Before onboarding a new customer, proof of address verification is required. Utility bill verification from DIRO may provide real-time address verification by validating data from utility bills, bank statements, government documents, and more.
Because the data is obtained directly from the source, address verification with utility bills is the easiest and most secure method. Utility bills can be used to verify an address in accordance with KYC, KYB, and AML regulations. DIRO uses data from 9,000 utility companies in 195 countries to provide immediate address verification. By simplifying the onboarding process, DIRO improves the customer experience and lowers client drop-off rates.
Utility bill data, bank statements, government information, insurance documents, and driver’s licences are all common ways to verify consumer proof of address.
The use of fraudulent and stolen documents is eliminated with DIRO’s proof of address verification technology. Banks, financial institutions, start-ups, fintech, and other regulated and non-regulated organisations can use DIRO’s online document verification system. With DIRO’s Open Banking API, you can now get real-time data from utility companies and feed it to your decision engine via machine-readable JSON files. For a better customer experience, gain easy access to reliable data.
What is the best way to verify evidence of address?
Opening a new bank account, applying for a mortgage, or signing up for digital banking services all require proof of address verification. Here’s why it’s crucial to have proof of address verification:
Awareness how to show residency and why it is necessary begins with an understanding of the industries that will benefit from it. For organisations such as mortgage lenders, eCommerce retailers, online marketplaces, and online gaming, efficiently confirming clients’ addresses ensures that the customers are who they claim to be.
Other businesses, in addition to finance, demand evidence of address verification. Address verification is also used by online sites that book living spaces, such as Airbnb. Since the outbreak, the amount of bogus bookings on Airbnb has increased. As a result, a number of clients have been duped out of their homes. Due to Airbnb’s inability to verify proof of residence, scammers might offer any house for rent and deceive clients when they try to sign up.
The online rental industry, such as Airbnb, isn’t the only one that asks proof of address. Residence verification is often used by mortgage lenders to ensure that a consumer is who they say they are. Borrowers must furnish specific documentation to lenders for verification in order to reduce mortgage fraud.
As previously said, banks, financial institutions, and FinTechs must verify a large number of papers in order to protect themselves from fraud.
Fraud causes substantial costs to a country’s economy, therefore policies must be followed to reduce fraud. To comply with requirements such as KYC, KYB, AML, and mortgage lending restrictions, you can add verification methods. Following regulations will help you weed out security dangers, reduce risks, avoid legal liabilities, and continue to provide the best possible user experience to your customers.
A basic need for KYC/KYB and AML compliance is the verification of proof of domicile. Although certain locations are stricter than others when it comes to address verification. Where online gambling is legal in the United States, robust proof of address verification is required. Customers and online gaming providers who fail to complete the verification of address proof risk receiving significant fines.
What Documents Count As Proof of Address?
Several documents can be used to verify proof of address in the United States; below is a list of the most regularly used documents:
A driver’s licence is a government-issued identification card that authorises a person to drive a vehicle. A licence provides a person’s name, address, and date of birth in addition to their driving record. It’s possible that the address stated on the driver’s licence isn’t the current address.
According to polls, more than 30 million people in the United States relocate each year. Every state requires you to update your address evidence within 30 days of moving, according to laws. However, most people neglect this criterion, resulting in inaccurate and out-of-date information.
By doctoring the driver’s licence with various technology, fraudsters can easily fool the verification processes. Data such as proof of address is captured directly from the original web source for verification by sophisticated verification technologies like DIRO’s online document verification. This means that even if documents are false, institutions can validate them.
Another government-issued ID that is used for foreign travel is a passport. It also aids in the certification and verification of each individual’s nationality. Passports, unlike driver’s licences, do not have addresses printed on them, but the user can pencil in the address themself. This isn’t a substitute for formal proof of address for government services, although it can be useful in some situations.
A bank statement is a monthly document that the bank sends to each of its customers. The statement contains all types of financial information, such as how much money came in and how much money left. This bank statement can be used to prove your address. Personal information such as name, address, and statement period can be found on bank statements.
Bank statements must be recent or less than 90 days old to be used as proof of address. A bank statement older than three months cannot be used to show the customer’s current residence. Although utilising bank data to verify an address has a number of security concerns.
It is critical for banks, governments, and financial institutions to learn how to verify proof of address in order to give clients with a sense of security. According to sources, requiring customers to provide bank statements as evidence of address resulted in a 30% increase in customer dropout. Customers are afraid to furnish bank statements because they include sensitive information.
Utility bills are the most reliable way to verify verification of address. The procedure of using power bills for DMV and driver’s licence renewal was recently introduced. The entire procedure is now digital.
Utility bills are the most secure and flawless use case of address verification in terms of security and process. Utility bills reveal a customer’s most recent address. People may neglect to update their address on their driver’s licence, yet paying utility bills suffices as proof of current residence.
How to Verify Proof of Address with DIRO?
Proof of address verification is critical for digital transformation and fraud prevention. DIRO’s verification technology extracts information from the original web source and checks whether or not an address is valid.
DIRO’s technology is the only one in the world that can instantaneously check papers, resulting in a better client experience. The solution can be used in a variety of sectors on a horizontal level.
What is the purpose of bill verification?
Because it plainly indicates a person’s legal name, an electrical bill verification is confirmation of their identity. As a result, any business may be certain that their consumer is who they say they are and not an identity thief. The address of your home.
Is it true that Amazon verifies utility bills?
Anyone who registers for a seller central account must produce a utility bill that clearly shows their business name/personal name and address. This bill must have the same name and address as the business for sellers who have formed an LLC. Utility bills are required by Amazon to authenticate a seller’s identification and prevent fraudulent behaviour on the platform. Amazon accepts the following types of utility bills:
It’s worth noting that Amazon doesn’t accept cell phone bills, and all statements must be from the last 90 days!
Getting a utility bill is simple if you live at or own your business address. For many sellers, however, this is not the case, and the utility bill process is more difficult. If you live in an apartment or a rental, for example, getting a utility bill in your name rather than your landlord’s can be difficult. To avoid this, I recommend setting up internet service under your company’s name and having bills sent to your company’s address, which is usually your rental. If your company address is different from your home address, you can provide a service address for your house while keeping your billing address the same.
I recommend Wyoming Registered Agents if you want to register your LLC in a different state and get a company address. You can form an LLC with Wyoming Registered Agents in five to fifteen minutes for $149 up front and $49 each year. When you create an LLC, you also acquire a physical US address in Wyoming for your firm, where mail, such as utility bills, can be sent and forwarded to you.
Can I use a utility bill as proof of address?
To confirm proof of address, each bank will have its own set of documents and standards.
Before applying for a bank account, double-check with your local branch to ensure you have the proper documentation.
When a bank states they accept utility bills as evidence of address, they may have specific requirements for which kind of utility bills are acceptable.
Is it possible to use an electricity bill as proof of address for an Aadhar card?
For both Indian residents and non-resident Indians, the method for obtaining an Aadhaar card is the same. Non-Resident Indians can apply for an Aadhaar card by visiting the UIDAI website and searching for a UIDAI authorised enrolment centre near their home. After deciding on an enrolment centre, the NRI can walk straight to an authorised Aadhaar enrolment centre with confirmation of identity and other required documents. After all of the documents have been submitted, the individual will be asked to give biometric data. Non-Resident Indians who want to apply for Aadhaar must have a few essential documents with them when they go to the enrolment centre. The UIDAI accepts the following documents for this purpose:
- PAN card, Ration card, Passport, Voter ID, Driving licence, government/PSU photo ID, etc. are all acceptable forms of identification.
- Voter ID, passport, ration card, driver’s licence, government/PSU photo ID, gas connection bill, electricity bill, water bill, landline bill, bank passbook, credit card statement, and so on.
- Birth certificate, passport, PAN card, government/PSU photo ID, etc. are all acceptable forms of proof of date of birth.
Is a bank statement sufficient proof of residence?
When it comes to the best proof of address to use and what they consider as acceptable, different banks have varying policies. This applies not only to the document type, but also to whether or not the original copy is required. Some banks will accept photocopies of your legitimate ID, while others will require the original.
While each bank is unique in this sense, there are some evident parallels in terms of the types of proof of address that are acceptable.
Here are the answers to some of the most often requested proof of address questions to help you better grasp what they are:
- Is a bank statement acceptable as verification of address? If the bank statement is recent, most banks will accept it as proof of address. Three months is the standard time frame for relevance. Banks, credit unions, and building societies are the most common recipients of statements. Credit card statements, as long as they’re recent, are also considered a viable choice.
- Is it possible to use a pay stub as proof of address? Some banks will accept your payslip as proof of address if it contains your current address. However, you’ll almost certainly need to augment this with a passport or other kind of identification verification.
- I don’t have any bills, therefore how can I get evidence of address? Obtaining invoices as proof of address can be difficult if you’re new to the nation. Most banks are aware of this and will allow you to submit a proof of address letter to verify your identification. Accepted letters can come from anyone who can legally vouch for you, such as your university, job, or another bank customer.
Which Documents Count as Proof of Address in the UK?
Most banks in the United Kingdom employ the following proof of address examples:
Keep in mind that each bank has its own set of regulations. Find out what they demand to keep you and your money safe by speaking with them.
How can I write a letter of authorisation for billing proof?
I, (Name of person whose name appears on the proof of billing), am writing to authorise (Name of Postpaid plan applicant) to utilise the billing address listed on the attached Proof of Billing, on which my name appears as the owner.
What am I able to use to pay my utility bill?
Electricity, gas, water/sewage, and waste disposal are all examples of utility costs. Other services, such as internet, cable TV, and phone service, are sometimes considered extra utilities, despite the fact that they are now regarded standard in most American homes.