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Online Identity Verification: A Digital Fraud Prevention Tool For Businesses Around the World

Identity Verification Validates a person claiming to be who they say they are.<br>Businesses thrive on regular customer on-flow and quality relationships.<br>Customers have become particular to where they invest. <br>

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Online Identity Verification: A Digital Fraud Prevention Tool For Businesses Around the World

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  1. Online Identity Verification: A Digital Fraud Prevention Tool For Businesses Around the World

  2. ● Identity Verification validates a person claiming to be who they say they are. Businesses thrive on regular customer on-flow and quality relationships. Customers have become particular to where they invest. ● ●

  3. How traditional IDV got Exploited. ● Verification Periods as long as days and Weeks. Vulnerabilities through Dated Practices like KBA and 2FA. Social engineering questioned KBA and 2FA effectiveness. Increased fraud incidents. Online buyer market uncapped. ● ● ● ●

  4. Customer Downfall In Online Businesses ● Customer Distrust on Ecommerce Platforms. Non Satisfactory and Frustrating Customer Experience. Apparent Fear of Financial and Identity Fraud. Lack of Customer Protection in Scam Cases. ● ● ●

  5. Why Trust Is Important To Safeguard Customers ● Increase Customer Participation and Onboarding Rates. Enlist Customer Belief in Company or Product Services. Decrease Dropout Rates and Improve Retention Rates. Reduce Likelihood of losing customer to competitor. ● ● ●

  6. How Security Preserves Person and Platform ● Secure business processes proportionately affect trust levels. Secure services deter potential fraudsters. Ideal Balance between fraud detection and user conversion. Security is a prerequisite for most regulatory requirements. Improves Company Soft image and outward reputation. ● ● ● ●

  7. Action: Online IDV Methods that make it ALL Happen ● Utilise Primary Identification Documents[Government ID] Real-time Verification and Result Visibility Global Document Verification Coverage. Advance Facial Verification with liveness Detection Human Intelligence - Effective Secondary Oversight Artificial Intelligence for Optimal Processing. ● ● ● ● ●

  8. Conclusion ● ● Trust and Security are key elements for any businesses Businesses should exploit the new forming e commerce market. Vet new users to establish a person’s digital identity Provide peace and security through online identity verification ● ●

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