Using Address Verification to Foil the Bad Guys

Melissa Team | Address Check, Address Correction, Address Quality, Address Validation, Address Verification, Customer Identities, Data Quality, Fraud Prevention, Global Address Verification, Global Data Quality, Global ID Verification | , , , , , ,

How an Accounts Payable Company used Data Verification Services to Ward off Transaction Fraud

Fraud prevention relies heavily on how quickly and confidently an organization can determine the customer is who they say they are – a process that’s easier said than done. In fact, 84% of businesses have fallen victim to fraud. Implementing a process to identify your customer is integral to protecting your organization, yet extremely challenging. Imagine trying to take this a step further to verify your customer’s customer. That’s the grueling task that one accounts payable company was up against. The company turned to Melissa’s Global Address Verification for help. Here is their story.

This company offers accounts payable services for other large organizations worldwide. It automates invoice collection, processing, supplier onboarding and global payments – all functions that are highly susceptible to fraud. The company recognized this early on, and determined that financial fraud prevention was a necessity for both itself and its customers.

“We wanted to know ahead of time if any suppliers are giving us invoices with addresses from known fraudsters, or from countries known to be fraud-prone,” the company told us. “We needed a system to validate addresses.”

Faulty Content Information Opens the Fraud Door

Some 20% of addresses entered online contain errors, including spelling mistakes, wrong house numbers, incorrect postal codes, and formatting errors that don’t comply with a country’s postal regulations. Verifying international addresses is even tougher, with a multitude of formats and number of fields varying from country to country. Additionally, verifying address data from around the globe means you must have a centralized reference database for hundreds of countries.

It’s easy to see that for billing and paying, faulty address verification is a critical issue in its own right, potentially resulting in mismatched billing addresses and payment mistakes and delays.

But it goes beyond that. Without adequate address verification, the true identity of fraudsters can be hidden, especially when a company is dealing with multiple addresses in unfamiliar formats. A wide variety of countries are identified by the US State Department as being prone to money laundering and tolerant of suspicious transactions. Companies must verify that addresses are not from known criminals, and need to provide extra screening of addresses from geographic areas of concern.

A Proven Authentication Technology

This accounts payable company adopted Melissa’s Global Address Verification service as a solution for these issues. Global Address Verification authenticates and corrects addresses in more than 240 countries in real-time. The service also formats and standardizes the addresses to that of a specific postal authority’s regulations (for example, the U.S. Postal Service) in a mailing label or database storage format.

By leveraging the power of data sets and the internet, companies can identify a suspicious person by linking a name with a variety of other verifying data. This can involve matching names with phone numbers, addresses and emails. If there are mismatches—and in particular if names and addresses are listed on caution lists—red flags are raised and a company can then suspend financial relations with suspicious persons until more information in acquired.

In the real world, our company under discussion avoided a large part of the fraudulent financial activity on behalf of its clients. As for ROI, how can you measure happier customers who don’t experience the problems they might have encountered otherwise? The company tells us that they’re very happy with this extra level of security, and that their customers don’t have to worry about accounts payable issues from ersatz players with shady backgrounds.

E-Retailers Biggest Mistake – Underestimating Their Data

Melissa Team | Address Validation, Article, Data Quality, Digital Identity Verification, Ecommerce, eIDV, Email Verification, Express Entry, Global Business, Global Data Quality | , , , , , , , , , ,

E-commerce businesses must constantly contend with fraud prevention, customer retention and competitor intervention to stay successful. What if e-retailers already have the tools they need to conquer these challenges at their fingertips? Melissa interviews VP of Marketing, Greg Brown, for his take on how e-retailers can leverage their data for increased ROI, timely deliveries and better customer experiences. He addresses everything from cart abandonment to stolen credit cards in the Q&A – An Executive Conversation published for Internet Retailer. Explore how you can leverage your very own data for more personalized customer experiences, fraud prevention and lead generation.

Hip, Hip, Hooray! The Elephant Gets Addressed Today.

Melissa Team | Address Check, Address Correction, Address Quality, Address Search, Address Standardization, Address Validation, Address Verification, Data Enhancement, Data Enrichment, Geocoding, Global Address Verification, Identity Resolution | , , , , , , , ,

What’s the elephant in your business? Every company has one! I’m talking about the thing that costs you money, customers and insight. Could it be returned mail? How about fraudulent transactions? Whatever the problem, it all stems from one big beast – bad address data. Customer communication, fraud prevention, predictive analytics and ultimately, your bottom line, all hinge on the quality of your address data. Don’t believe me? Allow me to show you.

Curate Creative Communication

The poorest form of communication is none at all. Losing touch with your best customers, unpaid invoices, undelivered merchandise – all caused by an inaccurate address. However, obtaining and maintaining correct address data means you reach your intended recipient. But, it also means you gain deeper customer knowledge. Data appends are designed to take a small piece of your customer’s profile, and create a whole picture.

Let’s start with contact information. From an address, you can append contact details such as full name, phone number, email address and social handles. By adding more contact info, you can create personalized, multichannel marketing campaigns, or reach your customer via their preferred method of communication for higher response rates.

With a single address, you can also access an encyclopedia of information about a single person or an entire household. Using demographics and psychographics, messages can be tailored to fit your audience. Completing your customer avatar also helps you identify the unique attributes of your best customer so you can target prospects just like them.

Fraud-Fighting Fitness

Identity verification is the most important aspect of protecting yourself against fraudulent transactions. This becomes a much faster process with correct addresses. With clean address data, identity verification becomes a matter of quickly cross-referencing name and other contact information to that valid address. With Melissa’s Personator Web Service, this can be done in real time.

Identity verification is integral to any fraud prevention routine. It will hinder money-laundering schemes, identity theft and many other forms of fraud that infect the internet today. Maintaining compliance with KYC and AML initiatives not only protect your organization, but your clients as well.

Powerful Predictive Analytics

Predictive analytics are only possible with clean, correct and current data. Without correct data, business decisions based on faulty analytics could have far-reaching and long-lasting negative impacts. GeoCoder® corrects, updates and appends addresses, then converts that written address into exact longitude/latitude coordinates. This creates a compelling visual map of your customers’ addresses for analytical consumption as well as logistics and marketing.

Once your addresses are standardized and up to date, you can add location intelligence. Geographic information like census tract/block number, voting district or county name with FIPS code, helps optimize route planning and resource allocation, enrich data for analytics, utilities management (water/gas/waste), and risk assessment.

The Bottom Line

77% of companies believe their bottom line is negatively affected by inaccurate and/or incomplete data. Bad address data causes waste associated with undeliverable mail and lost opportunities to connect with your clients. It makes fraud prevention more cumbersome and reliable analytics impossible. Customer satisfaction plummets and too much time is spent correcting errors caused by inaccurate data. Bad data almost always means lower profits.

Name It and Tame It

We encourage organizations of all types to address the elephant in their business. See what’s costing you money, clients or insights. Once you do that, it’s easy to tame it. Global Address Verification is a perfect start. It will verify, standardize and update addresses for 240+ countries so you can increase ROI, reduce fraud and enable better business decisions.

Address Experts

Melissa has been in the business of data quality for more than 30 years. We’re called the “address experts” for our deep domain experience in address management. Our philosophy is this – if you have a correct address, why not know more? Melissa can help with each aspect of transforming your address data into comprehensive customer profiles, fraud prevention initiatives and predictive analytics to drive reliable business decisions. Melissa will help you name and tame your elephant. Call 1-800-MELISSA or visit sign up to learn more, here.

5 Ecommerce Issues You Forgot–And How to Fix Them

Blog Administrator | Address Quality, Address Standardization, Address Verification, Analyzing Data, CRM, Data Quality, Ecommerce, Global Address Verification, Global Data Quality, Global ID Verification, International Address Verification, Mailing & Shipping, Personator, Postal Address Standards, Postal Service | , , , , , , ,

Want to increase conversions, provide
customers with a better shopping experience, and cut down on cart abandonment?
Check out these five ecommerce issues you probably forgot and how to fix them
to solve these problems and more.

1.
The Fat Finger Syndrome

Customers
are terrible at typing–especially when it comes to filling out incredibly small
contact forms on their smartphones. The fat finger syndrome accounts for many
name misspellings, incorrect addresses, email bouncebacks, and invalid order
submissions. To take the burden off the customer, try implementing a
real-time autocomplete
solution. By automatically showing verified addresses and emails as the
customer types, you’ll help alleviate fat finger syndrome and cut down on form
abandonment.

 

2. International
Postal Standards Vary

Did
you know that in Japan, the last name goes first on shipping labels? And in
Canada, the postal codes consist of letters and numbers arranged in a specific
way? Those are just two examples of how address standardization can differ from
country to country. So, if you’re planning to go international, be mindful of
varying postal requirements and make sure you have an address verification
solution that can verify, standardize, format and transliterate. Solutions like
Melissa’s
Global Address Verification do
all of this and more–like adding precise lat/long coordinates to addresses for
40+ countries.

 

3.
Upfront Shipping Matters

Amazon
has shown the way towards better conversions, more sales, and cost-effective
shipping with upfront shipping costs and delivery dates shown at every step of
the order process. Now, you can, too! With
Decimal, a
comprehensive shipping rates manager and delivery dates predictor, you can
provide your customers with calculations for shi
pping
while they shop, without interrupting their purchase. That means more customers
hitting Submit Order without delay.

 

4. Clean
Data Affects Everything

Are
you sure you’re only storing accurate customer data? The data you collect
directly on your site, via call-in orders, through internal systems, and mobile
all need to match to show accurate customer records in order to better know your
customers, increase upsell opportunities, and provide good customer service. By
cleaning data before it enters your database and maintaining it after, you can
ensure that every customer’s name, a
ddress,
phone, and email are accurate and verified.

 

5. Fraud
Costs More than Lost Sales

Let’s
look at some stats–every year, businesses lose $3.5 trillion in revenue to
financial crimes, and 15.4 million consumers were victims of identity theft in
2016 alone. Don’t let fraud and chargeback costs steal your bottom line.
Instead, use an ID verification sol
ution
like
Personator®,
which combs through 2.1 billion records to match name-to-address and verify
that every customer is exactly who they say they are.