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Blog Post
Why identity verification (IDV) is a win-win for lenders and borrowers alike
The market for unsecured loans is in a period of flux, with higher interest rates and the cost of living affecting customers across the world. An uncertain market can increase the risk of fraud, requiring businesses to implement effective processes to keep themselves and their customers safe.
With fresh uncertainty in the unsecured loans market, caused by rising interest rates and the cost of living hampering global customers, the risk of online fraudsters has risen. However, identity verification solutions offer businesses and customers the chance to stay safe throughout disruption.
Fast decisions
A 98% check automation rate gets customers through in about 6 seconds.
Simple experience
Real-time end user feedback and fewer steps gets 95% of users through on the first try.
Document coverage
An unmatched 12K+, and growing, government-issued IDs are covered.
More conversions
Up to 30% more customer conversions with superior accuracy and user experience.
Better fraud detection
Veriff’s data-driven fraud detection is consistent, auditable, and reliably detects fraudulent forms of identification.
Scalability embedded
Veriff’s POA can grow with your company’s needs and keep up with times of increased user demand.
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Discover more about how IDV is powering business growth and customer acquisition
