In today’s growing global economy, an organization’s customer base is no longer simply regional or even national – it is international. With the expansion of a company’s potential customer base comes a significant opportunity for customer acquisition and business growth. However, this expansion also brings with it a unique set of challenges as well as increased transaction risk.
Spotting and stopping fraudulent activity in a global marketplace can be daunting and determining the legitimacy of international customers can prove difficult. At IDology, we provide a variety of direct international solutions that help your business tackle this hurdle in your efforts to securely complete international online transactions.
In this post we will discuss IDology’s ExpectID Scan and Verify as well as ExpectID Customer Based Authentication – solutions precisely geared toward an organization’s international endeavors.
ExpectID Scan is a new solution that automates the manual review process and provides customers with the ability to scan and validate a photo ID (where traditionally they would have to obtain a fax from the customer). ExpectID Scan replaces the need for costly, labor-intensive document review processes, driving customer acquisition and saving both time and money, while also improving customer service. After the ExpectID Scan solution validates the legitimacy of a photo ID, ExpectID Scan Verify correlates the data to application input as well as performs additional checks.
Since ExpectID Scan and Verify can validate international ID’s and passports, customers can evaluate and approve international, thin-file, young and new-in-country identities as well as gain better insight into potential risks associated with an identity.
To dig a little deeper into ExpectID Scan and Verify – traditionally, if an international or new-in-country customer could not be located or fails an organization’s verification process for one business reason or another – they would either need to send that individual through a manual review process, or just fail them and lose any potential revenue. If they are passed to manual review – a good percentage of the customers will just drop off themselves – just too many hoops to jump through! Of those that do move forward, a percentage of the faxed or mailed documents will come through as illegible. Further – those employees that perform the manual review only have the information right in front of him/her – the faxed or mailed ID copy could have easily been doctored and also the reviewer typically does not access other data sources for verification. Through ExpectID Scan and Verify customers can minimize this friction in the verification process and approve more legitimate customers.
Another direct international solution IDology offers is ExpectID Customer Based Authentication. ExpectID Customer Based Authentication is an enhanced knowledge-based authentication (KBA) solution that uses multiple choice questions to verify someone is who they claim to be. ExpectID Customer Based Authentication gives customers the ability to custom write and generate their own questions using internal customer data behind their firewall. This scales globally using an organization’s customer and transaction information. None of the customer data is ever shared with us, giving them unlimited capabilities for creating unique, relevant questions without infringing on their customer privacy policies.
If your business is handling customer-not-present transactions on an international basis, looking at international solutions is not only extremely cost-effective and beneficial, it can also help drive revenue, create less fraud, and meet the required compliance regulations.