Hackers have become progressively smarter over the years. Businesses need to stay one step ahead of them to safeguard themselves and their customers. One of the ways to do this is to carry out address validation by implementing a robust address verification API in your software.
What exactly is an address verification API?
An address verification API (or application programmatic interface) runs a programmatic check to confirm if an address actually exists in a database that contains addresses. If the address being checked is present in the database, then it is a "valid" address. Address verification APIs can process a vast number of addresses quickly and in real-time.
How can hackers get access to sensitive information in your systems?
There are many ways that hackers can obtain sensitive information from your business. Some of these can happen due to mistakes made by you or your employees. Some of these mistakes are:
1) Not updating your servers or software.
Without the latest updates and patches installed on your systems, hackers can get access to your internal systems. The next step for them is to steal sensitive customer data and use it for their own nefarious purposes. A hacker attack takes place every 39 seconds. So, as a business, it is vital for you to update your software and servers on a regular basis.
2) Sharing customer details in an email or during a live chat.
Live chats, emails, and text messages can be hacked easily. Hackers can access the information and use it for their own purposes. You should train your employees never to reveal private customer information over communication channels such as email or chat. It is also vital for your employees to verify that their chat sessions take place with genuine customers.
3) Not implementing card and address verification
Some companies do not implement card and address verification before processing orders. Hackers can use such a loophole to place fraudulent orders, causing losses to your business. You should always verify identity and addresses before processing any orders. One way to do this is to check for the card's CVV value, which is present on the backside of most credit cards. Implementing card validation in your systems is another essential way to protect your business.
How can address validation protect your business?
Businesses can reduce fraud by interacting only with addresses that are legitimate. Hackers and scammers can use unoccupied homes as delivery addresses and place fraudulent orders with you. By implementing address validation in your systems, your business will get notifications about any such fraudulent orders. You can then take appropriate steps to handle the situation. Address validation is an integral component of KYC processes for the financial and gaming sectors. Businesses can prevent fraud by serving legitimate customers only.
In summary
Running a business has a lot of challenges. One of them is to ensure that you are not attacked by hackers. Apart from updating the software you use, uniformly implementing address verification across your systems can help protect you from being victims of fraud and suffering business losses.
