In recent years, online retailers and service providers have found a large and growing international market of consumers willing to pay for their products. Unfortunately, this growth created a surge in online criminality and has cost many companies more than they anticipated.
As web-based technology continues to evolve, so too do consumer expectations. A fast, frictionless online shopping experience has become a necessity to ensure success in the eCommerce space, but the technologies used to facilitate this also allow bad actors on the network to take advantage of customers and companies alike. Online retail customer verification strikes at the heart of this issue, making it possible for organizations to better serve their customers without negatively impacting the customer journey.
In its earlier phases, online identity verification required significant human intervention to work smoothly. Owing to this, identity verification solutions were often inaccurate in their results and the potential for error was much higher. By leveraging data across multiple sources, such as credit bureaus, official government servers, mobile network service providers and even social media, new alternatives to traditional identity verification can preserve the customer experience while protecting all parties.