iDenfy Files Patent for Address Verification Solution That Mixes Physical and Digital Techniques

iDenfy, the global fraud prevention identity verification service provider, has filed a patent for technology that verifies a user’s address data. 

Through the use of its address verification technology, iDenfy hopes to set a new standard for reliability and security, helping businesses combat fraud and prevent document forgery more effectively. The patent, published in 158 countries by the World Intellectual Property Organization (WIPO), introduces a novel method for verifying a user’s address data.

Fraudsters, using forged or altered information, have long been exploiting traditional address verification methods, such as utility bills or other proof of address documents. In many cases, these outdated methods create vulnerabilities, especially for high-risk businesses across industries like banking, increasing the risk of fraud and non-compliance with strict regulatory rules, which require users to undergo more stringent Know Your Customer (KYC) checks, including verifying address data.

In a move to address these challenges, iDenfy’s address verification solution sends a physical letter containing secure credentials to the user-provided residential address. Once the letter is received, the user uses secured credentials to initiate the identity verification process and confirm identity and physical access to the address.

By combining physical and digital layers of the standard verification process, iDenfy’s approach looks to significantly increase the accuracy and reliability of how companies verify their customers’ data, mostly key onboarding information, such as their full name, date of birth, and residential address information.

Domantas Ciulde, the CEO of iDenfy, also says the company’s proof of address verification will help companies eliminate dangers by providing a secure verification alternative, reducing the risk of approving forged address information. “Our new approach ensures that applicants cannot tamper with their address verification,” he explained.

“By sending a physical letter with secure credentials to the customer’s address, we validate access through an identity verification process initiated upon receipt of the letter. This approach sets a new standard for address verification reliability.”

Enhancing fraud prevention across industries

“iDenfy’s method enhances fraud prevention by improving reliability and accuracy, streamlines the onboarding process, increases user success rates, and ensures compliance with regulations. Most importantly, it achieves all this without limiting the company’s ability to scale globally,” Ciulde added.

With applications across financial services, e-commerce, as well as gig economy platforms, iDenfy’s address verification provides a globally applicable solution. This is worth mentioning, as the need for robust proof of address processes has never been more critical.

In the last year, median losses from fraud cases increased by 24 per cent compared to previous years, according to the Association of Certified Fraud Examiners, with fraud still being an issue since the pandemic.

“Our mission has always been to provide unique tools for identity verification,” Ciulde concluded. “This new patent is proof of our commitment to addressing various challenges and building robust fraud prevention strategies tailored to different markets and specific use cases.”