Everything you should know about Address verification

 There's a rise in the number of illegal activities that financially burden the organizations. Hence, many organizations are opting to hire 3rd party background verification services.

Background checks include address verification as well. Address is verified to ensure that the candidate is genuine and so is there address.

Identity check is crucial to keep organization safe and away from the employees who can indulge in criminal activities. 

This blog will take you through the address verification and its importance. 

What is address verification? 

Address verification means what it sounds like- verify the applicant's address that he/she shares with the company. It's done to confirm if the place they claim to live is real or not.  

There are many reasons for conducting address checks, such as employee hiring, granting scholarships to students, or onboarding customers for the bank. 

Need for address verification

Data plays a very crucial role in business initiatives and plans. A total of 97% of the company’s employees use this data for business opportunities, increasing the total revenue and serving their best to the customers. There will be fewer wasted outbound mails, reduced accurate marketing activity, and low costs with address verification. 

As per a study by the Association of Certified Fraud Examiners, there was a total of 43% of occupational frauds, of which 52% of companies performed address verification and background checks while 48% of companies did not follow the same. The companies who performed background checks found some fraud cases as well. And by taking immediate action, companies can prevent potential damage or loss.

Why is employee address verification necessary?

Employee address verification is very crucial because:

  • Fraud prevention: Fraud prevention is the most compelling reason for addressing verification. A business must be confident about the employee they hire as employees can access internal and confidential information. The use of address verification services is of utmost importance to prevent identity fraud and manage reputational risk.
  • Emergency situations: Emergencies can happen with anyone and anytime. Employee address verification will help employers reach out to the employee’s family address in case some mishappening occurs to the employee in the workplace.
  • Share employee documentation: The verified employee address lets employers send any documents, rewards, or anything to the employer when required. Employee address verification, once done, can help employees in such situations, and they need not ask for the address again and again.
  • Better compliance: As recommended by FATF, every business needs to perform an identity verification check to maintain the integrity of a company and ensure individual security. The address verification check can help online businesses to comply with the KYC regulations.

How is employee address verification done?

There are two ways to conduct employee address verification:

The first way is to do physical address verification. This is done by a field officer, who visit the employee's address to verify the details. The second way is to do it Online. Online address verification is easier for both applicant and employers. In this case, the applicant is required to upload address verification documents online, and the check is done digitally.

Organizations that require address verification

Every industry requires address verification to prevent fraud. However, it is most important in the financial and e-commerce sectors because they these sectors are most vulnerable for account takeover, money laundering, terrorist financing. 

To conclude

This blog provides you all the details you require for address verification. 

This article was originally published 3 weeks ago in SpringVerify blogs

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