Online platforms are growing with time because of the increasing rate of pandemics in today’s world. For these reasons, e-commerce shopping platforms are facing a lot of difficulties in securing themselves from unpredictable criminal attacks. It was observed in 2020, that the rise of COVID-19 has increased fraudulent activities with the online sale and purchases by up to 38% and the rate is still growing. To minimize digital identity thefts and other criminal attacks from illegal entities all retail businesses must incorporate online address verification services. This blog will examine the importance of address evaluation in the digital age.
Purpose Behind Verifying Address Online
Online Address verification is the process of evaluating the customer before sending them their desired product. This validation involves the client’s residential address, basic background, and postal code of where the consumer lives. All these details assist businesses in learning about their customers before connecting with them. It helps e-commerce platforms decide whether the client is authentic or not. Getting prior knowledge about the customer helps in combating fake identities and forged money transactions.
Furthermore, address verification assists businesses in complying with regulations at both local and international level. Therefore, the clients can get high payments from their international customers. Address verification solutions help in decreasing the extra expenses of online businesses. By verifying the residential addresses, companies make sure that they send parcels to the exact location.
A Secure Way to Combat Friendly Fraud
By verifying an address online, customers are showing their real selves to remote companies. In most cases, when retail businesses send products without storing online address verification within systems then the customers after receiving the parcel demand a chargeback. Another trick that the imposters do is they ask the company about their parcel by saying that they haven’t received it yet.
Most companies in large sectors, for the sake of protecting their reputation, agree on the terms that scammers set and this is how they become the reason for their downfall. To protect retail businesses from being involved with any illegal entity it is necessary to address verify the client whenever they order a product. The main aim of authorities when they validate address is to protect the companies from friendly fraud.
How Does the Address Verification System Assist Online Retail Businesses?
Address verification plays an important role in the future growth of a business. When online platforms receive the information through a call and by a third person then there are more chances of errors in the provided data. In this case, verification of address comes into play by assisting the companies with correct and authentic details. All of the data is according to the demand of the institute because the system only gives access when all of the information is completed. Otherwise, it automatically generates a notification alert to the client that they have to try one more time.
Process of Online Address Verification for E-Commerce Platforms
Retail businesses complete the verification process within three steps including:
- Gathering Identity Details
The address verification process begins with collecting the important details of the client. This data includes the basic background of the customers, personal email address, residential address, and postal code of the place where they lived. All these things assist businesses in their decision-making process.
- Biometric Scanning
After gathering the data, the address verification system scans all of the details to check the validity of the customer. When busines verify address online, the retail can make themselves more secure and protective.
- Final Stage
After completing the verification process, the system automatically generates a notification alert to the company that someone wants the product from them. The company employees check all the already validated details and send a confirmation message to the client. This message includes the exact date and time of the product delivery.
Final Thoughts
An online address verification solution is necessary to maintain a good brand image for authorized platforms in society. These verifications help businesses in combating diverse criminal activities and involvement with any illegal entity. Moreover, address validation helps retail platforms comply with regulations at both local and international levels. Therefore, officially registered companies can easily get benefits globally. It’s the only way by which companies can fight friendly fraud. Furthermore, address verifiers give the company the prior knowledge of the client which helps them in their decision-making procedures whether they have to work with them.
