Optimizing trust and safety for online marketplaces

Tags: MarketplacesTrust and safety (Security, PII)
Optimizing trust and safety for online marketplaces

Effective trust and safety programs are at the heart of successful online marketplaces and communities. Those programs rely on digital social platforms that protect people from fraudsters and other bad actors without unduly interfering with the customer experience.

But solving operational complexities of trust and safety programs can be challenging. Different global markets have different standards and expectations. Fraudsters constantly modify their schemes. Customer verification during high-traffic periods can overwhelm teams and technology stacks.

Strategies and systems that can quickly adapt and scale to meet constantly changing marketplace needs offer strong protection for organizations and customers.

In the Future-Proofing Trust & Safety Programs: Tackling Tomorrow’s Problems Today webinar, Trulioo Director, Customer Success Marc Coderre joins Juliet Eccleston, CEO and founder of AnyGood? and chairwoman of the CBI Sharing Economy Council and NED, to discuss those strategies and systems, as well as:

  • The most common fraud threats and business challenges facing marketplaces
  • Tactics and strategies for how marketplaces can tackle those threats and challenges
  • How to build trust and safety programs
  • How to anticipate threats and develop strategies to future-proof trust and safety initiatives

Common challenges facing marketplaces

Marketplaces are a relatively new vector for fraud and present various business risks. Trust can reduce those risks when it’s the cornerstone of digital interactions, ensuring all parties involved in transactions are who they say they are.

Marketplaces and communities can rely on technology to achieve trust. A service provider with a platform approach can orchestrate multiple data and identity partners to ensure users and merchants are verified.

Risk-based approach for marketplaces

Markets, industry segments, vendors and customers pose unique risks. Using one approach for all cases can leave marketplaces either too light on security or too heavy on friction during onboarding.

A risk-based approach allows marketplaces to determine risk profiles, implement effective risk controls and balance the residual risk. They then can adjust due diligence based on parameters that apply to specific situations so onboarding is as smooth as possible for legitimate users while presenting purposeful friction for those who might be fraud risks.

Key benefits of a risk-based approach include:

  1. Building trust and delivering customized onboarding experiences
  2. Meeting regulatory requirements
  3. Protecting customer data

Establishing marketplace trust

Building and sustaining trust requires ongoing diligence. That often means:

  • Keeping abreast of constantly evolving regional and jurisdictional requirements
  • Being transparent about what data is collected and how it’s used
  • Automating secure onboarding that is convenient for legitimate users
  • Leveraging technology and a solutions provider to automate processes
  • Ensuring trust and safety programs are periodically reviewed and visible to internal and external stakeholders
  • Connecting fraud prevention, compliance or other governance teams to make sure efforts are aligned

With an intelligent, deliberate, ongoing risk strategy — and the technology to implement it effectively — marketplaces can meet requirements while ensuring a good customer experience.

More marketplaces: ID Verification | Trust & Safety Platorm | Resources | Posts


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