When applying for FHA, VA, USDA, and conventional loans, you need to verify your identity and provide proof of address. Without a valid proof of address, you cannot access the services of such online payment platforms. Payoneer requests documents from users to verify their identity, address, source of income, and business. You need to provide a government-issued document that proves your residency. When opening an account, no banker will “take your word for it” when it comes to your address.
But other industries also ask for these documents.
What industries need proof of address verification?Īs mentioned earlier, financial institutions and government agencies require verification for proof of address documents. So, find out the law of the land and abide by them. However, countries like Hong Kong don’t mandate that citizens provide proof of address to access services. US citizens must apply for a change of address within 30 days of moving to a different locale. As a result, every financial institution, government agency, or payment management platform should mitigate these risks by using proof of address verification.
The digital world is fraught with fraudulent activity and various forms of identity crimes. Although most of these fraud cases were related to COVID-19, 53% of respondents still complained about fake proof of address bills.Īnd this brings us back to the necessity of fake proof of address verification. Similarly, the Federal Trade Commission received over 2.1 million reports of fraud in 2020 alone. This constant movement of people makes it difficult to track every citizen’s location or residency. Census Bureau, 14% of the people living in the U.S. But before we dive into the topic, let’s go through some numbers.Ī report by the Alte Group estimates potential losses of around 721.3 billion USD from fake proof of address and other identity fraud cases.Īccording to the U.S. Now that you know what qualifies as proof of address, we can explore why it is necessary. Besides, proof of identity documents must have your picture, while a proof of address document mustn’t contain your image. Proof of address differs from “proof of identity” in the sense that one confirms your residency while the other proves that you are an actual living entity. The issuing authority with the corresponding logoīanks, payment systems, credit unions and other financial institutions request proof of address as a security measure to confirm that you are not lying about where you live.The date of issue (and expiry, if applicable).Your full name similar to other government-issued documents.Proof of address is a document that verifies where you live - a proof of residence. Everything you need to launch your ewallet product Learn more What is proof of address?
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