With the digitalization of businesses came an unprecedented threat, identity theft.
Identity theft involves stealing someone’s identity for illegal activities and transactions.
A cybersecurity gap was created in the market, this naturally allowed precautionary measures like Address Verification to be integrated. Hence, making it a powerful method for the authentication of legitimate users.
Experts around the globe have started working under strict KYB parameters to Verify Addresses for online businesses.
According to Statista, US e-merchants listed address fraudulent issues as the top 3 with 36% of respondents in 2021. This number only grows.
Let’s explore how this identification step has catered to E-commerce with security breakthroughs!
What is Address Verification System (AVS)?
It is the process of validating address databases (local or global) by checking their accuracy and making sure the address stored in the data is recognized. It helps businesses keep a clean record of safe, valid, and risk-free addresses.
Why do Online Businesses Need It To Maximise Risk-Free Profit?
There are several benefits companies can leverage with AVS software in its processing. This will not only save them time but money as well.
Let’s discuss some of the key advantages!
- Seamless Shipment & Delivery
It is convenient to say that saving delivery information once for shipment is enough for quick delivery. The truth is far from it. To ensure consistency in databases, having an up-to-date and correct addresses list is significant. This helps companies to be efficient, by finding the best routes, which will reduce the chances of delivery issues.
- Safety From Fraudsters
Fraudsters have been finding ways to misuse the data of customers to purchase expensive orders for themselves. A strong AVS system will alert the company if it finds a discrepancy in the delivery address.
- Boost Customer Experience
Online shopping greatly relies on trust built around retailers. If customers sense slight chances of shipment or verification issues, they prefer finding alternative brands. Thus, to ensure this it is important to Address Verify the list.
- Remote Candidate Examination
This allows employers to verify locations mentioned in resumes or CVs of remote employees. Making hiring a risk-free experience.
What AV Solutions Will Effectively Secure Enterprises In 2023?
Are you curious about the best strategies a company can use for Verifying an Address?
Read through the 4 methodologies one can use to optimize an AVS strategy, creating a secure platform for businesses to grow.
1- Cross Referencing
Physical Cross-referencing has been replaced by electronic Verification of Address as the results are much more accurate. Furthermore, digitally comparing the address with the location saves time and effort as AI does your work. This allows for the safer hiring of remote employees globally.
2- Geo Locating Addresses
You can check the address mentioned by managing the Geo location. This will help you detect any inconsistency by storing the real location of the user. Moreover, this method allows businesses to collect timestamps and gain information about IP addresses and their respective device. A productive strategy to verify the clients.
3- Address Parsing
Address Parsing to this day is one of the most popular processes used by brands, especially E-commerce stores. It includes dividing the address into components and specific categories to avoid any confusion. This categorization speeds up storing addresses in the list on the business’s end.
In addition to this, Verifying Address becomes a piece of cake because the postal code, house number, and street number become accessible and standardized.
4- Meeting KYC Compliant Parameters
An Address Verification System that legally complies with the parameters set in view of KYC will continue to play a vital part in the verification criteria of 2023. An automated data extraction strictly following these standards will help businesses obtain proof of residency around the world.
It’s a great way for various industries like gaming, crypto, healthcare, and banking to expand their scalability with safer protection from fraudulent activities.
This is how businesses combat cybercrime, by establishing standard lists through validating databases. Ensuring a safer future with higher profits!
Your All-In-One Solution For Verification Loopholes
Finding all AVS solutions under one system was out of reach until Shifty Pro stepped in!
An API-powered company that has been providing astonishing results from the beginning. Promising global coverage with 230+ countries and accurate Online Address Verification to its clients. Shufti Pro is the best digital KYC-compliant partner for online businesses with automated identification tools for in-depth authentication.
2023 will be a good year for businesses that will integrate simple verification API in their identification system. And to accurately Validate Address with local and global databases Shufti Pro is the way!