Prembly Introduces its Nigerian Address Verification Endpoint for Real-time Validation

In contemporary business operations, the reliance on precise customer data is paramount. Consequently, various methods have emerged to authenticate individuals and businesses, encompassing data verification, document validation, and the widespread utilization of AI and biometric technologies on a global scale. Nevertheless, enterprises continually seek more precise means to validate user information. Experience has revealed that one prevalent avenue employed by malevolent actors involves address fraud, a form of identity theft where perpetrators misuse someone else’s physical mailing address or employ fictitious addresses to facilitate illicit endeavors. These addresses typically come into play during online purchases or onboarding processes on various digital platforms.

Furthermore, there is the issue of change-of-address scams, whereby identity thieves employ highly sophisticated tactics to acquire sensitive personal information. Among these, one of the simplest yet common frauds is the change of address scam. This type of mail fraud involves deceiving postal services into redirecting an individual’s mail to a fraudulent address, subsequently enabling the misappropriation of bank statements and other confidential materials for identity theft.

Tracking these scammers has become increasingly challenging, primarily due to inaccuracies in the provided addresses. Given the recent surge in address fraud incidents, the significance of address verification cannot be overstated. Whether for Know Your Customer (KYC) procedures or other applications such as shipping, billing, or maintaining accurate contact details, the completeness and precision of addresses serve as fundamental pillars of operational efficiency and customer contentment.

As a dedicated compliance and security infrastructure provider, we acknowledge the pivotal role played by accurate verification in upholding data integrity. In light of this, we are proud to introduce our Address Verification Endpoint — a robust tool meticulously designed to simplify the process of verifying and authenticating addresses throughout Nigeria.

Use cases Of Our Address Verification Endpoint.

Here are some examples of how businesses can leverage our address verification endpoint

Reliable Shipping and Logistics

For businesses playing heavily in the logistics space, one of the primary reasons why address verification is essential is to ensure reliable shipping and logistics operations. Incorrect or incomplete addresses can lead to delivery delays, returned packages, and frustrated customers. In fact, according to a study by the American Transportation Research Institute, approximately 13% of all truckload shipments experience delivery issues due to incorrect or incomplete addresses. This can result in significant financial losses and damage to a company’s reputation.

Businesses can reduce these issues by implementing address verification solutions while streamlining their shipping and logistics processes. This not only saves money but also helps maintain a positive customer experience.

Fraud Prevention

Address verification plays a crucial role in fraud prevention. According to global reports, businesses in the United States lost an estimated $3.4 trillion to fraud in 2020. A larger percentage of this fraud can be attributed to identity theft and false addresses. By verifying customer addresses, businesses can detect and prevent fraudulent activities such as shipping to fake addresses or attempting to use stolen credit card information. Address validation systems can flag suspicious addresses and alert businesses to act appropriately, safeguarding their finances and reputation.

Customer Experience

In the e-commerce and online shopping age, customer experience is a key differentiator. Delays failed deliveries, or shipping to the wrong address can lead to customer dissatisfaction and negative reviews.

According to a survey by PwC, 73% of consumers said that a good customer experience was crucial to their purchasing decisions. This data is also backed up by Prembly’s report on customer perception of digital identity verification. Address verification ensures that orders are delivered accurately and on time, contributing to a positive customer experience and fostering customer loyalty.

Enhanced Marketing and Targeting

For businesses engaged in direct marketing or e-commerce, accurate addresses are vital for successful campaigns and customer targeting. Sending marketing materials or promotions to incorrect addresses wastes resources and can harm a brand’s image. A report by Gartner revealed that the average financial impact of poor data quality on organizations is $9.7 million per year.” IBM also discovered that in the US alone, businesses lose $3.1 trillion annually due to poor data quality.

Address verification ensures that marketing materials reach the intended recipients, resulting in higher response rates and increased sales. It allows businesses to tailor their marketing efforts more effectively and improve ROI.

Compliance with Regulatory Requirements

Many industries, including finance, healthcare, and telecommunications, are subject to stringent regulatory requirements regarding customer data accuracy and privacy. Failing to comply with these regulations can result in fines and legal consequences.

Address verification helps businesses maintain compliance by ensuring that customer addresses are up-to-date and accurate. This is particularly important for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in the financial sector, where verifying customer addresses is critical to due diligence.

Why You Should Integrate Identitypass’s Address Verification Endpoint

When collecting and maintaining customer data, the importance is in the details. An incomplete or inaccurate address can lead to problems, from missed shipments to billing errors and communication breakdowns. Our Address Verification Endpoint is built to address these concerns head-on.

With this innovative verification solution, businesses can provide a full address to maximize this feature. Provision of the complete address is crucial in confirming its validity and accuracy during verification. While the timeframe for verification may vary depending on the location, our system is designed to deliver results efficiently, typically within a minimum of 48 hours.

We understand that transparency and control are vital for your data verification processes. That’s why we’ve incorporated the Address Verification Status feature. This powerful tool allows merchants to monitor the progress of their verification requests and stay updated on the status of their address verification.

With Address Verification Status, you can track how your requests are progressing and gain insights into the verification timeline. This transparency ensures you are always in the know, empowering you to make informed decisions and plan accordingly.

Incorporating our Address Verification Endpoint into your workflow isn’t just about compliance; it’s about enhancing your operations and customer experience.

Some Answers to Your Common Questions:

Why do you need our Address Verification Endpoint?

Address verification is crucial in Know Your Customer (KYC) processes because it helps ensure the accuracy and reliability of customer data. It enables your business to comply with regulatory requirements and reduces the risk of fraudulent activities.

How does the Address Verification Endpoint work?

To use this endpoint, you need to provide a complete address. We then use this information to confirm the validity of the address. The verification process typically takes at least 48 hours, depending on the location.

How does our verification status feature benefit you?

The Address Verification Status feature allows you to monitor the progress of your address verification requests in real-time. It provides updates on the status of the verification process, enhancing transparency.

Can I use the Address Verification Endpoint for international addresses?

Our Address Verification Endpoint is strictly for Nigerian addresses for now.

How can I get started with the Address Verification Endpoint?

Getting started is easy! Visit our documentation page. It will guide you through the setup process, provide the necessary resources, and ensure a seamless experience. Sign up here to get started with all our other products.