Online Identity Verification: A Digital Fraud Prevention Tool For Businesses Around the World

1
Online Identity Verification A Digital Fraud
Prevention Tool For Businesses Around the World
2
Identity Verification validates a person claiming
to be who they say they are.
Businesses thrive on regular customer on-flow and
quality relationships.
Customers have become particular to where they
invest.
3
How traditional IDV got Exploited.
Verification Periods as long as days and Weeks.
Vulnerabilities through Dated Practices like KBA
and 2FA.
Social engineering questioned KBA and 2FA
effectiveness.
Increased fraud incidents.
Online buyer market uncapped.
4
Customer Downfall In Online Businesses
Customer Distrust on Ecommerce Platforms.
Non Satisfactory and Frustrating Customer
Experience.
Apparent Fear of Financial and Identity Fraud.
Lack of Customer Protection in Scam Cases.
5
Why Trust Is Important To Safeguard Customers
Increase Customer Participation and Onboarding
Rates.
Enlist Customer Belief in Company or Product
Services.
Decrease Dropout Rates and Improve Retention
Rates.
Reduce Likelihood of losing customer to
competitor.
6
How Security Preserves Person and Platform
Secure business processes proportionately affect
trust levels.
Secure services deter potential fraudsters.
Ideal Balance between fraud detection and user
conversion.
Security is a prerequisite for most regulatory
requirements.
Improves Company Soft image and outward
reputation.
7
Action Online IDV Methods that make it ALL Happen
Utilise Primary Identification DocumentsGovernmen
t ID
Real-time Verification and Result Visibility
Global Document Verification Coverage.
Advance Facial Verification with liveness
Detection
Human Intelligence - Effective Secondary
Oversight
Artificial Intelligence for Optimal Processing.
8
Conclusion
Trust and Security are key elements for any
businesses
Businesses should exploit the new forming e
commerce market.
Vet new users to establish a persons digital
identity
Provide peace and security through online
identity verification