1. Strategic identity verification is a way to strengthen business relationships, especially with consumers new to the brand.
Not all customer experiences are the same, with their varying needs and differences in consumer behaviour. For many companies, the first interaction with a new consumer can make or break a relationship. A seamless transaction builds trust and loyalty, while a poor experience discourages repeat sales and deters future interactions. By verifying their information online and clearly communicating why you are doing so, you can create a seamless, customer-friendly experience that builds trust and loyalty.
Using identity verification strategically means more than simply checking a box to ensure you comply with Know Your Customer (KYC) regulations or anti-money laundering (AML) laws. It also gives you a chance to use data about your customers to make better decisions about how you do business together.
2. Strategic identity verification is a way to build trust and security while protecting data assets.
Organisations want to offer their customers a seamless user experience, but they also need to protect themselves from fraud and bad actors. For example, when someone opens a new account with your bank, they’re likely doing so through a mobile app or browser window — not in person at a teller’s desk. If they rely on traditional methods of ID authentication, such as checking ID cards against social security numbers, it’s easy for someone to create an account under false pretences.
Individuals and organisations must be able to trust that people are who they claim to be in every online transaction. For that, they need a more practical, valuable, trusted, private and secure way to identify themselves reliably and the entities related to them in the online world to protect their data.
3. Strategic identity verification is a way to reduce your customers’ risk of being victims of fraud, phishing, or other cybercriminal activity.
Fraud is one of the biggest threats in the online world. They often target businesses with a reputation for accepting fraudulent transactions — like restaurants, hotels, and airlines — and other businesses that lack sophisticated security systems.
According to the Federal Trade Commission, more than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021. These numbers represent a stunning eighteenfold increase over 2017 reported losses and account for about 25% of all reported losses to fraud in 2021.
The need for robust mechanisms to authenticate each device’s identity and verify the entities accountable for transactions in which it is involved is critical to preventing fraud and ensuring trust. These mechanisms prevent both hackers and users from sharing passwords online, thus blocking access to accounts by unauthorised individuals. They also reduce the risk that e-commerce businesses will mistakenly grant access to their websites, product lines, and customer service departments to people who don’t have permission.
4. Strategic identity verification is an opportunity for you to invest in your customers’ experience.
Since it typically only takes a few minutes to verify someone’s identity with strategic identity verification, there’s no need for extensive forms or phone calls with customer support. With strategic identity verification, customers can open accounts and start engaging with your product more quickly than ever before. They can also access your product from anywhere in the world — even if they don’t have any identification documents on hand — providing a heightened level of convenience.
When you offer strategic identity verification services, your customers will have one less thing to worry about as they conduct business with you.
Investing In A Strategic Identity Solution For Your Business