The advancement of technology is changing the face of retail, and with this change, new challenges and questions arise. Not the least of these is the question - how well do you know your customer?
Trust and commitment are the essential building blocks of successful, long-term retail relationships. In the brick and mortar world, asking a customer to verify their identity is easy - but with eCommerce transactions, business must rely on their ability to access a customer's electronic profile for authentication without physical interaction. The ability to establish comfort in your customer's identity is the most critical component of risk management within the world of online retail. With the growing popularity of today's sharing economy, where people trust and rely on the will of strangers to buy, sell, rent, and barter goods and services via an online marketplace, collaborative consumption businesses are committed to building and validating trusted relationships between members of their community, including producers, suppliers, customers or participants.
So, how does a business increase the reliability of online identity verification while reducing false positives?
According to FraudPractice.com, the most common characteristics of fraudulent transactions involved inconsistencies with location data - with more than 37% of activities identified as fraud showing inconsistencies between shipping and billing addresses, IP address, or other location-related data. The majority of these transactions originate in the United States – and leave American businesses absorbing more than 50% percent of fraud losses resulting from online transactions, worldwide.
Many of these losses can be easily avoided, through careful authentication and best use of online identity verification practices. By utilizing Trulioo's GlobalGateway to verify a customer's name, address, and other identifying details, your business can effortlessly authenticate customer information.
The process is simple - an individual's identifying information is entered into the verification service, GlobalGateway. Information entered usually includes first name, last name, and address, though other elements such as date-of-birth, national ID card, or passport number may be included. GlobalGateway compares the details provided by your customer with several specific data points, across a wide, global network of 140 trusted data providers. Results are returned as “match” or “no match” only - if the entered data matches the trusted data, you'll receive a "match" result. This means you never have to handle excessive confidential, personal information.
GlobalGateway crosschecks multiple fields of customer information with a wide network of data providers simultaneously, validating your online customers in seconds. Customer identities are quickly and reliably confirmed, while maintaining the highest levels of consumer privacy. Integration with your existing eCommerce solution is flexible to your business profile, with options for both turnkey and direct integration, so your customers experience a seamless retail event. The ease and speed of authentication makes protecting your business against fraud and unauthorized access convenient and efficient, while minimizing the impact of loss from both fraudulent activity, and customer abandonment of online transactions.
Improved customer experience is reason enough to use online identity verification (IDV). Fortunately, businesses also realize significant savings – the use of IDV to improve security allows your business to minimize operational costs, reduce risk, and mitigate financial loss. Effective customer screening also reduces your liability when it comes to the sale of age-restricted goods, and protects your brand's reputation by demonstrating your business's commitment to socially responsible corporate practices.
Trulioo offers a range of solutions for your IDV needs, all designed to help you avoid high-risk transactions, authenticate customer data, and ensure compliance with federal regulations. Our solutions are designed for flexibility, with the demands of eCommerce in mind. By cross-checking your customer’s address, your business can also avoid fraudulent ordering.
Protect against unauthorized purchases, reduce identity theft, and prevent fraud, all while adding additional layers of protection for your business. Download our eCommerce reference paper to learn more and find out how GlobalGateway drives top line growth and establishes a relationship of security and trust between your online customers and your business.