Prevent Fraud
The onset of such sophisticated technology has changed the way we interact and do business. Most transactions take place over the internet through laptops or PDA’s. Being able to pay for anything anywhere can be a great enhancement to our society, but we must be careful with what information we put out into cyberspace.
But have you noticed that the computer or the agent will always ask for your complete address in every transaction? If you have been doing a lot of transactions by phone or Internet, I’m sure that you have encountered this scenario a number of times. Some of us are getting very annoyed with it because they keep on asking that information even if they have our address on their records. This process is called address verification.
Just to clarify, we must not be annoyed if the agent is doing address verification on transactions. This is a very important task and is considered a standard operating procedure in terms of money matters.
But why is it very important for companies to do address verification? Companies are basically doing this for two reasons. The first one is to make sure that every transaction is an authorized transaction and thus protecting you from account fraud or theft. For example, another person had a hold of your credit card. By the mere possession of the card, he could use it to do some online or phone transactions. However, he will not be able to do that since he will be asked to verify the billing address of the card. Since that person does not have that information, he cannot verify it and thus the transaction will not push through.
How does the process of verifying the address work? The agent or the online shop will ask for the billing address. Once the billing address did not match the entries on the system, then the transaction will be declined. This will prevent any unauthorized use of your credit card.
Some companies, aside from having their own verification system, also use a USPS address verification system. USPS address verification system is an application that is connected to the United States Postal Service. This is a very reliable tool in checking whether the address is valid or is registered on the database. So once the company was not able to verify the address both on their database and on the USPS address verification system, they will totally reject the transaction and make a report about a fraud caller.
Such software helps to establish or maintain a good client relationship. By taking active measures to prevent fraud, your customers will feel trust and security in doing business with you. Therefore, their loyalty and usage of your product or service will increase.
When companies use address verification systems and access the USPS database, you can really start to build up a streamlined and effective business and develop quality customer relationships. You can keep doing business and not have to worry about dealing with unauthorized credit cards.
Albert Conner has worked to develop and design an appropriate system with address verification and USPS address verification for the benefit of consumers and businesses alike.
