Mitigating Digital Fraud Risks With Comprehensive Identity Verification

As more transactions and processes move online, the possibility of fraud can only increase. Businesses open themselves up to more fraud if they don’t have comprehensive identity verification in place for new users, and both their conversion rates and fraud prevention suffer. According to a recent report from Gartner®, there are ways to mitigate fraud while balancing the impact these products have on user experience and budgets — but the challenge lies in choosing the right vendor. 

The report states, “In a crowded market of vendors with overlapping capabilities, organizations find it challenging to select appropriate vendors. A common failing in many organizations is lack of engagement with all of the appropriate internal stakeholders to create a fraud strategy at the organizational level that aligns with business requirements.” 

Veriff balances the need for a seamless UX for customers with best-in-class identity verification, while providing a 30% increase in customer conversion rates. The investment speaks for itself. 

Conversions 

Gartner analysis states that the high-risk aspects of converting customers lie with account opening, account login, and account and transaction activity. Preventing fraud within these aspects is vital to the financial health and reputation of a business. Veriff provides seamless new account onboarding and covers all of the bases — KYC and AML checks, global document support, seamless user flows, and more. With one integration companies can rely on Veriff to keep bad actors out while helping convert even more honest customers. 

UX 

In the Gartner report, they highlight the common decision businesses have to make when looking for an IDV provider: high levels of fraud detection or a seamless UX for customers. “A common casualty of fraud detection is UX,” the report states. “Onerous multifactor authentication (MFA) for all users and false positives resulting in good users unable to access services are all too common. With UX now a critical differentiating battleground in the digital business environment, fraud detection teams are working far more closely with UX teams to ensure needs are balanced.” 

Veriff has multiple safeguards in place that prevent a clunky UX. We use real-time user feedback that alerts users when there is a problem with submitted photos of identity documents or faces, which allows more honest users to pass on the first try. Additionally, we use data extraction so that customers don’t have to spend time on filling out forms, and can focus on onboarding onto business’ platforms. 

Compatibility & Scalability 

Veriff prides itself on having a moldable product. We offer our customers the ability to customize and scale our product to fit their needs. Gartner reports that “in many organizations, fraud detection is now seen as a component of a broader strategy around trust and safety. More than just rebranding the fraud team, trust and safety teams focus on securing interactions wherever the customer meets the brand.” Veriff provides a fraud protection framework that works within your organization, and scales to your exact needs, mitigating the need for a multi-prong solution. 

To download the Gartner report head here, and to learn more about Veriff, reach out to our sales team. 

Gartner, Security and Risk Management Leaders’ Guide to Online Fraud Detection and Identity Proofing, 14 March 2022, Akif Khan
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