Identity Verification Can Ease Online Transaction Woes

  • Identity Theft

Online banking may be growing at a rapid and steady rate, but when it comes to processing personal and payment information, e-commerce takes the cake. Online transactions make shopping & paying online easy and convenient, but many consumers are hesitant to jump right in. According to a study by Site Jabber, the number one fear of online users is the fear of credit card information being stolen.This fear is closely followed by the fear of personal information being sold or shared by the company to other entities for maluse. As the popularity of online transactions increases, companies need to adpat their online models to cater to their consumers. Some businesses may think this does not apply for them if they are not a online retailer, but consumers are using credit cards and debit cards to pay for subcriptions, membership fees, and bills. Any business that uses their site to collect credit card information needs to implement a strong fraud prevention strategy.

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It is predicted that by 2015 there will be around 200 million online shopppers in the US. A study by invesp also predicts that in 2015, mobile e-commerce will grow by 23.8 billion. In order to stay above these outstanding numbers, sites must implement secrutiy beyond simple passwords and usernames. By adding identity verification and authentication as a means of protection, sites can add another layer of security before information is processed. This can help protect against stolen information being processed by creating a series of security questions that are based off the true identity's information. Lets say a consumer used to live on Cherry Street a security question would be created based off this information. Answers would look and feel like the correct one (such as Apple Street or Maple Street) but only the true account owner could answer it. If companies adopt more secure means of payments, more consumers would be open to starting or continuing business with a site.

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[Contributed by EVS Marketing]