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Identity Verification Service: A Counter-Fraud Technology For Online Businesses

New IdentityTheft Scam

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:

The 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 Recognition 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 a cherry on the cupcake here is why you
should be looking at identity verification tools for your e-commerce website:

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.

Identity solutions are a great tool
to instantly enhance the security of business by authenticating visitors in
real-time.

         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

Source: on 2019-10-18 01:48:45

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