Customer address verification is vital for opening accounts, signing up for new services, and more, but verifying customer addresses isn’t as easy as it seems. The new automated method offers an up-to-date source for address verification and digital methods for address verification are perfect for businesses to reduce fraud.
The biggest reason for identity fraud is the use of synthetic identity, where a fraudster uses a combination of fake and real information to create a brand new identity, which is one of the reasons why verifying an address is crucial for businesses to mitigate fraud.
Also, using proof of address as a form of ID verification means that your business will comply with AMLD5 and protect it from other fraudulent risks.
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