Fake transactions are a problem for both small and large businesses. Nowadays, it seems like every business is trying to figure out how to protect themselves from fraudsters who want nothing more than their money. With this growing rate of forgery worldwide, it’s critical to have some means of verifying the identity of your customers. For instance, a minor can easily claim that he or she is an adult using a fake ID and buy age-restricted products from your online store.
To avoid these malpractices, try integrating Idverify into your online business system to prevent this liability. This, along with other benefits, will make you consider investing in a digital identity verification platform for your business.
Instantly Verify the Identity of Your Customers
Without knowing the true identity of your customer, there is a high chance that they will not fulfil their responsibility as customers. You will most likely not get paid for the product or service you offer, or worse, they can have hidden agendas to hack into your system.
With digital identity verification, you can protect your business from fraud by requesting customers to provide Personal Identifiable Information (PII) such as their full name, address, telephone number, and personal ID number.
Protect Your Business from Money and Laundering Counter-Terrorism
Your business is also at risk of being associated with money laundering if you fail to know your customers and manage your regulations. This can cause negative publicity to your brand that can even lead to bankruptcy.
Idverify can help strengthen your business’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program by combining identity verification with a global watchlist screening method. This can give you a thorough overview of your customer’s profiles and assess their risk.
Easily Confirm That Your Customer is of Legal Age
Many underage kids are on the internet. Unfortunately, some of them are already faking their identities and making illegal transactions online.
E-commerce businesses that sell tobacco, alcohol, and other goods restricted to minors are often the target of young customers.
Using an identity verification method, you can seamlessly verify your customer’s date of birth, preventing access to that section or your website altogether if they are not of legal age.
Increase Trust Between You and Your Customers
Trust is the most important aspect to build any business relationship. It’s necessary to consult with an identity verification provider to provide these solutions to increase the degree of trust between customers and business owners.
These providers should offer an approved and regulated digital method of knowing a person’s identity in a particular location. Through this, the credibility and trust rating of your customers will improve significantly.
Customers shape your business, but fake customers threaten it. Requiring consumers to have verified digital identities adds an extra layer of security to their personal information and transactions. This can lessen the risk of identity theft and remove the burden of complying with additional security measures.
In the end, it’s a win-win situation for you and your customers. By having a global identity solution, you can be confident that you deal with real people with verifiable identities. Revenue loss will decrease dramatically, and customer satisfaction will be guaranteed. Future clients can have secure transactions in a safe and user-friendly environment.