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 effectively protect against such dangers is now paramount to both the success and reputation of eCommerce providers.
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 choice 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 has 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 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, your company should be working to protect itself. Ensuring that you enter into business relationships with legitimate companies is very importance. 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 puts your business at risk. As regulations become stricter and laws 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
• Increase 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
IDMverify 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.
IDMvalidate is a more robust identity verification tool. Individuals must scan an identity document into the platform for verification. After the ID is verified, IDMvalidate extracts the information from the scanned ID and uses IDMverify 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.
IDMrisk is a fraud security tool that determines risk without the use of personally identifiable information (PII). IDMrisk 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.
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