The way you shop, play, and interact is changing rapidly. With the rise of mobile wallets, e-commerce giants like Amazon and Alibaba have been able to transform how consumers pay for goods. However, with the use of credit card fraud increasing, merchants need to be better equipped at preventing such fraudulent activity before it happens. That’s where identity verification platform comes in.
Identity verification platform can help reduce fraud
As you know, there are many ways identity can be stolen. There are also many ways to verify identity. Identity verification is the process of proving someone’s identity to verify their qualifications or eligibility for a particular purpose. Therefore, if you have a business that needs to verify identities, then you need to use an identity verification platform (IVP), as it is one of the best options available today.
The main purpose of using IVPs is because they help reduce fraud by preventing fraudsters from accessing sensitive data from your system and making unauthorized transactions with your customers’ money or information.Several types of fraud involve criminals stealing personal information from victims’ bank accounts or credit cards, including the following:
Online banking: You can protect yourself against this type of fraud by having strong passwords and changing them regularly.
Credit card: You should check your bills regularly, ideally every month; Phone scams – If anyone calls claiming they’re calling on behalf of your bank asking for personal details be wary as this could be part of a scam which could result in losing money.
Phishing emails: Most phishing emails come with links asking users to click them before accessing personal information such as their address book etcetera for hackers who send these emails access it easily without needing any password protection whatsoever.
Identity verification platform can improve UX
A good user experience is a must for any product that wants to be successful. It’s especially important when your product is used by people who are not tech-savvy and may be using your app for the first time. If it takes too long or is confusing, users might abandon the process entirely.
Identity verification platforms can help improve UX by reducing the amount of time it takes to sign up for an account and verify identity. This means that you don’t have to take as much time explaining what you are doing while they wait through these processes, which will make them feel more comfortable with using the platform in general.
Identity verification platform can help reduce chargebacks
Identity verification can also help reduce chargebacks and fraud. Chargebacks are when a customer disputes a payment, which can be costly for merchants. When you use an identity verification platform, you’ll be able to avoid these situations by being able to verify that your customers are who they say they are before accepting payments from them. Also, if someone tries to commit fraud by using another person’s credit card or identity, their information can be flagged so that it doesn’t happen again without having any effect on the legitimate user.
Additionally, identity verification platforms make it easier for users to complete transactions because they’re less complicated than traditional authentication methods like passwords or social security numbers—which may have changed since a user first registered with your site years ago.
Identity verification is a powerful tool that can be used in many different ways. From being able to verify the authenticity of your customers, suppliers, and employees to helping reduce fraud, identity verification is a great way for businesses to improve their security and increase efficiency. By using an automated IDV platform, companies can easily manage all of their customer data in one place and eliminate duplicate records while reducing costs by up to 50% over manual processes.