There are times when you need to verify your identity and an ID document isn’t enough! You may need to provide multiple documents to authenticate your validation.
After the introduction of a standardized procedure, The proof of address verification process is a crucial part of maintaining security in any business and that is why they want to verify a customer’s proof of address to make sure they are who they claim to be.
If you wish to open a new bank account, get some work done, apply for a loan, or do any other important task, you need two documents:
Basically, a government-issued ID is to verify who you are and the address document is to verify where you live. The easiest type of valid document you can use for proof of address verification (that serves as an identity verification process) is your utility bills. Your utility bills such as your water bill, electricity bill, and telephone bill can be used to verify your proof of residency with ease.
People who’ve moved to a new place/town/state usually don’t have access to the right set of documents immediately. This is exactly where water bill verification comes in handy. So, individuals that have limited access to a new set of documents and other online financial institutions can use their water bills (i.e the water bill online generated copy) for proof of address verification.
While applying for loans, or opening a new bank account, the verification process using your water bill can prove handy in proving your residency. Regulatory bodies have been pushing the use of utility bills for verifying proof of address of customers for a long time now and this is turning out to be beneficial to us itself at such times. Remember, accurate proof of verification process with utility bills can prevent fraud in the financial industry too!
Using water bills for proof of address verification can even help banks or other financial institutes in understanding the spending history of the individual, especially if they’re applying for a loan or anything of the kind. Banks and other entities should be careful while verifying water bills and other utility bills because fraudsters are becoming smarter and smarter every day, and they can edit utility bills to trick financial institutions and cause problems.
Fraudsters can easily steal someone else’s identity and try to conduct several financial activities using the same. It is highly impossible to distinguish between a fake/stolen or a real document with the naked eye these days.
Water bill verification and validation can help customers in opening a new account. With the simplicity and convenience of Payrup – your one-stop shop for online bills payment, you can easily complete your water bill paymentsfrom anywhere at any time at your convenience.
Final Thoughts…
Popular bill payment facilities are available on Payrup!
Payrup has a host of facilities that can all be paid online using our platform.
Choose to make payments for mobile prepaid, mobile postpaid, dth, electricity, landline bills, piped gas, broadband bills, water bills, e-gift cards purchases, cable tv bills, credit card bills, health insurance purchase, housing society payments, life insurance premium purchases, loan repayments, hospital payments, subscriptions, education fees, fastag payments, LPG gas bills, municipal services, and municipal taxes’ payments Payrup has it all covered for our users under one roof.
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