Marketplace operators must remove
uncertainty to create a trusting community. From where does it originate? A
buyer cannot guarantee that the seller can deliver the right product. In
addition, the true identity of the buyer cannot be reliably determined by
sellers. The key word here is trust. A service that verifies identities can
help you expand your business by bringing on real customers and preventing frequent
e-commerce fraud from upsetting you and your clients.
Handling
the risks and frauds
Cybercrime's emergence and the
expansion of the market are related. Remember that con artists use constantly
changing tools. The possibility of fraud will probably always remain in the
e-commerce industry. Thus platform owners must be prepared to constantly check
and control them.
Chargeback
frauds – The fraudster
registers on the platform, makes a purchase and then challenges the transaction
by claiming that their credit card was stolen or lost. As a result, the
marketplace and payment service provider are penalized, and the user gets a
refund.
Purchase
fraud – A dishonest
provider fails to deliver the goods after receiving money from the buyer.
Fake
seller profile –
Fraudsters replicate the profiles of legitimate businesses to provide
fraudulent goods. As a result, it works against them in favor of the authorized
buyer and vendor.
Closed
loop – To present fake goods, both the
seller and buyer profiles in this case are fraudulent. Theft of financial
information is put to use to generate revenue.
The marketplace can also be used as a
means of money laundering. Shopping platforms are accountable for not seizing
the offender who is wanted by law authorities for a fine. The same consumer
purchasing pricey goods from the same supplier repeatedly could be a sign of
criminal activity. Anti-money laundering (AML) regulations require markets to
monitor and document illegal activity. If platforms don't take the necessary
precautions to prevent money laundering and other scams, they run the danger of
facing severe financial penalties. This also has an impact on banks and payment
solution providers. If they do not adhere to AML rules, they run the risk of
harming the market's reputation, which is reliant on the dependability of the
products, services, and clients.
Identity
Verification
We have created tools to help you set
up solid security for your marketplace platforms. With the help of our KYC and
KYB solutions, you can adhere to the newest laws and regulations. Video
verification is a significant help if you want to swiftly and easily
authenticate your customers' identities as identification documents alone are
insufficient. Our Live-Verify and Self-Verify solutions will improve identity
reliability for your organization. Modern identity verification methods are
needed if you want to create a strong profile of the consumers and sellers on
your marketplace platform. Verifying the person behind a transaction may be
much simpler than you think.
Live-verify
Our identity verification service is
conducted over a video conference with the assistance of a skilled operator.
The verification expert, assisted by AI and automated algorithms, leads the
user through each step. The scenario can be changed to meet the needs of your
business and your industry's criteria for following the law.
Auto-verify
An entirely automated verification
service guides the customer through the process using artificial intelligence.
AI is used to automatically verify and validate the submitted documents.
Self-verify
The user of this ID verification
service can finish the process independently by following the on-screen
instructions. The technology automatically checks the supplied papers after a
verification specialist has reviewed the recorded video.
Proof
of address check
If you wish to strengthen the security
of the onboarding process, you can include the proof of address check in your
KYC. The address supplied for verification is confirmed to be the address of
the actual residence. We may validate the user and their documents in real-time
to prevent the signup process from being delayed.
Age
verification
If your marketplace business offers
things that are subject to age restrictions, you must verify the ages of your
customers. The birthdates of the users are verified and checked in all of our
solutions. You can be sure that nobody under the age of 18 won't go through the
onboarding process.
Sanctions
and PEPs checks
You can include the sanctions and PEPs
checks in the identity verification process to help you decide who is and isn't
fit to conduct business with or join your marketplace community. We are
prepared to review watchlists released by governmental and financial
institutions based on more than 350 global databases.
Why Us?
We can help you stay in compliance with
the newest financial standards and regulations while also fostering trust in
your marketplace community. We created our technologies in response to the
demands of the e-commerce sector. Also, the method can be modified to suit your
unique needs.
The verification services we provide
uphold the best user experience and strictest security standards. Identity
authentication occurs during video calls with the help of a knowledgeable
operator. Via our services that combine technology, biometrics, AI, and human
intelligence, we provide two choices, live verify and self-verify.