Look around the online world—from online banking to ridesharing to iGaming—and you’ll see an ongoing struggle to negotiate two often competing goals: driving up customer conversions and driving down online identity fraud.
A solution is needed.
(Spoiler alert: Our solution is detailed in this Online Identity Verification Buyer’s Guide. Go ahead and get your copy now.)
In 2017, identity theft hit an all-time peak, affecting 16.7 million individuals in that year alone. These stolen identities were used to open accounts, commit crimes, and swindle individuals and companies. The Wall Street Journal reports identity theft is estimated to cost businesses a staggering $48 billion each year.
It seems that every effort to remove friction from the click-to-conversion path creates opportunities for identity fraudsters to wedge their way in. Then again, adding steps to protect consumers and businesses often come at the expense of fast, frictionless onboarding processes. Rock. Hard place. Are you feeling stuck?
Is it possible to negotiate the twists and turns of increasingly scrupulous criminals while keeping good customers on the straight road to conversion?
Our latest infographic (look below) illustrates how you can detect “bad” customers and convert “good” customers with the right online customer identity verification solution. You’ll even discover what to look for in an ideal identity verification solution. Check it out here: