What is an MRZ Code? The Role of MRZ Technology in Identity Verification
Today, all nations have adopted MRZ code ID document formats as part o...
Minimize the Risks of Payment Fraud
For the eCommerce industry, identity fraud is a pressing and ever-growing issue. The costs associated with fraudulent payments, chargebacks, and fraud prevention are in the trillions worldwide. Plus, consumers not only expect but demand that online retailers protect them from identity-related fraud. The need to protect customers effectively against such dangers is now paramount to both the success and reputation of eCommerce retailers.
IDMERIT’s full range of identity verification solutions will allow you to mitigate these risks in the retail industry, so you can focus on what you do best: selling more products.
The Internet Age
The world wide web has made it easier and convenient for people to shop. Consumers have a variety of choices out there, and competition is steep. Any delays or friction during the checkout process can increase a retailer’s chance of customer abandonment. This is something you want to avoid.
A World of Credit Card Fraud
Credit card transactions are the single largest source of payment fraud in the eCommerce industry. While financial institutions across Europe have issued EMV chip cards to reduce fraud at brick-and-mortar stores, the U.S. is lagging at implementing such solutions. As a result, identity thieves find the American market more accessible to carry out fraudulent transactions.
The scope and complexity of eCommerce fraud have become frightening, and this is making it more difficult for organizations to combat. Identity fraud, chargebacks, and fraudulent transactions are more than a threat. They are now a day-to-day reality. Online retailers must do everything they can to prevent these types of transactions from occurring.
Advanced Solutions to Safeguard Your Payment Operations
As the criminal activity becomes more widespread, retailers need more sophisticated solutions to safeguard the security and trust of both partners and clients. IDMERIT’s identity verification products offer you this high level of security. Best of all, it is seamless and efficient. Our product is unmatched in the industry.
Protect Your Business Transactions
Beyond protecting your customers, and your company should be working to protect itself. Ensuring that you enter into business relationships with legitimate companies is very important. Criminals can use fraudulent shell companies to perform business transactions with questionable purposes. This can lead to nefarious activities like money laundering or financial fraud.
Business relationships with these types of individuals put your business at risk. As regulations become stricter and laws are being enforced more readily, take precautionary steps to protect your business and avoid violation of Know Your Business (KYB) and Anti-Money Laundering (AML) rules. Noncompliance with these regulations can result in huge fines. IDMERIT business verification solutions can help you ensure that the companies you work with are who they say they are.
Benefits for your Retail Establishment
- Grow sales
- Fill orders more quickly and efficiently
- Improve customer satisfaction
- Give fraud teams more insight about customer risk
- Reduce identity theft-related fraud
- Reduce order processing time by limiting manual review processes
- Decrease chargebacks to your merchant account
- Protect your company from misuse of consumer data by company employees
Explore our eCommerce Solutions
IDMkyc is an identity verification tool for people and businesses. Using a secure API, it takes imputed personal information and matches it against data from official data sources in the person or businesses country of origin. All of this happens in real time. This is a low friction solution that helps combat against many different types of fraud.
Learn MoreIDMscan is a more robust identity verification tool. Individuals must scan an identity document into the platform for verification. After the ID is verified, IDMscan extracts the information from the scanned ID and uses IDMkyc to crosscheck the data from the identity document. It also requires users to perform a biometric face recognition test to match them with the ID. This product offers increased friction to users for more restricted eCommerce scenarios such as age-restricted commerce.
Learn MoreIDMdevice is a fraud security tool that determines risk without the use of personally identifiable information (PII). IDMdevice analyzes device analytics to figure out the chance a device will be associated with fraud. This happens in the background of a user’s browser and does not affect their experience while shopping on your platform. Using various device factors, it can predict with extreme accuracy if a device is being used for nefarious purposes. It is a solution that provides businesses with protection from fraud without compromising on the customer experience.
Learn MoreLet’s Talk Identity
How to Spot a Fake ID: Understand Fake ID Vs Real
Recent technological innovations like deepfake detection, face livenes...
Money Laundering Explained: What are the 3 Stages of Money Laundering
Money Laundering Explained – Criminal activities generate huge i...