Identity verification today
Companies in the digital age are universally concerned about identity verification. A whopping 93% of companies in our survey consider identity verification to be a priority for their business.
As fraud continues to grow in sophistication, companies must also adapt and respond to growing threats. With the availability of PII data and the advancement of technology, the types of online fraud and the speed at which it occurs has increased exponentially.
Rising customer expectations
At the same time that companies are trying to fight new fraud threats, rising customer expectations also change the way companies handle new applications or orders. Whether it’s an online loan or a purchase of a physical good, customers expect their transaction to be nearly instantaneous and seamless. As a result, businesses are constantly pushed to do a better job of verifying identities to reduce customer insult rate.
In our research, only 2% of organizations consider themselves completely successful at verifying customer identities. This is clearly a rare and aspirational state since 53% describe themselves as very successful and an impressive 45% identify as somewhat or not at all successful.
Impact to business goals and ROI
Eighty-seven percent believe optimizing their identity verification would have a positive impact to business goals and ROI – whether their objectives are related to reducing fraud, clearing more customers faster, or increasing revenues.
An identity verification solution can improve both ends of the spectrum by:
- Quickly identifying fraudulent transactions
- Clearing good orders – from legitimate customers – faster
In fact, Ekata specifically designed its global Confidence Score to be a single number that is actionable on both ends of the spectrum. This enables companies to easily incorporate the score into real-time rule building or integration into a model.
Read more in the full report: The State of Identity Maturity Verification.