As new technology makes it easier for cybercriminals to alter documents, companies obliged to verify addresses suffer. iDenfy has launched a new solution looking to address the issue itself.
Compliance and fraud prevention startup iDenfy has launched a new address-checking solution. The solution, ‘Address Verification’, aims to support organisations to ensure they are Know Your Customer (KYC) and Anti-money laundering (AML) compliant, while also making the process easier for users.
In an effort to tackle emerging issues with verifying addresses to comply with regulations, iDenfy has released a potential solution. This proof of address verification focuses on simplifying customer onboarding while ensuring compliance with constantly-changing regulations.
AML regulations currently include laws that look to enhance security in KYC and Customer Due Diligence (CDD) processes. These laws mean that businesses are required to verify the address information of users. However, with the tools and programs currently available to cyber criminals, the most commonly accepted documents used to prove addresses are too easy to alter.
Documents such as bank statements and utility bills are commonly edited, causing the need for the difficult process of spotting illegitimate documents. This extra, slow step has significantly slowed productivity and speed of approving proof of address. This change has also created a backlog for many regulated organisations.
A new solution for proof of address checks
This traditional process for proof of address operations could take a number of hours to complete. iDenfy’s solution claims to be far more efficient. In ‘Address Verification‘ users upload photos of their proof of address documents. Following this, the system scans and extracts the physical address data. To ensure greater accuracy, iDenfy uses an in-house review team which compares the information manually. This increases reliability by having two layers of security supported by AI and human supervision.
In an effort to differentiate the solution, iDenfy included a ‘direct address lookup’ feature. The startup claims that this feature is new to the market. The company explained that it decided against other possible features such as geolocation because of its potential to provide incorrect results.
Domantas Ciulde, CEO of iDenfy, explained that address verification offers businesses more certainty. He also said that the process has the ability to detect more sophisticated fraud schemes in the existing digital environment.
He added: “While verification speed is a crucial factor, we focus on providing secure proof of address verification services that allow meeting regulatory requirements while providing a frictionless onboarding experience for the customers. Our goal is to help other businesses save time and resources.”