping fraudsters away while they provide off-the-centre assistance to the patients. In this way, hospitals can feasibly provide their services to the patients without any hassle. Many pharmacies have started to deliver medicines which makes them liable to verify addresses of their customers before a purchase has been made for countering misplaced deliveries.
Validation of Address in the Finacial Institutions
Banks need to validate addresses of their customers for mailing important official letters. This can cause a problematic situation if they get into the hands of fraudsters who can misuse that particular information for conducting various illegal activities. Many criminals use fake documents and addresses to create fake accounts which become vulnerable to the risks of money laundering, corruption, and other relevant scams.
Address Verification in the Marketing Sector
Marketing agencies devise new strategies to promote their product or service to consumers to generate profitable revenues. By locating the target audience by utilizing the address verify online technology, potential customers can be reached easily and the variant promotion which targets them can be successfully executed. This is also a cost-effective way of promoting the product on digital platforms.
Wrapping it Up
Misplaced deliveries have caused major drawbacks for multiple industries in recent times. From improving the customer experiences digitally to reducing the number of chargeback frauds, all can be made possible by exhibiting an online address verification system. It can provide numerous benefits to various sectors by speeding up the assistance as well as the delivery process for reaching the target audience accurately. Onboarding authentic clients having legitimate addresses can help the company to reap profitable revenues quickly.