Know Your Buyers – Verifying Identity For Fraud Prevention And Compliance
The advancement of technology has pushed the world towards online shopping. Just scroll through your phones and with one click get the product delivered to your doorstep. Amazing. Right? But as many e-commerce platforms have made our life easier, it has attracted the attention of fraudsters and criminals as well. Just like the pocket thieves, the cybercriminals are always sitting in the corner waiting for the opportunity to plunder the bypassers.
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Digital technology has forced people to create a digital presence and this provides a golden opportunity for identity thieves to compromise the user's identity. Identity verification of users is becoming an important aspect of online businesses not only e-commerce platforms. For any online business, securing and retaining a customer base by providing exceptional services.
Identity Verification and Secure Customer Base:
The concept of fake user identities is very common these days. Due to a lack of proper verification services, fraudsters can easily surpass the security check and create fake accounts on e-commerce platforms with the purpose of committing a crime. The fraud committed through these identities is untraceable because of no solid proof of the person's identity on the other side. Identity verification helps in onboarding a secure customer base.
Digital identity verification is a primary factor in the eKYC process. Collecting the identification proof from the customers at the time of account creating and then verifying the information curbs the creation of fake identities. This helps e-commerce platforms in embarking real and verified customers emitting the chances of fraudsters.
Verify to Authenticate:
Account takeover is one of the rapidly growing digital fraud, especially in the e-commerce business. Multiple cases are reported every day where the users' accounts have been compromised by intruders and even they purchase the goods using their credit card and information. This results in great loss not just for the customers but for the businesses as well.
In this modern era of technology, online retailers are still relying on traditional authentication methods i.e. ID and Password. This gives an extra advantage to the intruders to break into the accounts of customers. Using the latest scamming tactics, perpetrators are easily hacking login credentials and accessing their accounts. Identity verification combined with facial recognition service serves as a significant authentication tool. This curbs the intruders and attackers from accessing the user accounts and carrying out their activities.