Utility Bills: Enhance Your Verification Processes
March 1, 2019
Have you ever asked your customers to provide proof of address to verify their identity? Have you ever thought about the impact that this could have on your business due to manual checks?
Manual processes can cause drop-offs and create a long and inefficient onboarding process. But how can this be improved?
With lengthy and manual onboarding processes comes poor customer experience, high internal costs and greater risks of fraud.
Utility bills can be easily faked meaning that some copies of bills could be used to pass AML checks, but the account itself would be fraudulent. Scamwatch saw 5,000 reports of fake utility bills in a 12 month period, creating a total of fraud losses for business of $8,000.
There must be a way for businesses to efficiently and effectively verify a customer’s proof of address via their utility bills? This is where Acuant can help.
HOW WE CAN HELP
Our verification solution, Acuant Identity’s Alternative and Social Data, allows your customers to connect their utility account in just two clicks, removing the need for manual and clunky processes, enormously improving the customer experience. Your customer’s latest utility bill can be verified in just 60 seconds removing all internal reviews, drastically speeding up the address verification process.
Our technology allows us to take the customer’s latest utility bill directly from their utility provider, from a list of over 3,000 providers worldwide, removing the risk of a fraudulent document being sent in as proof of address.