-- iDenfy, a leading RegTech company best known for its wide range of verification tools, announced the submission of its first patent application for an advanced Address Verification system. The new approach has been released in 158 countries by the World Intellectual Property Organization (WIPO), providing an alternative way to verify address information. iDenfy’s patented system is based on sending physical letters with addresses and the customer’s credentials, which sets a new standard for verification reliability.
Using bank statements or utility bills as verification of address is becoming a less and less trustworthy way to determine who is really using an account. With artificial intelligence and different AI-powered tools in the market, according to iDenfy, even less skilled fraudsters can now alter text and images, creating new, synthetic identities and providing forged documents. When it comes to Proof of Address (PoA) checks, Domantas Ciulde, iDenfy’s CEO, explains that “Fraudsters have developed sophisticated techniques to counterfeit or change these documents, especially for businesses that face serious risks due to the inherent vulnerabilities.”
As a result, the iDenfy team aimed to create a new alternative based on digital identity and more traditional verification methods. The new and now-patented Address Verification service uses a two-layered system. First, the user is asked to send a physical letter with their information, and then they will need to complete the standard remote ID verification flow.
“By sending a physical letter with secure credentials to the address provided, we validate access through an identity verification process initiated upon receipt of the letter,” said Domantas Ciulde, the CEO of iDenfy.
In contrast, inaccurate address verification puts these businesses at risk for fraud and affects their compliance with stringent regulations, which could result in penalties and ruin their brand reputation. With iDenfy’s dual approach, using physical letters for verifying address data and then asking the user to complete a biometric check or selfie verification, both address information and standard onboarding data, such as the user’s full name and date of birth, are cross-referenced to see if the information is correct, matches both the PoA document in the letter and belongs to the rightful owner, or the person who’s later completing the biometric verification simply by using their smartphone device.
iDenfy’s digital software is fully automated, which means the end-user experience is simple, secure, and efficient. This is important, as Domantas Ciulde reassures that most of iDenfy’s partners come from high-risk regulated industries with strict compliance rules as well as high user experience expectations. Partners prioritize scalability and the ability to build trustworthy relationships on a global level. This approach minimizes fraudulent attempts to bypass Know Your Customer (KYC) checks. Forging physical documents is a more complex process, especially when there are a few verification steps that need to be completed. “Our software ensures that fake or altered documents are detected in real-time and that the person who’s sending the letter with their credentials is the same person who then completes the verification on their smartphone device,” added Domantas Ciulde.
The uploaded data is then meticulously compared against trusted databases, with human supervision ensuring the highest accuracy and authenticity. Depending on the business and its compliance regulations, iDenfy offers customization options tailored to increase security for the PoA verification process. For example, users can be asked to log into their utility provider or financial institution accounts to further confirm legitimacy. This enables the organization to extract address data and verify it directly from the source. It also minimizes fraud and increases transparency in the address verification process.
By connecting with over 9,000 utility providers worldwide, including sectors such as electricity, water, telecom, and natural gas, businesses can verify addresses in more than 190 countries, ensuring regulatory compliance without losing time efficiency. Supported PoA documents often include bank statements, credit card statements, utility bills, residence permits, insurance statements, tax documents, payroll statements, and residence certificates. This multiple-step approach significantly enhances address verification reliability and ensures that only genuine, up-to-date documents are no older than three months.
It’s worth noting that, according to the Global State of Scams Report 2024, global customers have lost an astounding $1 trillion to scams in the last year alone. Due to the growing importance of the Internet and remote transactions in the global economy, the risks of fraudulent activity have increased dramatically. iDenfy’s newly patented Address Verification solution aims to combat fraudsters who manipulate documents and create forgeries to commit serious crimes, such as obtaining large loans with no intent to repay.
About Us: iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Winter 2024 report as one of the leading identity verification solutions in the market and the best AML software provider. For more information and business inquiries, please visit www.idenfy.com
Contact Info:
Name: Aurimas Kybartas
Email: Send Email
Organization: iDenfy
Phone: +37067644539
Website: https://www.idenfy.com/
Video URL: https://www.youtube.com/watch?v=je1oqkbj7Uo&t=3s
Release ID: 89149803
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