When consumers interact with your business, they expect to have a good overall experience. Customers should be able to easily access your products and services, perform transactions, manage payments, and view account details without having to jump through a ton of hoops. If a customer has to work too hard to do business with you, they are likely to take their business elsewhere.
To add to this, as incidences of fraud rise, it becomes necessary to implement additional security layers, such as enhanced identity verification techniques, into your customer authentication procedures. Yet, the key to a successful identity verification and fraud prevention program is not only mitigating risk, it is in creating a frictionless experience for your legitimate customers.
How Do You Reduce Customer Friction?
In a customer-not-present environment, a consumer should be able to have a streamlined experience without needlessly being bogged down by a cumbersome authentication or manual review process. An ID verification program that reduces customer friction is one in which a real consumer can access their desired product or service without having to go through unnecessary hurdles. This does not mean, however, that the authentication platform is less secure. On the contrary, an effective identity verification program such as this, successfully green lights legitimate users quickly, accurately, and efficiently while only raising the level of verification when fraud flags or other identity discrepancies are present.
We recently launched a video about how companies can reduce customer friction in their customer acquisition and identity verification platform. Check out this 2 minute video here: https://www.idology.com/video_customer_friction.
Dynamic Decisioning within Identity Verification
A vital tool for organizations conducting customer not present transactions in the financial services industry as well as healthcare, ecommerce, and more – is an ID verification platform that can flag potentially fraudulent transactions and escalate for further review – only when required. Enabling dynamic decisioning within your customer authentication program provides the ability to set up your own escalation path and scoring models that works for your select business requirements. Dynamic knowledge-based authentication (KBA) is one step-up verification option that allows organizations to confirm identity. IDology also allows companies to escalate transactions to a photo ID scan and validation solution which can help automate documentation review.
Overall, the IDology platform allows companies to set risk thresholds and business rules, so that legitimate users are passed under the covers and only those that trigger fraud flags are escalated for further review. This instantly reduces friction for good customers, while putting a solution in place that helps eliminate fraud.
Learn more about how the IDology platform can be put to use to reduce customer friction by contacting an IDology representative at (866) 520-1234.