ADDRESS VERIFICATION
Description
Physical Address Verification Simplified
Address verification is the procedure of confirming a candidate’s stated address, which can be either their permanent or current location. This validation can be carried out through three methods: digital verification, physical verification, or postal verification, which includes an in-person visit. The timing of address verification can vary, taking place either before or after the onboarding process, depending on the industry and risk factors. In the realm of Know Your People (KYP) processes, address verification holds significant importance and is becoming more prevalent among organizations.
Physical Address Verification specifically entails validating a candidate’s current or permanent address through an in-person inspection. This meticulous process ensures the genuineness and accuracy of the provided address by physically confirming its existence and cross-referencing it with the candidate’s documentation.
Verifying physical addresses is a critical step in ensuring the accuracy and reliability of information. In this guide, we’ll break down the importance of physical address verification in straightforward terms.
Why Address Verification Matters
- Delivery Accuracy: Ensuring packages and mail reach the correct destination is vital for businesses and individuals. Address verification helps prevent delivery errors.
- Fraud Prevention: Verifying addresses can help detect and prevent fraud. It ensures that the provided address matches the actual location.
- Compliance: In some industries, such as finance and healthcare, complying with regulations requires accurate address verification.
How Address Verification Works
- Input Address: Provide the address you want to verify.
- Verification: A reliable system cross-checks the provided address against databases to confirm its accuracy.
- Results: You’ll receive a verification report that indicates whether the address is valid.
Benefits of Address Verification
- Reduced Costs: Accurate addresses minimize delivery errors, saving on shipping and administrative costs.
- Enhanced Trust: Reliable address verification builds trust with customers and partners.
- Data Quality: Maintaining accurate address data improves the quality of your database.