Government regulatory bodies such as the CFPB and OCC mandate specific times, dates and content for financial communications. Additionally, they require proof of mailing. Failure to comply or be prepared for audits can result in unforeseen regulatory fees.
If your document services vendor is properly tracking your mail, you will be better prepared for compliance audits. Alternatively, if your document services vendor falls short on mail tracking, you will not able to adequately provide information on if and when a customer receives a document, as well as the content of that document. As a result, you would be putting your business at risk for fines, legal fees and customer litigation.
According to the Federal Trade Commission, 40% of identity theft victims cited stolen USPS mail as the source of personal information taken. Thieves and scammers take advantage of an organization’s inability to properly track mail over a length of time, taking possession of personal data and mail offers. One of the most common scams mentioned, change-of-address fraud, involves an identity thief asking a financial institution to send a replacement debit or credit card to a “recently changed” address. What happens next? The customer’s account is depleted by the thief, resulting in an unhappy customer and a hard hit to the organization’s bottom line.
Benefits of Mail Tracking
Mail Tracking serves as the audit point for outgoing business-critical documents.
- Increase speed-to-pay
- Identify when documents are sent
- Reduce phone calls to customers about their payments
- Improve customer relationships
- Save time and money on return mail efforts
- Improve cash flow management
- Decrease litigation and attorney fees
- Minimize risk of fraud and identity theft
- Improve supply chain management
The Solution: Follow Every Mailpiece from Insertion to Delivery
Lanvera’s Mail Tracking provides visibility into each business-critical mailing as it enters the mail stream.
- Integrates with the USPS Intelligent Mail® barcode
- Presorts mail and provides full visibility on letters and flat envelopes during their inbound and outbound flow through our processing
- Combines all pertinent data into a single barcode for 100% accuracy