Preventing Fraud Without Inhibiting Good Customers’ Shopping Experience

Trust Swiftly has announced the launch of the first-ever identity verification platform, which features 15 different methods of authentication for safely approving real e-commerce customers while quickly stopping fraudsters. By combining multiple verifications, the solution provides legitimate customers the most efficient and enjoyable experience possible while quickly identifying fraudulent actors. The process serves to prevent fraud without getting in the way of a good shopping experience for real customers.

The Trust Swiftly platform is customizable, allowing users the ability to feature as many of the verification methods as they see fit. Users can treat each customer uniquely in a pay-as-you-go pricing package without lengthy contracts. In addition to offering extensive verification methods, the Trust Swiftly system lets clients store their data in over 22 regions worldwide. This creates a high level of privacy as Trust Swiftly is not collecting any unnecessary information from their customers’ database.

The timing of the launch is auspicious. According to Digital Commerce 360 analysis of U.S. Department of Commerce Data, 2021’s Q1 e-commerce shopping spiked to nearly 20 percent compared to 7.6 percent in 2012. The speed at which e-commerce shopping is growing shows not only the capability of companies to get products and services to customers efficiently, but the increasing trust customers have gained doing so online.

According to Patrick Scanlan, co-founder and CEO of Trust Swiftly, “As our capabilities increase in delivering goods and services online, so does the expertise of fraudulent actors looking to infiltrate businesses.” He added, “Not only have fraud actors become more sophisticated, but they continue to advance. Our machine learning system tracks hundreds of distinct attributes from each verification and can identify the fraudulent patterns automatically and in turn prevent declines and loss growth due to fraud.”

In fact, according to a Juniper Research report, e-commerce retailers are at risk of losing more than $20 billion in 2021 due to fraud. Trust Swiftly beta clients saw their fraud rates drop by 40 percent, with one client seeing a $15,000 per month return on investment by easily authenticating customers and stopping repeat fraud.

The 15 methods of verification include options like phone SMS ownership, credit card ownership, ID ownership, selfie liveness, document ownership and geolocation to name a few. Trust Swiftly’s technology accurately detects irregularities and provides a central and dynamic platform to verify users no matter the attacks faced.