Online businesses have seen a greater number of sales in past few years, thanks to the utilization of digital resources that not only allow for better service delivery standards but also because of better market capitalization with targeted marketing channels.
On one hand, these companies are not only able to automate their sales and marketing tasks but they have been able to perform real-time analytics about service satisfaction and buying behaviors. But this increased number of sales have even attracted an undesired clientele for these online businesses: scammers and fraudsters.
Some perform these scams for earning an easy buck, others just do it for the kicks. But regardless of the motive of scammers, it is the online businesses that end up losing their hard earned bucks to scammers, one way or another. It is important to understand that the more channels are used for generating revenues or higher the budget spent on marketing of services of a company, the more susceptible it will become to attacks from scammers and fraudsters.
Identity verification services provide ideal protection against the tricks of fraudsters and scammers. They are perfect against all kinds of digital frauds whether it is stolen identity details, account takeover, payment scams, credit card frauds or fake personal information to sign up for an online service or to buy products from digital business. All these kind of scams and frauds can easily be caught by one form or another of identity verification services.
To establish a case in favor of identity verification services, we have jotted down three benefits of these digital solutions that cannot just be ignored by businesses and companies that want to protect their revenue streams against online fraud.
It has been established that online services and products delivery mechanism becomes easier to tackle with the help of digital channels whether it is via an inbound marketing strategy or the ability offer services without having to deal with a manual order management solution, the profits of online businesses have swelled over the years because of tech-savvy solutions.
Same can be said about the fraud prevention tools that are now not only automated but they have the ability to perform complex functions at the same time. For example, address verification and face verification can be performed at the same time with the help of smart AI based services such as Shufti Pro and Verifi.
Normally an identity document is used in order to validate a person’s identity and as one can imagine, the face on the identity document is cross-matched with the actual face of the person performing the verification. The address provided by an end-user is also cross-referenced from the identity document provided by the end-user so that the full fledge information can be added into the user account for building a truly fruitful relationship in future.
Low to No Maintenance Cost
No matter which identity verification system you opt for or whether you go for a hybrid verification solution such as age, address verification and face verification, digital systems offer for online fraud prevention are mostly operated as SaaS. It means that the cost of maintenance of such systems are nearly negligible and businesses can surely do well enough without having to pay hefty amount for manual review processes.
In today’s regulatory landscape, it is important to use tools and strategies with an eye for their utility when it comes to regulatory scrutiny. Security of data collected during identity verification practices is crucial for businesses to avoid monetary fines and very hostile press coverage. There are several identity verification companies that are offering solutions that are compliant with data security as well as data privacy protocols and guidelines issued by major regulators around the globe.
They have adopted a state of the art identity verification system that can not only accurately authenticate the identity of users but also secure them from any future attempt of hacking or data breaching. GDPR, PCII certifications are common among KYC authentication solutions that help banks, financial services companies, insurance companies, the online gaming industry or e-commerce businesses can easily be rid of this responsibility of not only verifying the credential of there would be users but also from the responsibility of collected data.
The third party service providers consider it a competitve edge to have their services more alligned towards regulatory compliances and data protection regulations.
Identity verification companies have been able to create a space for themselves in the tech world where their services have become nearly mandatory for better service delivery. With the help of address verification and face verification services, businesses can not only leverage biometric technology but also make sure that they have a personl connection with their future clients in case of any future attempt of fraud or non-payment of dues.