Validating your IDV security provider: What you need to know

In an online world rife with bad actors, security is necessary for today's businesses to remain legally compliant, reputationally sound, and popular with customers. Identity verification (IDV) has risen in popularity among small companies and major global brands alike as a way to embed a successful security strategy. However, if a company is looking for an IDV provider for the first time, it may have different needs than an organization transitioning from one IDV provider to another. Evaluating the company's needs and which type of facility is most appropriate is not always easy.

A good starting point for decision makers is to assess the level of risk posed to the company. Some sectors, like online marketplaces, have different compliance needs as compared to highly regulated sectors, like financial services and gambling.

Additionally, decision makers must judge whether and to what extent transaction speed is sacrificed for security. Essentially, the more controls and security measures implemented, the longer it will take for customers to get onboarded and gain access to the goods, services, or products on offer.

Finding the right balance is important. Too many steps can cause companies to lose sales leads unnecessarily. Too little and companies risk suffering substantial financial, legal, and reputational damage that comes from being compromised by fraudsters.

In this new eBook from Veriff, discover what features are on offer from IDV providers, how to find the right solution to match business needs, and the key outcomes of successfully implementing an IDV solution.