Precision Address Certification from Loqate, a GBG Solution, Accelerates Identity Trust, Cuts Costs and Drives Operational Efficiency
IDology, a GBG company, announced that ExpectID, the industry’s leading identity verification and anti-fraud platform, will integrate leading-class address verification intelligence from Loqate, the premier provider of global address verification and geocoding technology. Bringing together Loqate’s high-quality address verification data with ExpectID will give customers the improved ability to identify suspicious transactions faster and also provide transparent, actionable information for improving operational performance by verifying consumer addresses, reducing failed deliveries and lowering return costs from non-deliverable address information. The solution is currently in production and available to IDology customers.
“The delivery and integration of this critical data feed capitalizes on the synergy among businesses within the GBG family and will provide customers with powerful, full-spectrum visibility to facilitate trust and quickly authenticate identities of their customers to propel business forward,” said John Dancu, CEO of IDology. “This also demonstrates our continued commitment to innovate and advance our platform, helping customers deter fraud and approve more legitimate customers faster without friction. The differentiated value from this addition is an even better, faster end-user experience, providing potential cost savings from chargebacks and call center costs related to non-deliverable addresses.”
Data Reveals Importance and Effectiveness of Address Validation for Verifying Customers
IDology’s 7th Annual Fraud Report found that 80 percent of companies surveyed believe accurate address validation is “extremely or very important” to the identity verification process. According to customer data, organizations using Loqate’s technology increased efficiency of back-office systems, lowering address errors by 70 percent.
“Layering strong location intelligence data with a comprehensive mix of identity attributes is becoming increasingly important for companies across the globe to successfully onboard new customers, identify fraud and reduce costs,” said Shirley Inscoe, senior analyst at Aite Group.