Multiple matching sources can help assure that potential customers are probably legitimate, and not part of a scam or international terrorist group. This can be considered “2+2” identity checking, which could entail as many as four separate means of verifying who a person really is. Rather than checking against one credit file, a business could check multiple sources to assure that name, address, and date of birth (for example) match on at least two or more additional sources.
Fraud is a danger in any business transaction, but is particularly crucial in the financial services industry. Verifying customer identity is central to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The act’s rules specifically note that name and residential address should be verified using reliable electronic data from at least two separate sources, backed up by date-of-birth verification from one data source, and proof that the customer has a transaction history of at least three years from other sources—thus, “2+2.”
Other companies that take orders, provide refunds, or replace any item on request—especially online—must have in place a rigorous way to check a person’s real, authentic identity. And of course, proper identification is important in acquiring and using a credit card.
Identities also can get mixed up through simple everyday carelessness, either by the customer herself or by data entry personnel. Consider:
123 ORANJE ST.
… who is on record as validly purchasing a number of items under that name and misspelled address. This can be changed automatically to::
123 ORANGE STREET
… whose name is on a mortgage deed and light bill. Melissa’s MatchUp uses advanced “fuzzy matching” algorithms and deep domain knowledge of contact data to identify duplicates like this.
There are various types of issued credit, as well as records maintained by the government, telecommunications records, property records, utility bills, and so forth. A vast array of information is available to companies in today’s electronic-data world, literally at their fingertips. Melissa technology can unearth it, and verify identities with 2+2 verification.
In addition to MatchUp, Melissa’s Personator Consumer verifies names, postal and email addresses, and phone numbers in real-time as soon at these are entered into a company’s database. It’s capable of validating a name and match it to a valid address—employing two good sources—for a simple and quick identify verification. It can also update the addresses of U.S. and Canadian customers who have moved for multi-record validation, an important consideration in case a new address doesn’t match what’s on record elsewhere.
Through other Melissa products, you can match a new customer with all the social platforms they use, matched to specific email addresses. Besides offering a marketing opportunity to companies, this provides more electronic data sources for your “2+2” identify verification processes. In short, “2+2” multiple-sourced identify verification can save you time, money, fines from regulators, and lawsuits.