By Telesign
At the core of any flourishing online business lies the assurance of a secure and trustworthy environment for buyers and sellers to transact. Trust is the foundation upon which online businesses are built, and the presence of fake users can severely harm the business and damage the user experience.
Therefore, preventing fake accounts from wreaking havoc is vital to the ongoing success of online marketplaces. However, striking a balance between security and ease of use can be a significant challenge. Without finding that perfect balance, businesses risk their customer base, reputation, resources and their bottom line.
Today, it’s more important than ever to make the digital world safe for everyone. We all crave seamless experiences. But to ensure safety in the digital realm, we must take steps to verify our identity, such as providing a thumbprint or answering multifactor authentication questions.
In the past, we have relied on physical-world methods to establish our identities in the digital world, but this approach is flawed. In person, a bank teller can compare a customer’s face to the photo on their government-issued ID, but in the digital world, the person providing verification could be an imposter with a stolen identity. Passwords and challenge questions are easily compromised by bad actors.
An enhancement to requiring a password or challenge question is the continuous assessment of thousands of digital attributes across mobile, email, and IP identity datasets to confirm a user’s risk score. Real-time risk scores empower you to block potential fraud before it happens – all with just a phone number.
Within milliseconds, Telesign’s Intelligence delivers a numerical risk assessment, comprehensive reason codes, and intelligent recommendations. Businesses are empowered to seamlessly determine risk thresholds based on business needs without sacrificing customer experience.
Just imagine the downstream impact of preventing harm earlier; less manual and credit risk checks to do as well as eliminating the direct of fraud itself and any associated reputational harm.
In the digital age, it’s impossible to know who a real user is and who is fake. That’s why it’s important to implement multiple layers of defense against fraud that work behind the scenes and do not inhibit the customer experience.
To help built your insight to this matter check out our blog on new account fraud: best practices for prevention.
