The digital world is growing faster than ever, around 4.8 percent of new users come to the digital world annually. According to Datareportal 4.88 billion people which makes 62 percent of the total world’s population use the internet in October 2021 and it is growing rapidly and continuously. The address verification becomes a must-go process to make this rapidly growing digital world safer. The number of online users is growing every day around 222 million come over the internet in the last twelve months. In the Covid-19 pandemic, the e-commerce industry has grown significantly. People found online shopping easier and safer in the pandemic, and over 2 billion people purchased goods from the e-stores. But with all this, the challenges have also risen up like online frauds, identity theft attacks, false chargebacks, and vulnerable online address verification systems used by different e-stores. According to Chargebacks911, the volume of chargebacks will reach 615 million dollars in 2021 and it is expected that the average cost of a chargeback will be 191 dollars. And the main reasons for the chargebacks are unauthorized transactions, loopholes in verifying an address.
People are now very much convinced that the future of online business is bright and they are investing heavily in the e-commerce industry but they do not take precautions against fraudsters and online scammers who are very clever to explore loopholes and they can damage the business heavily, they try different techniques and they develop different tricks to bypass weak identifying systems. A system to verify the address of the customers is very important for the businesses working online to stay safe from false chargebacks and fraudsters. Because sometimes fraudsters order some products in abandoned places and after some time they file false chargebacks saying that the product has not been delivered to them. And sellers are stuck in a place where they can not do anything because they do not have proper address verification systems. Proper online address verification is very important because buying something online has become easy. Sometimes kids use credit cards without their permission to buy products online and when the parents come to know about the transaction they tend to file chargebacks.
After the pandemic the internet has become necessary for the kids they take their classes online they play different games online and parents allow them because want to protect their children from the virus but with access to the internet, kids tend to explore different types of content available on the internet they can found different products which can attract them then they try to buy those products with the cards of their parent and the dangerous thing is that they don’t know where they should avoid entering the credentials of the card and at they lose the credentials to the fraudsters and scammer which are ready to exploit because of this their parents can lose a lot of money. Online address verification is very important for both customers and for the people who are running online businesses to avoid false chargebacks, fraudsters, and criminals who are ready to exploit.
An Online AVS(address verification service)
Online address verification service is a mechanism that is used to verify the address of the users before they perform any transaction to buy any product. It is very important for online business holders to onboard legitimate customers to avoid delivery-related frauds and for this address verification is very important.
How it works.
At the first step, systems ask the user to upload a photo while holding an official ID to match the ID photo with the original one at once. In the second step, the user is asked to upload a secondary ID having a residential or business address, and this id is used to verify the address of the user. Then the system extracts data and analyzes the information related to the address and verifies it.
The biggest use case of address verification is in the e-commerce industry because it is very important to have legitimate customers onboard and avoid fraudsters. And if you want to target a specific area of any country or city address verification will be ideal to verify the customers of the targeted areas.
With the growth of the digital world, it is important to have a mechanism that can make it safe for the users. It becomes very important to stay safe from fraudsters and criminals because they harm you monetarily and mentally as well. An effective address verification system is needed to make the digital world safe.