Online Marketplaces Leverage ID Verification to Create “Certainty” During Uncertain Times: Trulioo Report

New research from Trulioo, a global digital identity verification platform, “shows that 87% of online marketplace leaders view identity verification as critical to protecting consumers and building trust during unpredictable times.”

Those respondents also overwhelmingly “see identity verification as more than just a single step during onboarding, with 90% saying it should be continuous throughout the customer journey.”

The research, highlighted in the “Wary Customers Seek Reassurance From Online Marketplaces” report, “reveals that consumers want online brands to do more to protect them against fraud and identity theft.” It found “that for 73% of consumers, online security is a bigger consideration than it was three years ago.”

The research also found:

  • 57% of consumers are more tolerant of identity verification
  • 85% say online brands that invest in the best identity verification show they care about their customers
  • 75% of online marketplace leaders acknowledge digital trust has eroded during the past three years and consumers are on higher alert
  • 58% of those marketplace respondents report their organization added more identity verification steps to adapt quickly to fraud and cybercrime threats

Steve Munford, Trulioo CEO, said:

“Trust and safety are the foundation for online marketplaces. Identity and business verification are crucial to establishing that trust while also allowing marketplaces to adapt to emerging threats, simplify global expansion and ensure they are providing a secure environment that maintains the convenient experiences customers expect.”

The research “underscored the importance of identity verification agility and resilience, with 74% of online marketplace leaders saying it’s needed for complex geographical expansion and 90% saying increasing user volume is intensifying the need.”

You maydownload the report “for more insight into how online marketplaces are adjusting to customer expectations and establishing a competitive advantage through identity verification.”

The team at Trulioo explains “how fast, accurate and secure identity verification can help companies optimize onboarding and build long-lasting relationships.”

As covered, Trulioo claims it is “a leading global identity verification company building trust online so businesses and consumers can transact safely and securely.”

Trulioo reportedly  “provides real-time verification of more than 5 billion consumers and 300 million business entities worldwide — all through a single API integration.”

Organizations rely on Trulioo “to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.” The Trulioo mission is “to help provide every person on the planet with a digital identity to enable access to basic financial services and support.”

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