Toevolution

With businesses advancing along their digital transformation journeys, there have been many benefits. Several businesses have shifted to an entirely digital model of operations, providing several benefits like a larger audience base and fewer logistical challenges. However, one of the largest drawbacks faced by businesses across the board is the surge in threats faced from cybercriminals and malicious third parties.

Cyberattacks have become more sophisticated, while cases of fraud are increasing each year. But leading business enterprises know how to tackle these challenges. Using identity authentication services is the right way to minimise cyberattack instances and mitigate the risk of loss. These services help in enhancing business and data security and also increase profitability and sales.

Benefits of Using Identity Authentication Services For Your Business:

1. Protects brand reputation: eCommerce platforms with a history of data breaches are less likely to be trusted in the online domain. Additionally, multiple chargebacks levied against transactions with a single merchant can result in loss of goodwill. Using advanced methods of identity verification can help avoid fraudulent transactions.
   
   
2. Helps avoid legal troubles and fines: If any business faces frequent credit card data breaches, identity theft and other security blunders, it can raise questions and lead to lawsuits and fines as well. Credit card providers also restrict or sanction merchants without proper cybersecurity protocols in place. Identity authentication can help avoid these situations.
   
   
3. Protects your customers: A system for verifying identities helps businesses to protect customers and their data from cybercriminals. This verification process immediately detects suspicious behaviour and takes countermeasures to ensure customers remain secure.
   
   
4. Improves the buying process: More than 13% of global online customers tend to abandon shopping carts because the customer verification process is too lengthy. Advanced identity proofing solutions can help with faster verification and greater security for both parties.
   
   
5. Reduces the cost of virtual fraud: If the online fraud incident rate decreases, the costs associated with the recovery of these damages will also decrease. This will consequently reduce business expenses and increase profitability.
   
   
6. Helps personalise customer offers: Once you receive details of customers through identity verification services, businesses can use them to customise offers and services for specific users and ensure more efficient targeting.
   
   
7. Helps comply with global regulations and security laws: One of your greatest incentives to use identity verification services as a business is regulatory compliance with global security laws. KYC procedures help businesses meet compliance requirements set by global regulatory bodies. Therefore, your business needs a way to verify customer identities for the sake of ease of doing business.
   
   
8. Builds trust in your brand: A merchant with minimal incidents of fraud or data leaks are more widely preferred by customers. This leads to higher brand trust, brand loyalty and more sales.
   
   
9. Ensures a seamless customer experience: Customer experience is the most critical part of any buying journey. An identity authentication system helps reduce verification time to less than a minute. This ensures customers don’t drift away or reconsider their purchase.

Every online business needs a system to ensure accurate consumer identification. Make sure you partner with the right provider to maximise profitability and enhance security.