We are excited to launch the Prove Verified Users℠ solution, a global, seamless identity verification solution that gives users peace of mind when interacting on digital marketplaces. Digital platforms can reassure users that they are interacting with a verified individual, delivered by a trustworthiness indicator such as a badge or check mark, as well as stop impersonators and scammers from taking over their platforms. Ultimately, the Prove Verified UsersSM solution creates a more secure environment for all users to confidently engage.
Before we get into the details, it’s important to understand the complex environment that digital marketplaces face today and why proper identity verification is a competitive advantage.
Challenge #1: Maintaining User Trust and Confidence
Fraudsters are finding new ways to manipulate digital marketplaces, ranging from attempts to sell stolen items to targeting victims for online romance scams. This threatens the integrity of your platform, where it becomes difficult to know the true identity of who users are interacting or transacting with. Once a user is scammed or loses trust in your platform, they are unlikely to continue engaging.
Maintaining a strong reputation hinges on the ability of digital marketplaces to safeguard customer interactions and provide a secure digital environment. A good reputation not only attracts new customers but also activates existing ones. It acts as a competitive advantage in a crowded market, where consumers are increasingly discerning about the companies they choose to engage with.
By prioritizing trust and safety elements, marketplaces can protect users and their reputation, enhance customer engagement, and ultimately drive growth.
Challenge #2: Time-consuming Verification Processes that Impact User Conversion
Identity verification plays a critical role in maintaining a trusted ecosystem for users to interact. However, online platforms need to balance security with the user experience, where adding too many points of verification or inserting time-consuming processes, like traditional document verification, can impact trustworthy users.
While methods like document verification and liveness checks aim to stop fraudsters, they can also create obstacles for legitimate users as well, leading to a lack of conversion, frustration, and potential loss of business. They can also be easily bypassed by sophisticated scammers using deepfake videos or images.
Not all identity verification methods are created equal. Marketplaces must consider adopting smarter, more seamless verification technologies to complement or supplement traditional verification processes to enhance security without compromising the user experience.
Seamless Identity Verification that Drives Trusted Interactions
To maintain vibrant and secure communities, digital marketplaces must prioritize establishing trust and safety among users. This involves delivering trustworthiness indicators, such as a check mark, to grow a trusted community where users feel reassured that they can safely proceed with transacting on the platform.
With as little as a phone number, the Prove Verified Users℠ solution can protect platforms by verifying that users are who they say they are. Prove verifies identities with high accuracy by maintaining a definitive link between a user and their phone number that is informed by 15 years and 30+ billion annual authentication and verification events.
Companies can achieve several key goals with the Prove Verified Users℠ solution, including:
- Creating a safe and positive experience: Consider rideshare drivers, who are vulnerable to crimes like carjacking and robbery. Criminals can pose as legitimate riders to gain access to a driver's vehicle, putting their safety and property at risk. By verifying rider identities using Prove, rideshare companies can foster driver and rider confidence to protect all parties involved in every ride-sharing transaction.
- Driving loyalty with a trustworthy ecosystem: Take an example of a parent looking for childcare, where thoroughly vetted sitters are paramount for safety and security. Parents need assurance that they are not unknowingly leaving their child in the hands of a stranger with an unverified identity, fake background and no credible history. With verified sitters, parents gain peace of mind that their children are in safe, reliable hands, building a foundation of trust and long-term loyalty.
- Reducing scam opportunities: Common scams involve fraudulent sellers creating seemingly legitimate listings with attractive prices to lure unsuspecting buyers. After the payment is made, the seller either disappears or provides false tracking information, leaving the buyer without their purchase. Worse, the scammer continues to exploit the marketplace by relisting items, targeting more victims while evading detection. By effectively validating users, marketplaces can reduce the risk of scammers continuously exploiting your platform and other victims.
Leading brands are using the Prove Verified UsersSM solution to solve for seamless identity verification that can increase user confidence and accelerate growth.
A Global Peer-to-Peer Marketplace Adopts the Prove Verified Users℠ Solution to Accelerate Growth with Trusted Identities
Let’s look at this from the perspective of a real-life global peer-to-peer marketplace. This organization faced a critical challenge during its astronomical growth from a start-up to a platform used by millions of people worldwide: how to ensure users feel safe when transitioning to face-to-face interactions on their platform?
With trust and safety as a top priority, they began exploring different ways in which technology could provide assurance for both users and service providers that the individuals they interacted with had validated identities, signaled by a trustworthiness indicator like a badge or check mark. Another consideration, given consumer expectations, was that the solution needed to have minimal impact on the user experience and be instantaneous.
The marketplace decided to implement the Prove Verified UsersSM solution to provide a seamless reverification experience during high-risk events using common information that is already collected, such as the phone number. This allowed it to safeguard users by promoting mutual accountability without disrupting the user experience. It also resulted in less fraud on the platform. Ultimately, the marketplace opted for the Prove Verified UsersSM solution to seamlessly build a network of trusted users and safeguard against bad actors looking to exploit the platform.
Ready to see how the Prove Verified UsersSM solution can help your business?
Keep reading
PYMNTS interviewed Prove CMO Brad Rosenfeld for the most recent episode of, “What’s Next in Payments,”
Miller was the featured guest on InfoRisk Today, where she explained some of these rising threats and the corresponding need for better, more rigorous identity verification strategies.
There are over 8 billion people alive on earth, and their growing expectations around frictionless and secure digital experiences are continually transforming payments and commerce.
