How to Know Customers Are Who They Say They Are
In 2015 alone, 62% of companies were targets
of payment fraud. As customers increasingly conduct their financial affairs
online and via mobile devices, risk management and fraud prevention become more
and more difficult. So, how do you know customers are who they say they are?
Short of reaching through the computer,
tablet, or smartphone screen and verifying a customer with your own eyes, there
are a plethora of ways that help you better know your customer, manage risk,
and even prevent fraudulent transactions.
Age & National ID Verification
The first step to customer authentication is
to match a customer’s national ID (for example, their social security or
driver’s license numbers) and date of birth. Better authenticate a customer’s
ID documents and simplify compliance with any age restrictions or purchase
laws, while improving customer service at the same time. Instantly verify that
the customer purchasing your age-restricted goods is old enough to legally make
The second step is to match name to address to
confirm the person buying your product or service isn’t giving you false
information. Personator leverages a comprehensive dataset containing billions
of records to confirm and match current names and addresses with the highest
degree of accuracy. Our powerful, real-time tools and services help you achieve
entity resolution and compliance, as well as better know your customer and
reduce, or even eliminate, the need for manual review.
Address Correction & Formatting
Next, you’ll want to add in what’s missing
from customer data entry, legacy systems, sales input, and anywhere else your
records come from. Add missing street suffixes, state/province/administrative
area info, and standardize addresses to specific country formats using Advanced
Address Correction (AAC) to verify that addresses are accurate and deliverable
to real locations.
Contact Data Validation
Validation concerns more than just a name or
address – it needs to look at all aspects of people data, from names and
addresses to phone numbers, email addresses, geocodes, IP locations,
demographics, and more. Determine that the given postal address for every
customer is deliverable, the email address exists, the name associated with a
mobile device and whether the phone number is active and callable, and the
given name is in a valid format. You can even trace customers with geocodes and
IP locators to manage risk and ensure compliance.
Melissa’s Personator® World Edition can
help meet all of these needs. Personator is a customizable web service that
fits all your ID verification process and risk management requirements. It can
help optimize onboarding and fraud detection in Ecommerce, AML Compliance,
Customer Due Diligence, Card Not Present, Know Your Customer (KYC), and
Try Personator free for 30 days to see how it
can transform your business’s safety and compliance.