As your organization grows, the ability to acquire and retain new customers is essential. However, in order to effectively acquire more legitimate customers, organizations must balance ease of access to their products and services with controlling the ever increasing levels of fraud. To do this, businesses use comprehensive identity verification solutions to combat fraud while also increasing customer acquisition. Find out more in our new Leadership video featuring John Dancu, CEO of IDology, speaking about customer friction.
What Is the Right Amount of Friction?
As you know, the majority of your customers are legitimate. So, as an organization, you want to make it as easy as possible for them to use your products and sign up for new services without unnecessary delays that could result in a negative customer experience. At the same time, it is vital that your business protects itself from fraudsters by tightening security and limiting access to accounts and information. What is the right amount of friction and how should you control it?
- Control Verification On-Demand – At IDology, we believe that your organization should be able to set rules for verification based on your own needs.
- Adaptive Scoring – Customizable scoring allows you to create scoring models that fit your business rules and adapt to evolving fraud tactics. Identity attributes and fraud indicators can be assigned values based on risk and placed into risk thresholds that you score.
- Evaluate Risk and Escalate to Higher Levels of Verification – Based on your defined rules and score, you’ll be able to evaluate risk and approve legitimate customers easily while escalating only those cases that require further verification – not every consumer.
Approaching verification this way allows you to find the balance between needed security and unwanted friction for your customers.
Dynamic Decisioning for Fraud Protection
By employing robust fraud prevention in your identity verification program, you are able to utilize fraud detection analytics to discover identity discrepancies as well as gain insight into risky identity attributes. This enables you to dynamically decision to pass, fail or escalate an identity to a higher level of verification based on your own business requirements and risk parameters.
Your organization’s rules are set within IDology’s system and can easily be updated on demand so that your solution can evolve with changes in the marketplace.
Choosing IDology to Bolster Acquisition and Friction Strategies
IDology’s ID verification and fraud prevention platform drives customer acquisition and revenue while also deterring fraud. Your organization will be able to reduce customer friction and improve the overall customer experience. Our solution gives you multiple opportunities to approve a legitimate customer, which ultimately leads to increased approval rates and easier access for your legitimate customers. Learn more about what IDology can do for your business, and schedule an online demo today, by contacting a representative at 866-520-1234.