Can Address Verification Stop Unauthorized Credit Card Use?
With today’s advanced technology, we are now able to do a number of virtual transactions. Settling our utility bills, shopping and paying our employees can now be done in the comfort of our own homes in front of a computer on the Internet or by processing a credit card payment over the phone.
But have you noticed that the computer or the agent will always ask for your complete address in every transaction? If you have been doing a lot of transactions by phone or Internet, I’m sure that you have encountered this scenario a number of times. Some of us are getting very annoyed with it because they keep on asking that information even if they have our address on their records. This process is called address verification.
And just to be clear, we really shouldn’t be that annoyed by someone conducting address verification on a transaction. When it comes to matters of financial transaction, this is a very important task that should always be done.
But why is it very important for companies to do address verification? Companies are basically doing this for two reasons. The first one is to make sure that every transaction is an authorized transaction and thus protecting you from account fraud or theft. For example, another person had a hold of your credit card. By the mere possession of the card, he could use it to do some online or phone transactions. However, he will not be able to do that since he will be asked to verify the billing address of the card. Since that person does not have that information, he cannot verify it and thus the transaction will not push through.
In order to verify your address, an agent must receive from you at the time of your transaction your address. They then check it against the address given in previous transactions. If it doesn’t match up they will not allow the transaction.
Some companies, aside from having their own verification system, also use a USPS address verification system. USPS address verification system is an application that is connected to the United States Postal Service. This is a very reliable tool in checking whether the address is valid or is registered on the database. So once the company was not able to verify the address both on their database and on the USPS address verification system, they will totally reject the transaction and make a report about a fraud caller.
The second reason is that they want to have a smooth and good relationship with the client. If you found out that you have an unauthorized transaction on your credit card bill, I’m sure you will contact the company and complain because they allowed this unauthorized and unverified use of the credit card. Thus leading to a discontinuation of business. With the verification system, you are sure that only you and the authorized people can do the transaction.
In short, using address verification will decrease the number of complaints and increase your level of customer service so your business can thrive.
Albert Conner has dealt to establish and design an appropriate system with address verification and USPS address verification for the wellbeing of customers and businesses alike.
categories: address verification,USPS address validation,business software,consumer protection,consumer technology,software
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