In 2020, Australia’s population was about 25.5 million, according to Worldometer. The Oceana country also has one of the world’s top 20 economies in gross domestic product. This offers ample opportunities for Australian companies with physical stores and e-commerce sites. However, it has also increased the risk of cybercrimes and identity theft.
One solution is an identity verification company that can help verify customer IDs. This can include various databases from the commercial, financial, and governmental sectors. The process covers a large percentage of Australia’s population data and can significantly benefit your company
- Protect Reputation
This feature is essential for companies ranging from small businesses to big corporations. Today, customer loyalty is more difficult to secure since consumers are more likely to switch brands if they’re not satisfied with a particular company.
Trust is also an essential factor. A recent study showed that three-quarters of Australians consider how companies handle data as a factor in how trustworthy they perceive it.
An identity verification check can help to show that your business is serious about building trust with customers. It’s become crucial with a spike in online security breaches.
Various tools companies can offer include face-matching selfies, customer documents, and know your customer (KYC) checks. Such services can provide instant matches that can help to prevent fraud, boost customer retention, and protect your business.
- Avoid Money Laundering Fines
Identity verification can help to prevent fraud and fines related to money laundering. These fines can be very high and significantly affect the financial health of small businesses in particular.
This has caused companies to focus more on risk-reduction through steps like identity verification. Companies can create authentication levels that are based on certain transactions’ risk potential.
- Prevent Expensive Chargebacks
Credit card fraud makes up a large per cent of yearly fraud cases. Online credit card fraud is tougher than on-site fraud because e-commerce transactions are classified as “card not present” purchases.
The problem is when companies can’t track the original fraudster, the company is required to repay the money from the transaction.
- Avoid Expensive Fines
Companies can face high fines if they aren’t taking enough steps to prevent fraud like identity verification. KYC services are a small investment your company can make compared to pricey fines that can affect your company’s financial stability.
This process can include KYC procedures that allow Australian businesses to identify customers. They can also reduce the possible risk of illegal activities. Some providers can access personal records in various sectors, like commercial and governmental.
In fact, there are several business-related rules and regulations based on the company’s location and its customers. For example, if your company includes customers throughout the Asia-Pacific region, you can also verify customers in APAC countries. In fact, nearly 100 countries require a business to verify customer identities.
- Improve Customer Experience
This has become an important factor that affects customer loyalty, and the trend will continue in future years. Today’s consumers are looking for a customer-focused experience.
One way to achieve that goal is through “frictionless” identity verification that doesn’t require companies to ask for large amounts of information from customers. For example, KYC providers can access various databases to verify your potential customers’ identity.
An identity verification company can effectively verify your Australian company’s customers. This can offer various benefits related to your company’s expenses, fines, and reputation. It can also improve customers’ shopping experience to prevent them from shopping around.