If you are a company owner, it is important to have a streamlined identity verification process in place. More and more businesses these days are putting emphasis on emerging technologies such as identity and access management and biometric identification. Integrating this kind of forward thinking technologies has become a very common thing for companies that need to do identity verification checks.
One of the most important benefits of identity verification is that it can help you avoid costly chargebacks. Credit card fraud makes up a large percentage of the total number of identity fraud cases every year.
When you allow your customers to use credit cards for online purchases, it becomes so easy to commit fraud because most transactions fall into the “card-not-present” category. People can fraudulently use credit cards that do not belong to them to purchase goods online. Once the real card owners find out, the transaction would be cancelled.
In case you are not able to identify and trace the original fraudsters, your business may be liable to pay back the money. In the finance world, this is referred to as chargeback.
Chargebacks can be a costly part of business if you accept credit card payments. Identity verification can help stop this in its tracks by fully verifying each and every customer that you do business with. For most businesses, preventing costly chargebacks is something that simply requires revising identity verification protocols for card-not-present transactions to incorporate one or more identification methods, for instance a two-step verification process and facial recognition.
When you implement tighter identity verification methods in your company, they can also help stop cases of friendly fraud in its tracks too. This is when well-intentioned users or customers file for a chargeback instead of using a traditional return from the company that they purchased from.
For more information on the benefits of identity verification, visit our website at https://www.ipsidy.com/