How to Reduce Risk and Fraud With Identity Resolution
It’s a digital world, meaning it’s a digital economy. As more consumers shop online, more purchases are completed using forms and codes and, of course, digital identity. Unfortunately, companies today face the tough challenge of verifying the person behind the purchase, avoiding fraudulent transactions, and protecting against bots, hackers, and cyber-criminals.
Fraud is a costly expense for both business and purchaser. By some estimates, identity theft and fraud cost consumers more than $16 billion in 2016. Experian reported e-commerce fraud rates spiked 33 percent over 2015.
Successful mitigation against risk begins with knowing the customer involved in the transaction–and ensuring the authenticity behind the identity. It also requires verification that is instant and doesn’t add additional steps.
That’s why identity resolution is such a powerful solution for both brands and buyers. It provides the perfect complement to building better security. You can authenticate the purchase with speed and accuracy using dynamic data that continually refreshes. From chargebacks in e-commerce fraud to individual identity theft, identity resolution can help.
In essence, FullContact’s identity resolution taps into hundreds of millions of global person profiles so that you don’t have to. It allows you to automatically link emails to social identity and engagement actions that increase confidence that an actual person is on the other end of a transaction. You can power your product or customer experience with patented technology and the most sophisticated identity graph available.
Ensure Valid Transactions
The demand for verifying identity and authenticating online purchases has never been higher. The modern age of the consumer involves billions of annual transactions, from millions of consumers perusing hundreds of thousands of websites. Ensuring valid purchases means more than just technology. It requires an extensive and persistent identity layer seamlessly integrated into your existing identity graph. The problem is that often identity data is scattered in multiple systems and formats.
Fraud data difficulties:
- Issues linking physical and digital identity prior to purchase
- Need for identity validation with sub-second response times
- Demand for near real-time identity updates (pulling from multiple sources)
Identity resolution empowers you to verify the person involved in transaction and works for brick-and-mortar businesses including e-commerce sites. You resolve whether an actual human being is associated with an email, social profile, or another identifier instantly, without manual processes or extra requirements from your customer.. Identity resolution integrates multiple sources of information, such as account name, customer ID, or user login, with related social and digital data such as a person’s location, demographic, and professional data, to form a multi-layered profile that can be used to authenticate a person’s identity.
FullContact APIs and custom exports provide the flexibility that delivers in-depth customer data the way you prefer in a secure and compliant manner. If you take an identity data-centric approach, and you begin with the customer, you can simplify your fraud prevention while at the same time improving security. What’s exciting is that this capability is available for everyone, and can scale to meet your organization, no matter your size, industry, or customer base. From B2C to B2B, online and even offline, identity resolution can immediately be used in your organization and integrate with your technology stack.
Superior Identity Resolution
FullContact’s patented technology and identity graph supplies a world-class solution for using the most current and accurate data. It’s built using more than one billion people profiles and millions of company profiles to enrich data. How is this possible? FullContact aggregates data from nearly 100 social networks and provides affinities across 8,000 subject areas. You get the best data recency and accuracy available with more than 200 million updates occurring daily.
Leverage FullContact to:
- Use one billion people profiles to remove invalid emails
- Apply a patented identity graph to reduce fraud and risk
- Get 200 million daily updates for verification
It’s a brave new world, filled with bad actors and fraudulent transactions. However, help has arrived. Identity resolution assists with verifying a person, reducing risk, and providing updates. Most important, no matter the size of your data or the number of transactions, it works at the individual customer level. When you use FullContact identity resolution for fraud management, you have the world’s largest, most advanced data solution at your disposal, giving your customers more secure transactions and improving your bottom line.
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