Over the last decade, as consumers have begun spending more and more time online, the instances of online fraud have increased. For online merchants and their customers, the increasing threat of online fraud is becoming a real concern.
In fact, since 2014, merchants are paying more per dollar of fraud than ever before, according to a report issued by LexisNexis. To combat this increase in online fraud, more and more companies are turning to net verification systems to protect themselves and their customers.
Here are several reasons why your company should begin using a net verification system today.
Reduces Company Costs
Online fraud costs companies billions of dollars each year, according to Forbes contributor John Rampton. Every company is looking for ways to reduce their bottom line. In the case of online fraud, this can be done with a simple identity verification system.
Utilizing an identity verification system allows your company to catch fraudulent transactions before money is transferred from accounts. It can also free up time spent on collecting and processing verifications from customers, as well as the time it takes to rebound from fraud.
Know You’re Dealing with A Real Person
Utilizing identity verification systems in your business allow you to see that you are dealing with a legitimate individual, which substantially reduces the risks of online fraud while increasing revenue. As online sales increase, the risk of being targets by fraudsters also increases. By having a robust identity verification process in place, you can reduce your chances of becoming a target for cybercriminals.
Create an Effortless Customer Experience
When you are able to identify your customers in real time, while weeding out fraudulent accounts, you create a better experience for your legitimate customers. By having a process in place to verify identities, your customers feel safer using your site. Indentiy verification provides them with a peace of mind, which helps to build a stronger relationship with your customers.
As technology rapidly changes, so do the methods that cybercriminals use to commit fraud and steal identities. They are always finding ways to adapt to the ever-changing technology. You can protect against fraud using Netverify, a highly trusted identity verification service that will help your company reduce fraud.
This service is not only able to catch fake IDs, but it helps your business stay up to date with compliance mandates. It easily integrates into your existing process, allowing you to leave worry behind.
Show Your Customers You Care
When you utilize an identity protection service in your business, you are taking the first step in actively preventing fraud and identity theft. Putting the system in place is a responsible way to show your customers that you care about them and want to keep their information protected.
As a business owner, it is essential to building your customer’s trust. When you add identity verification services to your website, you are providing them with a reason to trust your company, and stop fraud before it can create irreversible damage to both you and your customer.