Grow a Global Marketplace With Verified Users, Buyers and Merchants
As more people adopt the digital-first economy, buyers and sellers will increasingly prefer the speed and convenience of online marketplaces, whether it’s to rent a room, borrow money or set up a virtual storefront.
Peer-to-peer transactions are a cornerstone of online marketplaces, but anonymity can increase the risk of fraud, scams and bad behavior. A 2022 TransUnion report found fear of fraud to be the top reason consumers would abandon their online cart, a 72% increase from the previous year.
If people perceive an online marketplace or community as unsafe or unreliable, they have no incentive to participate.
Balancing Security and Speed at Every Touchpoint
Building trust between participants is crucial for a successful online marketplace, but speed and convenience are also top priorities. Providing a safe, minimal-friction user experience can be particularly challenging for marketplaces that process tens or hundreds of thousands of transactions daily. Ensuring a smooth experience requires accurately and quickly verifying identities, regardless of a user’s risk profile or type of transaction.
“The biggest thing for us is that people need to feel that they can trust the people they are giving money to, that they are real and that the causes are real,” said Daryl Hatton, FundRazr CEO. “The more we know our users, the more we can keep it safe.”
Building Trust and Speed at Scale With Trulioo
Trulioo provides identity verification services with independent data sources worldwide to establish a participant’s credibility. A risk-based approach can ensure onboarding and each transaction is quick and secure.
Onboarding low-risk customers may require only basic due diligence, such as a standard Know Your Customer check using a name, birthdate, address and ID. But if a person, account or transaction crosses a particular risk threshold, enhanced verification services such as Identity Document Verification and Artificial Intelligence & Machine Learning could help reduce fraud, scams and other bad behavior. Marketplace operators can customize those verification processes to fit the risk.
Businesses that want to provide their customers with a safe online experience should use Trulioo’s identity authentication product.
Trulioo enables organizations to quickly adapt to changing business models, scaling to meet increased demand at peak times or to support overall growth. With a single comprehensive platform, Trulioo can help online marketplaces add transparency, building the trust people need when doing business with strangers online.
“Businesses that want to provide their customers with a safe online experience should use Trulioo’s identity authentication product,” Hatton said.
About Online Marketplace
Online marketplaces are digital platforms that connect buyers to sellers. Sharing economy platforms support peer-to-peer interactions, such as ride-sharing and social lending, while gig economy platforms match freelance workers to jobs.
Regardless of the type of marketplace, those platforms share one critical mission: Build an environment of trust where users can safely and securely do business.