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In today’s digitally advanced business environment, companies are revolutionizing their business operations by promoting their products and services through online platforms. Nowadays, many entrepreneurs are advertising their services through online business platforms. The online retail and e-commerce sector has been evolving ever since the arrival of the COVID-19 pandemic. According to a report, the e-commerce market is expected to acquire a market share of $13.5 billion in the coming four years. However, online retailers are attacked by imposter’s illicit account takeover attempts due to the submission of identity credentials on online servers. The e-commerce sector should utilize an online ID verification to detect and mitigate illicit activities. Digital Identity Check - Investigate the Fraudulent Activities in the E-commerce Sector The e-commerce sector advertises its products through online retail platforms, enabling customers to access them from different parts of the world. This sector makes the different product categories accessible to customers to fulfill their needs and enhance their conversion rates. However, this sector is exploited by the illicit activities of imposters. They commit various frauds, including account takeovers and chargebacks. The imposters have developed proxies through which they illicitly access the customer’s identity credentials from online servers. They steal the customers’ credit card information and use the details to make illicit transactions. They also return these products and demand chargebacks from online retailing companies. Significance of E-IDV in Detecting E-Commerce Frauds One of the most prevailing frauds in the e-commerce sector is the triangulation scam. In this process, the scammers collaborate with an elicit e-commerce store and suspicious buyers. They make an illicit store and require legitimate customers to submit their identity credentials. They later steal these details and use them to make illicit activities, such as money laundering and account takeovers. To overcome these frauds, e-commerce stores need to invest in high-quality identity verification solutions. Online ID checks can effectively detect customers’ identity details and screen out high-risk customers from registering for a product delivery. Online retailers must conduct extensive KYC-compliant know your business (KYB) services. This ensures that the vendors that source the products to the online retailers are authentic. KYB protects online retailers from financial crises by thoroughly analyzing the vendors’ identity documents and risk profiles. Identity Check Online - Biometric Authentication to Streamline Customer Onboarding The e-commerce retailers should install biometric verification services during the registration process. This requires customers to perform an extensive face identity check to authenticate the legitimacy. In this process, the customers are required to connect with a facial recognition examiner who recognizes their unique facial characteristics and cross-match them with the official documents stored in the government directories. This ensures that only those customers can access the online store’s website whose documents are matched with their facial features. This reduces the imposters’ attempts of chargebacks and account takeovers, enabling online retailers to sell their products to authentic customers. Digital ID Check - Address Verification System (AVS) to the Rescue One of the most recurring frauds in the sector of online retail is the provision of inaccurate address locations. This causes a lot of trouble for the retailers because they cannot find the exact location to deliver the product. To overcome this issue, the e-commerce sector should incorporate address verification systems (AVS) during the customer onboarding process. This service requires customers to submit proof of address through the collection of their identity documents. These documents are analyzed through an AI-powered document authentication solution to validate the customer’s address. This solution optimizes the checkouts and deliverability of products. The postal services can deliver the product directly to the customer’s doorstep without roaming the streets, enhancing the customers’ product delivery experience. The AVS improve the productivity of online retailers because they don’t have to waste their precious time in dealing with unauthorized transactions and deliveries. Identity Verification - Multi-Factor Authentication to Mitigate Illicit Attempts The e-commerce sector can prevent illicit fraud through the incorporation of multi-factor authentication techniques. The retailers can authenticate customers’ identities by sending them a one-time passcode (OTP.) These codes are sent to only the authentic customers, and they are the only entities that can access the product’s access. The OTPs are extremely confidential and must not be shared with anyone else. These codes ensure the security of customer’s personal information and bank accounts, which mitigate imposters from conducting fraudulent activities. Concluding Remarks An online ID check service can automate the identity authentication process of the e-commerce sector. These services protect online retailers from the fraudulent activities of imposters. The online retailers can utilize an online identity verification process to detect the customer’s identity documents and check them against various checklists to identify their risk profiles and financial activities. The utilization of biometric verification and AVS services during the registration process saves online retail stores from dealing with inaccurate address locations. The retailers can send the products directly to authentic customers by extensively conducting identity validation of all the underlying customers. ID Check
Technology

Online ID Check | Automate the Authentication Process in the E-commerce Sector

In today’s digitally advanced business environment, companies are revolutionizing their business operations by promoting their products and services through online platforms. Nowadays, many entrepreneurs are advertising their services through online business platforms. The online retail and e-commerce sector has been evolving ever since the arrival of the COVID-19 pandemic. According to a report, the e-commerce market is expected to acquire a market share of $13.5 billion in the coming four years. However, online retailers are attacked by imposter’s illicit account takeover attempts due to the submission of identity credentials on online servers. The e-commerce sector should utilize an online ID verification to detect and mitigate illicit activities.       

Digital Identity Check – Investigate the Fraudulent Activities in the E-commerce Sector      

The e-commerce sector advertises its products through online retail platforms, enabling customers to access them from different parts of the world. This sector makes the different product categories accessible to customers to fulfill their needs and enhance their conversion rates. However, this sector is exploited by the illicit activities of imposters. They commit various frauds, including account takeovers and chargebacks. The imposters have developed proxies through which they illicitly access the customer’s identity credentials from online servers. They steal the customers’ credit card information and use the details to make illicit transactions. They also return these products and demand chargebacks from online retailing companies.

Significance of E-IDV in Detecting E-Commerce Frauds 

One of the most prevailing frauds in the e-commerce sector is the triangulation scam. In this process, the scammers collaborate with an elicit e-commerce store and suspicious buyers. They make an illicit store and require legitimate customers to submit their identity credentials. They later steal these details and use them to make illicit activities, such as money laundering and account takeovers. To overcome these frauds, e-commerce stores need to invest in high-quality identity verification solutions. Online ID checks can effectively detect customers’ identity details and screen out high-risk customers from registering for a product delivery. Online retailers must conduct extensive KYC-compliant know your business (KYB) services. This ensures that the vendors that source the products to the online retailers are authentic. KYB protects online retailers from financial crises by thoroughly analyzing the vendors’ identity documents and risk profiles.                

Identity Check Online – Biometric Authentication to Streamline Customer Onboarding

The e-commerce retailers should install biometric verification services during the registration process. This requires customers to perform an extensive face identity check to authenticate the legitimacy. In this process, the customers are required to connect with a facial recognition examiner who recognizes their unique facial characteristics and cross-match them with the official documents stored in the government directories. This ensures that only those customers can access the online store’s website whose documents are matched with their facial features. This reduces the imposters’ attempts of chargebacks and account takeovers, enabling online retailers to sell their products to authentic customers.            

Digital ID Check – Address Verification System (AVS) to the Rescue

One of the most recurring frauds in the sector of online retail is the provision of inaccurate address locations. This causes a lot of trouble for the retailers because they cannot find the exact location to deliver the product. To overcome this issue, the e-commerce sector should incorporate address verification systems (AVS) during the customer onboarding process. This service requires customers to submit proof of address through the collection of their identity documents. 

 

These documents are analyzed through an AI-powered document authentication solution to validate the customer’s address. This solution optimizes the checkouts and deliverability of products. The postal services can deliver the product directly to the customer’s doorstep without roaming the streets, enhancing the customers’ product delivery experience. The AVS  improve the productivity of online retailers because they don’t have to waste their precious time in dealing with unauthorized transactions and deliveries.      

Identity Verification – Multi-Factor Authentication to Mitigate Illicit Attempts

The e-commerce sector can prevent illicit fraud through the incorporation of multi-factor authentication techniques. The retailers can authenticate customers’ identities by sending them a one-time passcode (OTP.) These codes are sent to only the authentic customers, and they are the only entities that can access the product’s access. The OTPs are extremely confidential and must not be shared with anyone else. These codes ensure the security of customer’s personal information and bank accounts, which mitigate imposters from conducting fraudulent activities.        

Concluding Remarks 

An online ID check service can automate the identity authentication process of the e-commerce sector. These services protect online retailers from the fraudulent activities of imposters. The online retailers can utilize an online identity verification process to detect the customer’s identity documents and check them against various checklists to identify their risk profiles and financial activities. The utilization of biometric verification and AVS services during the registration process saves online retail stores from dealing with inaccurate address locations. The retailers can send the products directly to authentic customers by extensively conducting identity validation of all the underlying customers.     

 

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