Every time a person moves, it is mandatory to inform the post office of the new address to get it changed and updated in the database, minimizing confusions, and misuse. Change of the place sometimes becomes a necessity, this can be caused by transfer of office, search for employment, acquisition of quality education, hiding and faking of identity. There are multiple platforms which help in making fake documents that aid in keeping the original identity secret. This can be overcome by using address verification services which identify as well as authenticate the documents. Many industries including real-estate need such tools to verify the buyers and also to identify the people who are using fake addresses. As per FTC.gov there is a colossal increase in identity theft from 2019 (23,213) to 2020 (406,375), revealing that information was misused for legal frauds such as applying for governmental benefits, unemployment insurance for instance.
‘Address are the particulars or coordinates of a place where someone or something is situated.’
Indications of Becoming a Victim
There are signs that guide you towards the fraudulent activity but for that you have to be vigilant enough to identify them. “Fraudster’s greatest liability is the certainty that it is too clever to be detected (Louis J. Freeh)”. As per Department of Director General of Lands and Mines (Malaysia) 2020, there is a rise in the land transfer fraud cases from 71 to 76 from 2010 to 2019 respectively.
Credit Card Fraud
Credit card bills are supposed to come by your registered mailing address. The fraudsters steal the information or get it changed in the system and by this they can easily steal your credit card details and cause you loss of wealth. According to the Federal Trade Commission’s Annual Data Book of 2020, the most of the frauds were credit card frauds making up a total of 459,297 in 2020, increasing from 271,927 in 2019 (44.6%).
Some fraudsters use fake addresses to open an account in a bank or on online platforms intending to misuse your identity. If you receive a mail or notification regarding this, you need to call your bank or the respective bank. This is most often done to avail loans by making fake documents and claiming the fake ownership.
Illegal Transfer or Selling of Property
Illegal transfer and selling of property is the trending fashion nowadays. Fraudsters prepare fake documents of the ownership as well as transfer papers. It’s better to do a back-check and get the documents verified before making the payment. To do so, help from online verification tools can be taken to verify the documents within seconds.
Measures to be Taken
To prevent yourself from frauds, you need to build a wall around you by taking preventive measures which includes updating your living status and getting your original documents verified which will enter your original details in the database. Along with this the information should be updated from time to time with updating of the documents and keeping a track of your activities. After all this, if the fraudster somehow manages to perform identity theft then a complaint should be immediately registered to inform the authorities about the movement. Another measure can be shifting the physical mailing method to online mail, especially the ones that have your personal and confidential details. While opting for ownership proper identification of documents should be done by scanning them. This threat can be more minimized by using real time address verification solutions which provide instant results. These tools have data from more than two hundred countries and support more than one-fifty language to make it accessible by most people. In addition, their know-your-customer (KYC) and know-your-business (KYB) feature makes it easy enough to identify and authenticate people you’re dealing with.
Frauds and fraudsters have existed since the world came into being and they are here to stay. They cannot be completely eliminated; rather, measures can be taken for prevention. Incorporating strong and reliable systems and use of such tools can help a lot. As per stats, there can be seen increases and very less decreases in the ratios of the frauds, may they be credit card ones or address theft ones. The main benefit behind all this is monetary benefit without working. Addresses should be verified and so from authentic sources. Online tools have very much minimized the hassle.