In that case, a document verification check to analyze age and identity and a geolocation check to determine the exact location could be the right solution. Customers have to locate, scan and send pages of documents in the required format. What should be an instant onboarding experience ends up taking days (or even weeks) due to manual checks and processes. As there are many document types and providers, document review standards can vary widely, creating possible failure points due to forgery or theft. In an era of instant gratification, relying on manual checks of physical documents is inefficient and better processes need consideration.
A new customer wants to sign up and start using the service quickly. They don’t want to start going through files to find a document, send it in, scan it properly and then wait for acceptance. One survey discovered that 50% of application drop-offs were due to asking customers to produce identity documentation. Consider how many different types of services could offer residency evidence. Depending on the use case, there might be thousands of potentially acceptable documents and little to no similarity or guiding principles to base decisions on. Restrictions like these might result from legal or regulatory requirements, or they may instead be company policies.
Living in the USA, most people regularly interact with the government and other essential organizations. In dealing with these entities, in some instances, there is a need to provide proof of identity, often including proof of address. For example, you must provide these documents to open a bank account, obtain social security benefits, or register to vote.
How to Get Proof of Address Quickly (AKA Proof of Residency)
Also known as proof of residence, it is required by banks as a security measure to make sure that you are not lying about where you live. Note that financial statements used as proof of residency must be pre-printed by a financial institution, rather than from a home printer. See our related research for information on providing residency if you live with your parents and don’t have any utility bills. We’ll tell you about all the documents you can use, plus the quickest way to get those documents if you don’t have any already.
Assuming that you’re all up to date notifying everyone of where you now live, here are some tips for getting hold of the right paperwork. Wise is the new and clever way of managing money for people with international lives. Alternatively, you can also make a request for a paper copy online and then wait for it to arrive at your doorstep before going ahead with your application.
Be certain to bring that document along when you are ready to open an account. Perhaps, due to your regulatory requirements, you do need a document. In that case, collecting the document to satisfy requirements is a given, but the actual address check uses one of the technologies mentioned above. This approach would likely meet requirements, speed up the check, and provide additional location analysis and fraud prevention measures. Every organization requiring proof of Address needs to examine its legal requirements, risk strategy and operational considerations. Understanding what is best for your customers and your organization requires determining what technologies are appropriate and how to integrate them into a holistic solution.
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It also ensures the relevant authorities know where to find you should the need arise. For instance, to check on your welfare and security or legal matters, holding the address enables these actions to take place. It is always advisable to check with your local bank to get detailed information on which documents are valid and the rules they follow to authorize proof of address. Each bank will have a specific list of documents and rules to validate proof of address. From there, you can download a PDF, or order a paper version by mail. If you are looking to open a business bank account, then the list of documents required will be different.
It could also serve as evidence that you’re a resident in the USA, or in a particular state. For some important official tasks, like opening a bank account or registering at the DMV, you may well be asked for proof of address, otherwise known as proof of residence. Proof of address is an extra layer of security to make it harder for criminals. For example, no one wants someone to pose as them to obtain a loan from a bank.
- Wise is the new and clever way of managing money for people with international lives.
- From there, you can download a PDF or order a paper version by mail.
- Chances are, you’ll already have some proof of address, even if you don’t realize.
And potentially, you’ll be asked for two different pieces of proof of address. For more insights about life in another country, make sure to check out our blog. You’ll find a selection of articles put together especially for people living and working abroad. If all else fails, you can get hold of a proof of address online through a service or company you already have a history with. Some banks will accept a document in a relative’s name as long as you can prove your family relation.
For instance, it is the norm for banking institutions to ask for 2 confirmations of address. However, some establishments will not allow ID to be used as proof of residence. You will need to provide other documents, such as a utility statement. Your bank statements and credit card statements will, of course, have your address on. If you use these as proof of address, they should be no more than three of four months old.
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Political migrants will have government documents to act as proof of address. Fewer documents are available to newer people compared to established US citizens and residents. But anyone living legally in the country will have sufficient evidence to prove their address. Most utility bills, credit card statements, and lease agreements are acceptable proof of address for more institutions.
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Traditionally, providing Proof of Address is a manual, cumbersome process that delivers a poor account opening experience. Relying on manual checks to verify residency documentation introduces the potential for human errors and creates unnecessary friction and delays for customers. When you move abroad there are a number of logistical things you’ll probably need to arrange before you can start your new life. This is a document that has your full legal name and address printed on it — but not just any document is sufficient.
Rather than proving your address, they prove that you are who you say you are via face recognition to prevent fraud. Though not crucial as forms of id such as a passport, proof of address is important. It is an absolute requirement for banking or dealing with the government. But fortunately, many forms of address documents are recognized and available for you to use. Hence, many US citizens and residents can quickly gather the documentation required to prove residency.
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If you have a vehicle registered in your name, you can use either your registration card or insurance card to provide proof of address. By clicking ‘Continue’, you will leave our website and enter a site specific to making your loan payment via a debit card or electronic check. The information provided in these articles is intended for informational purposes only. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.
There are several ways to provide location evidence, including a proof of residency letter (Affidavit of Residence). However, the most common way to help prove location is by giving documents that indicate the address, the dates of service and the person’s name on the account. Your bank might not send you paper statements each month, but the chances are good that you can now get a PDF statement through online banking. Do that, print it off, and hey presto – you’ve got your proof of address. Yes, there are some online financial institutions that allow customers to open a bank account without a proof of address – all thanks to technology.
In Proof of Residence situations, services are only available to people who reside in a particular area. For example, governments often limit access to services based on where they reside. Proof of Address provides evidence that a person currently lives in the specified area and has maintained a residence there for a prescribed time. Proof of Address is another strong data point for identity verification purposes.
For instance, they might need to be less than a year old, or less than three months. Your passport, for instance, doesn’t have your address on – so it’s proof of ID, but not proof of address. To help you get started, and manage your new life abroad more easily, we’ve written this article to clarify the ins-and-outs of proofs of address. It will explain what qualifies as a proof of address, and where you can access them. If you live in Hong Kong, the UK, or Singapore, be sure to check out our related articles below to see the requirements for each country.
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As an additional risk-mitigation layer, it verifies a person receives services at an address. Matching that information to data acquired through identity proofing provides more evidence that the person exists and is who they say they are. An address is a vital identification attribute to verify a person’s identity. Banks and other organizations often ask for proof of residence as a security measure. It helps them confirm that you’re telling the truth about who you are and where you live.
One standard process in identity verification is the use of address verification. In financial services, some offerings are only available to residents of that jurisdiction, or participation is otherwise restricted based on where the person is. For example, cryptocurrency exchanges in Europe might not want to accept U.S. customers to avoid sanctions by the SEC for dealing in unregistered securities. Or people living in sanctioned countries will require additional due diligence procedures, and Proof of Address can help ensure these people go through the correct checks.
Geolocation can offer a solid signal to understand the precise location. Depending on the use case, this opt-in information helps stop potential fraudsters or out-of-area applicants from ever becoming a customer. Using geolocation information from GPS or MNOs makes the data difficult to forge or alter and offers a proximity indication, which is generally precise to within 125 meters. Note, that the success of this type of match relies on up-to-date address information in those databases being queried.