As more people adopt the digital-first economy, buyers and sellers will increasingly prefer the speed and convenience of online marketplaces, whether it\u2019s to rent a room, borrow money or set up a virtual storefront.<\/p>\n\n\n\n
Peer-to-peer transactions are a cornerstone of online marketplaces, but anonymity can increase the risk of fraud, scams and bad behavior. A 2022 TransUnion report<\/a> found fear of fraud to be the top reason consumers would abandon their online cart, a 72% increase from the previous year.<\/p>\n\n\n\n If people perceive an online marketplace or community as unsafe or unreliable, they have no incentive to participate.<\/p>\n\n\n\n Building trust between participants is crucial for a successful online marketplace, but speed and convenience are also top priorities. Providing a safe, minimal-friction user experience can be particularly challenging for marketplaces that process tens or hundreds of thousands of transactions daily. Ensuring a smooth experience requires accurately and quickly verifying identities, regardless of a user\u2019s risk profile or type of transaction.<\/p>\n\n\n\n \u201cThe biggest thing for us is that people need to feel that they can trust the people they are giving money to, that they are real and that the causes are real,\u201d said Daryl Hatton, FundRazr CEO. \u201cThe more we know our users, the more we can keep it safe.\u201d<\/p>\n\n\n\n Trulioo provides identity verification services with independent data sources worldwide to establish a participant\u2019s credibility. A risk-based approach<\/a> can ensure onboarding and each transaction is quick and secure. <\/p>\n\n\n\n Onboarding low-risk customers may require only basic due diligence, such as a standard Know Your Customer check<\/a> using a name, birthdate, address and ID. But if a person, account or transaction crosses a particular risk threshold, enhanced verification services such as Identity Document Verification and Artificial Intelligence & Machine Learning could help reduce fraud, scams and other bad behavior. Marketplace operators can customize those verification processes to fit the risk.<\/p>\n\n\n\nBalancing Security and Speed at Every Touchpoint<\/h2>\n\n\n\n
Building Trust and Speed at Scale With Trulioo<\/h2>\n\n\n\n
Businesses that want to provide their customers with a safe online experience should use Trulioo\u2019s identity authentication product.<\/h5>\t\t\t\t