Knowing exactly who you’re dealing with is critical for many organizations, especially when it comes to financial transactions
ID verification service provides a vital safeguard for businesses in today’s digital world, especially those transacting online or remotely. The process allows merchants and other organizations to verify the identities of their users without meeting them in person. It also takes away other steps that would require a high level of resources or infrastructure. ID verification service helps reduce user friction, protect against fraud and increase client satisfaction by enabling fast onboarding and providing certainty about the authenticity of user data.
Fraud is a primary concern for online retailers and payment processors alike, not only because it costs money but also because it can damage a brand’s reputation. According to The Cybercrime Survey 2020, 58 % of the respondents stated they had experienced one or more security incidents in the past 12 months. 79 % of organizations have experienced security incidents have been exposed to phishing attacks. Given these numbers, it’s easy to see how fraud could cripple an eCommerce business if strict security protocols were not in place.
What’s more, many consumers (especially older generations) still lack confidence in online shopping and routinely avoid it as a result. But by providing a safe and secure platform on which your customers can shop without fear of identity information of theft or other fraudulent activity. You will win their trust while increasing productivity within your business model.
Verifying ID documents in real-time is critical: most of your customers won’t want to wait for days for their identities to be confirmed. The best services will complete verification within minutes, so you can quickly and easily begin serving your customer.
Similarly, the service you choose must have remote and mobile device verification capabilities. There may be times when a customer cannot bring their ID documents into your physical location, such as when they are attempting to open an account at home or on the go. Having a flexible digital ID verification service means you can offer this convenience to customers—and keep them coming back again and again by making it easy for them to get what they need from your organization.
When you use an ID verification service, you can establish that customers are who they claim to be in a matter of seconds. The end result is a streamlined customer onboarding process that’s both cost-effective and secure.
Other benefits include:
Some businesses have an in-house ID verification service that is used for identity verification and fraud prevention (often in the context of KYC compliance). This is a great option for companies with the resources to hire a team of experts to maintain such service. But for many global businesses, the scale and complexity of their operations make it more efficient and effective to use an outsourced ID verification service.
The market is full of providers, so how can you decide which one to choose? You need to find a provider who can meet your needs.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.