Online Marketplaces Leverage Identity Verification to Create Certainty During Uncertain Times

New Trulioo report finds 78% of consumers are comfortable with onboarding taking longer or involving more steps

New research from Trulioo, a leading global digital identity verification platform, shows that 87% of online marketplace leaders view identity verification as critical to protecting consumers and building trust during unpredictable times. Those respondents also overwhelmingly see identity verification as more than just a single step during onboarding, with 90% saying it should be continuous throughout the customer journey.

The research, highlighted in the “Wary Customers Seek Reassurance From Online Marketplaces” report, reveals that consumers want online brands to do more to protect them against fraud and identity theft. It found that for 73% of consumers, online security is a bigger consideration than it was three years ago.

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The research also found:

• 57% of consumers are more tolerant of identity verification
• 85% say online brands that invest in the best identity verification show they care about their customers
• 75% of online marketplace leaders acknowledge digital trust has eroded during the past three years and consumers are on higher alert
• 58% of those marketplace respondents report their organization added more identity verification steps to adapt quickly to fraud and cybercrime threats

“Trust and safety are the foundation for online marketplaces,” said Steve Munford, Trulioo CEO. “Identity and business verification are crucial to establishing that trust while also allowing marketplaces to adapt to emerging threats, simplify global expansion and ensure they are providing a secure environment that maintains the convenient experiences customers expect.”

The research underscored the importance of identity verification agility and resilience, with 74% of online marketplace leaders saying it’s needed for complex geographical expansion and 90% saying increasing user volume is intensifying the need. Download the report for more insight into how online marketplaces are adjusting to customer expectations and establishing a competitive advantage through identity verification.

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