Stop Fraud in its Tracks: 5 Important Things You Need to Know About Identity Verification Systems

Do you know how to stop fraud in real time? Before investing in an identity verification system there are a few things you need to know about fraudulent behavior and how utilizing this service will benefit you and your customers.


1. Increased Online Revenue Equals Increased Fraud Risk

Knowing you are dealing with a legitimate, real person substantially minimizes risks and also gives you the opportunity to drive more revenue without worrying about fraud. With increased online sales the risk of being targeted by these con-artists increases. Fraudsters are intelligent with technology and are constantly finding ways to up their game. However, too tight of a fraud prevention can damage your business making it difficult for consumers. It is important to find a well-balanced security system that values convenience for legitimate customers. A robust identity verification process can do just that.

2. Identity Verification System Reduces Company Cost

Reducing the bottom line is important to every company, especially reducing the amount of money lost to fraud. Utilizing an Identity Verification System catches fraudulent attempts before money is poured from accounts. It also frees up employee administrative time. Rather then spending important hours collecting and processing verification from customers, or rebounding from the fraud, employees’ talents are utilized more efficiently. In addition, fraudsters caught in real time are not able to reek the damage that a delayed system would provide them with.

3. Identity Verification System Creates Effortless Customer Experience

Being able to identify customers in real time and weed out fraudulent accounts creates a better user experience. Knowing that they are safe using your online services is peace of mind for your customers. Just as you do not want to be deceived, the customer wants to know that their information is safe in your hands. This peace of mind builds a stronger, more loyal, customer relationship.

4. Choose Trusted Technology

As technology changes so do the identity thieves. They adapt to an ever changing technology. That is why using a company like this one is so important. Jumio allows you to catch fake IDs, stays up to date with compliance mandates, is simple to use and integrates into your existing process, and allows you to let go of the worry as they work behind the scenes to guarantee they are one step ahead of con-artist.

5. Everyone Is Responsible

Everyone, individual and companies, should be knowledgeable regarding the dangers of and how to actively prevent identity theft. As a business using an identity verification system is a responsible way to care for your customer. As a customer, knowing a company uses an identity verification system means they value you. That company is worth coming back to again and again. One can look to the example of Airbnb to see how utilizing a Verified ID System adds customer value and trust to the business.

It is important to build trust between the customer and the company. Being able to verify identification in real-time adds to this trust. It also allows fraudulent users to be stopped before the damage is irreversible, saving both the customer and the company money and a headache. With ever changing technology you need a company you can trust.

[Image via: Google Images]