Saving Big Dollars with Smart Identity Resolution
Fraud is an expensive problem. Retailers are hemorrhaging a staggering $100 billion yearly to consumer fraud practices. That’s a monumental loss that most businesses could avoid simply by incorporating effective identity resolution strategies.
Let’s not dance around the numbers; they speak volumes. A recent case caught our eye – a company lost $14 million after a discount promotion went awry. Over 4,000 users took advantage of lax identity verification measures, creating more than 137,000 fake accounts. That’s a rate of over 34 fake accounts per user. An astronomical number that any business would struggle to stem.
So, how does one fight back against such seemingly relentless fraud?
Identity resolution. It’s not flashy, but it is effective. It may also be the lifesaver you didn’t know you needed. Before you lose significant revenue to customer fraud, let’s dig into why identity resolution matters.
###Why Identity Resolution is Key, identity resolution is about understanding who your users are. It involves piecing together fragments of user information from different data sources to create a single, consolidated customer profile.
Identity resolution is a tool that helps businesses distinguish genuine users from fraudsters. It ensures that promotions aren’t manipulated by customers creating fake accounts, maintaining the integrity of marketing campaigns. It’s less about combating fraud and more about empowering authentic customer engagement.
###Getting the Right Tools
Investing in sophisticated identity resolution tools is not an extravagant expense – it’s a strategic move. These matching processes allow businesses to validate user data quickly and accurately and are a proficient defense against fraudulent practices.
Be it saving dollars for your business or reinforcing customer trust, effective identity resolution sets the stage. It’s not just about responding to fraud — it’s about being proactive, staying ahead, and making informed decisions.
With Statara Solutions on your team, you’re not just managing frauds; you’re meticulously minimizing them while maximizing real customer interaction.