Digital frauds are radically different from scams seen in brick and mortar
businesses. Any business needs to take measures to protect itself from
fraud. Stolen identities can be used to commit a variety of crimes causing
damage to the business. A data breach has exposed every type of business
and merchant to such crimes. The best way to mitigate such crimes is to use
real-time identity verification tool. It will help the businesses to
prevent loss and will also improve their customer onboarding experience, as
the real-time face and biometric verification are very popular among the
consumers. Here is how online id verification
software is fighting back different digital frauds in online marketplace:
Underage Persons Accessing Age Restriction Websites:
Online marketplace has many threats to fall prey to many online scams. Age
verification is vital for accessing any sites or purchasing many goods but
often fake ID cards are used by the underage people to get liquor or to
access an online gaming site. The businesses unknowingly commit a
non-compliant act and have to face penalties for that. Online business
websites are integrating an online identity and age verification solutions
into their systems to fight back such fraudulent acts.
Online Fake Merchant Fraud:
The businesses are initiating and maintaining B2B relations with online
businesses across the globe. Such business opportunities are generating
revenue but also exposing the businesses to the fake merchant frauds. The
fake merchants can cause revenue loss, credibility loss and loss of company
value in the market. The businesses that have B2B relations with the
terrorists and money launderers posing as merchants come under the strict
scrutiny of the regulatory authorities. Hence the businesses must perform
in-depth
person identity verification
of their merchants and stakeholders.
Identity Theft Fraud:
It is one of the most common types of fraud. In this case, fraudster
carries out an online purchase using a different identity. This enables the
fraudster to order items online under a false name and using someone else’s
credit card. Identity verification services can mitigate this fraud right
from the root, saving your business.
Friendly Fraud:
Also known as Chargeback Fraud, it occurs when a consumer makes an online
purchase and then claims his credit card has been stolen and asks for a
chargeback after receiving the purchased goods or services. This type of
fraud can be avoided using digital identity proofing services, for
instance, facial liveness detection at the time of purchasing an item.
Credit Card Fraud:
Fraudsters often make online purchases using stolen credit card details.
Sometimes they may be in physical possession of the card, other times they
could have gained all the information electronically. The moment the
transaction is concluded and payment approved, the business is responsible
for ensuring that the customer was who he said he was. The card owner may
seek reimbursement to the Company equal to the amount of the payment. This
fraud can also be avoided using an identity verification solution when a
person is buying online.
Perks of Using Identity Verification Services:
Apart from mitigating the fraudulent activities as mentioned above identity
verification services have many other benefits for the online business
adding cherry on the cupcake here is why you should be looking at identity
verification tools for your e-commerce website:
Reduce Shipping Error:
Identity verification makes your shipping operation more accurate and
efficient. By verifying a customer’s shipping address, you eliminate
sending orders to the wrong place, which causes unnecessary delays and
angry customers. Using
identity verification services
ensures customers receive packages at the right address while reducing
shipping costs and time spent on customer support inquiries. It also helps
build the trust of the customers.
Make Online Ordering Convenient:
One of the leading causes of shopping cart abandonment is the complexity of
many online shopping cart systems. Customers often need to input
information multiple times. Using identity verification technology you can
give your customers the opportunity to scan their information directly into
the system, paving the way for quicker, more accurate transactions. This
saves customers time, increases sales and reduces customer support costs.
Make Mobile Transactions Safer
With more and more customers using their smartphones and tablets to make
purchases online, it’s more convenient to provide solutions to identify and
protect users on the move. Identity verification solutions can eliminate
unnecessary typing for mobile users, while accurately identifying each user
for secure, trusted mobile transactions.
Easily Implement Compliance Requirements:
Whether you need to verify the age of your customers or comply with growing
state and federal regulations, identity verification is an important step
in the process, allowing you to cover your bases while preventing potential
lawsuits.
Increased Security:
Identity solutions are a great tool to instantly enhance the security of
business by authenticating visitors in real-time.
Better Relationship:
Online verification eliminates the annoying pile of paperwork making the
business one step ahead and more customer-friendly. Customers will
appreciate your attention to safeguarding their identity, building rapport,
and brand loyalty.
Stand Strong in Competitive World:
If the agency publicizes their use of electronic verification systems to
help with ID scans, that gives client confidence and peace of mind that all
the candidates have been verified consistently and are who they say they
are. Many of customers widely communicate their use of ID verification
technology, both to highlight the technology as a competitive strength
against other agencies and also to deter anyone who may consider applying
for roles using fraudulent documentation.
Without further ado, it will not be an exaggeration to say that online
identity verifications can not only fight back different frauds and threats
but can also increase the profit of the business. It also helps in
fulfilling KYC and AML regulation for the business. Digital identity
verification is verily the right thing for any business to kill the frauds.
It is always strenuous to enter data without errors, so doing this
digitally eliminates all these possibilities and streamlines the process as
according to that provided information