Misplaced deliveries have become a nuisance in the digital world which is causing difficulties for companies in various ways. Many companies are unable to recover from the losses caused by the increased number of chargebacks whenever an illegal transaction is made. Multiple fraudulent activities are carried out from a physical location so it is essential to detect the address information through which a user puts a request for returned shipment. These emerging concerns can be handled by enabling an AI-based address verification system which will help companies to verify the address of their users before any transactions are made. Not only this, but it will also help companies to protect their assets and reputation in the global market in a more secure way than before.
Explaining the Compelling Process of Verifying Addresses
Checking bulks of addresses manually can become a hectic task. It also makes it vulnerable to the mistakes that occurred during manually performing the function of data entry. Businesses need to validate addresses of their customers to protect them from any hefty fines. AI-based address verification is a technology that helps in verifying an address of the individual accurately and depicts whether the address location exists in the real world or not. Such as if the account is consisting the information about an address that is changed from the actual location of the request, then it might suspect them as a fraudster. The major steps which are used for the verification of addresses for enabling the digital onboarding of clients are listed below:
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Uploading ID Documents
The automated address service allows the customers to stand in front of the camera by holding their identity documents consisting of their required information. Moreover, the camera captures the facial features of the user and compares them with the picture on the ID document for generating facial proof.
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Submission of Supporting Documents
To verify address of an individual, the system will ask for a secondary document consisting of a proof of address such as a residential or corporate address. This will help in verifying address of the company or any user who puts forwards the request for digital onboarding.
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Displaying Results
After matching the information in both of the documents, the verification results are displayed in front of the user and are stored in the back office for later use by making an API call. This is how the whole process to address verify an individual is completed.
Automated Address Suggestions Helping Major Sectors
Making the process of checkout less complicated can help companies to produce profits swiftly. Major industries can gain benefits from the robust address verification service which are mentioned below:
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E-commerce Industry
Online businesses are more prone to fraudulent activities as compared to in-person firms. The preliminary goal of every institution is to keep their customers satisfied by providing them with a seamless experience. Manually entering the address information can become a target of mistyped data which can further lead to delivering the parcel at the wrong location. Automated address suggestions will help users to save their time by automatically filling up the address information each time they put forward the request to checkout. This will enhance the company’s reputation in the minds of consumers and will enable the firm to attract new potential customers easily.
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Healthcare Sector
Fetching address information about a patient about where they are residing is vital for storing the patient’s record. Delivering the medical reports at the old location of the customer can cause huge troubles. Therefore, it is mandatory to update the address data of the client before any parcel consisting of medicines is dispatched. This will help in locating the correct address of the patient.
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Financial Industries
Multiple users are requesting loans, opening an account, or performing transactions on a daily basis. It is essential to monitor those activities to prevent any fraudulent activity. Adding the feature of geolocation will help customers to open accounts worldwide. This will check the authenticity of the address against the global AML regulations to curb any risks of money laundering. Important bank documents, credit cards, and much more need to be delivered to the right location to avoid chargeback frauds.
Wrapping it Up
Verification of address has become a necessity in various sectors to combat the prevailing issues of chargebacks and returned shipments. Not only it is disrupting the company’s reputation but this is also causing them financial losses which ultimately leads them to increase their prices to overcome such failures. This can create a halt during the customer’s experience. Therefore, the AI-based address verification system will prove to be effective in dealing with all these alarming concerns. It will also help in detecting criminal’s activities at a more fast pace as compared to the traditional method of address verification.
