The online marketplace has not only enabled established businesses to generate new revenue lines but also the upcoming entrepreneurs have been able to gain much-needed prominence without having a large capital to start off from. But the online marketplace has created several nuisances for the businesses and their customers along the way as well. Recently released statistics about online sales reveal that the scammers and fraudsters are working round the clock in order to use the online marketplace for their own benefit on the expense of online businesses.
Changing trends of Online Frauds
Earlier the origin of online fraud was more simplistic. The scammer crowd was limited to making accounts using fake identity information or credentials. It was relatively simpler to track these fake users with a simple ID Check. But lately, these identity scammers have become sophisticated in their approach to defraud online businesses. They have taken help from frequent data breaches exposing personal information of millions of authentic customers. This stolen information is used either to register accounts with an online business or even worse, take over accounts of existing customers.
What can be done by Online Marketplace?
It is important to ensure that online businesses secure themselves from identity theft cases because it can lead to not only customer dissatisfaction but huge losses originating from cash back requests. The most unique and effective method to fight digital scams originating from online identity theft is with the help of a powerful Digital ID Verification system such as Shufti Pro.
It is an AI-based identity verification Service SaaS product that takes help from machine learning algorithms, template matching and many other technological advancements to ensure that only users with verified identity are eligable for a sign-up or to use services offered on the online marketplace.
Benefits of Digital ID Verification
Digital ID Verification is the most accurate and cost-effective method to check the true identity of an incoming user. Most KYC verification software uses original identity documents to check the personal information provided by an end-user to the online businesses. Shufti Pro can perform ID verification with the help of ID cards, passports, and driving licenses. It has the ability to perform verification for over 230 countries and supports 150+ languages. Real-time verification results ensure that an effort by an online scammer will not only be detected but they will be instantly stopped from use any service offered by the online business.
ID Verification, in general, is considered tricky to perform but when coupled with face verification and it can become an airtight identity protection solution for businesses that want to safeguard themselves from cashback requests, online identity theft and digital frauds. Shufti Pro is a perfect identity theft protection tool that can perform ID Verification in real-time for a large range of online businesses. With a hybrid of artificial intelligence and human intelligence at work, Shufti Pro enables a regimen of secure onboarding and customer registration. Service delivery becomes entirely hassle-free while the businesses are also secured from cashback requests originating from fake identities.