Why Is Proof Of Address Verification Process Necessary In Today’s Digital Times

Too often, the legitimacy of proof of address verification is indistinctly defined; still, it is one of the basic requirements to manage charge back, without the threat of fraudsters and improve customer experience.

Whenever an individual wants to make an account or make any sort of transaction, there’s always a need to submit documents of proof of identity and proof of address. Generally, financial and many other non-financial institutes ask for these commonly requested documents to check a person’s identity and to comply with government norms.

But, it is not as simple as it may sound to you. Over recent years, the falsification of proof of address has come up as a major concern in India. Such cases are on the rise today. However, in order to put such these things aside, there have been many changes made by the administration and RBI (Reserve Bank Of India). Today, there are certain documents that can be accepted as proof of address verification, and surprisingly it is resulting in a big drop in such issues.

Documents Those Are Acceptable For Address Verification

Based on a certain type of business and the jurisdiction, there might be some changes as to what can be accepted as a document of address verification and what not.

Common types of documents for the proof of address verification

In this, we are highlighting some of the most common examples a business and financial institution can accept as valid proof of address.

·     Utility bill – well, the utility bill can be for anything, be it for electricity, gas, water, internet, but if it should be considered only if it is older than three or four months.

·       Bank statement – A proper, detailed bank statement, along with the name of a person and date of issue, can also be considered as a proof of address verification. However, in this case, too, a bank statement shouldn’t be older than three months or more.

·        Credit card – a credit card statement with your name and address mentioned on it.

·        House purchase deed – it can also work as a valid proof for the address verification purpose.

·     Letter from a known and recognized authority or public branch – this can be any government-issued correspondence.

·        Employer’s certificate – even this works as a great residence proof many times.

·      Lease agreement – a proper lease agreement, having signatures of landlord and tenant also works as great address proof for verification.

Different financial institutes, insurers, management firms, and other non-financial institutes can ask you for any of these above-mentioned documents, depending on their need. Nevertheless, there are a few more options you must know about.

Other Proof Of Address Examples

Well, the mentioned below some other proof of address verification examples. Check them out –

·         Aadhar Card

·         Driving License

·         Passport

These ones are the most commonly asked ones. So, make sure to have them with you too.

Final Thoughts

Well, not to forget these methods have been mandated by the government to ensure everybody’s safety so better all should comply with them and their norms. If you wish to integrate any such smart addition into your business, to make the verification process in your business workflow a bit easier, prefer talking with some professionals.