Impersonating a person can prove to be dangerous for exploiting an individual’s social identity by performing illicit crimes under their name. On another side, the reputation of a business also get affected negatively illegitimately framing them. Many companies have started to look for reliable solutions for onboarding customers while verifying their identities. Manual methods of verification have created problems as they were time-consuming and were not accurate. The online identity verification system has made it possible to digital onboard the clients in a secure way in compliance with the regulatory bodies to fight the financial risks of fraud.
10 Ways through which Identity Verification Services are helping Online Businesses
Eliminating the Cases of Fraud
The e-commerce industry is prone to credit card scams and synthetic identity frauds. Illicit purchases has made by using a fake identity to fulfill illegal desirable motives. Most businesses receive requests for refunds depicting an indication. An illegitimate transaction has been made. An ID verification service can help in fighting the cases of fraud and reduce the number of chargebacks due to its robustness as being made evident by Shufti Pro News.
Uplifting the Brand Image in the Market
Online businesses have prone to risks of getting targeted by cybercrimes are more likely to get their brand reputation affected negatively. A company facing a ton of chargebacks and customers getting scammed will eventually disrupt its reputation in the global market. Identity verification services can help to fix the loopholes in the security structure of the company to protect the user data and uplift the brand in the minds of the consumer as well as the market.
Protect Customers from Inflated Prices
Due to the rising number of chargebacks, the business can face a huge loss financially. This may enable them to increase their prices to cover that cost. This can create problems in retaining potential customers due to the competitive market. Implementing an identity verification solution can help companies to eliminate the threat of fraud which will consequently save them from facing any financial loss.
Saving From Costly Fines and Penalties
Since the number of fraudulent activities is increasing daily on digital platforms, companies must mandate regulatory compliance while onboarding clients. Many firms who sell age-restricted products also have to comply with these laws for protecting customers. If these regulations have not observed by the company. They can face hefty fines and penalties by official authorities.
Reduce Risks of Error in Shipments
Since the system has AI-based, the chance of facing returned shipments gets low. Automated suggestions allow to reduce the chances of errors in shipments. They get the products to delivered to the right location.
Enhancing the Customer Satisfaction
With a verified identity, a customer can have a seamless experience. Without the fear of getting attacked by any fraudster activity. Automated identity verification service have allowed valuing the time of the consumers since it conspires to work in a time-efficient way. This will help in enhancing the customer expectations while keeping them satisfied for a longer period.
Online identity verification services help to detect identity theft in less time and block their access in causing any more damage to the business while ensuring the protection of customers. The cases of stealing the credit card information of the clients get minimized. Due to which customers feel more secure in dealing with a particular business.
Seemless Onboarding Process
Online identity authentication services have reduced the need to physically visit an office, stand in a queue, and wait for weeks to know about the status of verification. Businesses can execute a seamless customer onboarding process by verifying the clients without any in-person meetings on the digital platform.
Enabling Personalized Offers for Customers
After obtaining the information about an identity of a client, the system can provide personalized offers to customers depending upon their preferences. This can increasingly help businesses to design better promotion strategies.
Increased Sales in Covid-19
As the functioning of the physical stores has come to a halt due to the covid-19, online businesses can use biometric identity verification to securely onboard customers without the risks of fraud. The more trusted customers have onboarded. The more it will help in attracting other potential customers while increasing the sales fro the company.
Wrapping it Up
With businesses moving along toward adopting the techniques of digitization, it has caused them to become vulnerable to identity thefts, account takeovers, and data breaches more often. Identity verification services are providing numerous benefits to online businesses by securing them from the attack of fraudsters and increasing their sales by providing a hassle-free experience to their clients. Since it has greater accuracy than the manual methods of verification. Many companies have interested to invest in these services similar to Shufti Pro Fundings.