iDenfy, a global pioneer in RegTech services, has filed its first patent for an innovative address verification technology.
The patent, published in 158 countries by the World Intellectual Property Organisation (WIPO), introduces a novel method for verifying a user’s address data. It aims to set a new standard for reliability and security, help businesses combat fraud, and more effectively prevent document forgery.
Verification methods
Traditional address verification methods, such as requiring utility bills or other Proof of Address (PoA) documents, have long been exploited by fraudsters using forged or altered information.
These outdated methods create vulnerabilities, especially for high-risk businesses across industries like banking, increasing the risk of fraud and non-compliance with strict regulatory rules, which require users to undergo more stringent Know Your Customer (KYC) checks, including verifying address data.
iDenfy’s new approach
iDenfy’s Address Verification solution sends a physical letter containing secure credentials to the user
The iDenfy’s Address Verification solution sends a physical letter containing secure credentials to the user-provided residential address. Once the letter is received, the user uses secured credentials to initiate the identity verification process and confirm identity and physical access to the address.
By combining physical and digital layers of the standard verification process, iDenfy’s new approach significantly increases the accuracy and reliability of how companies verify their customers’ data, mostly key onboarding information, such as their full name, date of birth, and residential address information.
New standard for address verification
According to Domantas Ciulde, the CEO of iDenfy, the company’s innovative method of Proof of Address verification will help companies eliminate dangers by providing a secure verification alternative, reducing the risk of approving forged address information.
“Our new approach ensures that applicants cannot tamper with their address verification. By sending a physical letter with secure credentials to the customer's address, we validate access through an identity verification process initiated upon receipt of the letter. This approach sets a new standard for address verification reliability.”
Need for robust PoA processes
With applications across financial services, iDenfy’s Address Verification provides a globally applicable solution
This method is highly valuable for businesses. It enhances fraud prevention by improving reliability and accuracy, streamlines the onboarding process, increases user success rates, and ensures compliance with regulations. Most importantly, it achieves all this without limiting the company’s ability to scale globally, said D. Ciulde.
With applications across financial services, e-commerce, gig economy platforms, and more, iDenfy’s Address Verification provides a globally applicable solution. This is worth mentioning, as the need for robust PoA processes has never been more critical.
Robust fraud prevention strategies
According to the Association of Certified Fraud Examiners, median losses from the fraud cases analysed in this year’s report increased by 24% compared to the previous years, with fraud still being an issue since the pandemic.
“Our mission has always been to provide unique tools for identity verification. This new patent is a proof of our commitment to addressing various challenges and building robust fraud prevention strategies tailored to different markets and specific use cases,” added Domantas Ciulde.
