fraud prevention

Quality Foundational Data: The Key to Effective Digital ID Verification

Quality Foundational Data: The Key to Effective Digital ID Verification

Melissa Team | Address Correction, Address Verification, Biometrics, Customer Experience, Customer Identities, Customers, Data Cleansing, Data Quality, Digital Identity Verification, eIDV, Fraud Prevention, Full Contact Authentication | , , , , ,

Digital identity verification (also known as electronic identity verification, or eIDV)  is a must for e-commerce retailers that want to safely and conveniently onboard customers while combating fraud – but what’s the best way to leverage eIDV and realize its full benefits? Let’s take a look at what foundational data is, and why the quality of it matters when it comes to eIDV.

The Big Business Benefits of Data Quality 
Here are just a few of the advantages businesses can expect with eIDV over manual processes:

  • Quick: eIDV takes just seconds, involving an easy 1-2-3 process. 
  • Cost-efficient: CIDs can be verified 24/7, at a rate that far exceeds a physical team and at a lower price tag than manual checks.
  • Convenient: Users can verify themselves from their own home, using their own smartphone.
  • Customer-friendly: Increased automation, faster turnaround times, and fewer touchpoints yield a better customer experience, increases customer loyalty, and boosts the bottom line

How to Reap the Full Benefits of eIDV 
Accuracy, accuracy, accuracy – there’s nothing more important when it comes to avoiding the headaches associated with bad data. Couriers like UPS and Fedex now require shippers to shell out nearly $20 for every address correction—which adds up. But the total loss equates to much more than that; for example, there’s the initial shipping cost, the replacement product cost, and the much bigger, more complicated cost of unhappy customers which can result in a decline in customer retention. 

Melissa’s Approach to Data Quality & the Solutions That Can Help
Melissa takes a layered approach to data quality and accuracy checks and eIDV – including contact data verification, proof of address, eIDV, 2+2, and mobile document scan – utilizing a dedicated engine that corrects, parses, and understands names and addresses. Melissa’s Mobile Document Scanning App offers quick, reliable customer data verification for reduced fraud, improved customer engagement, and guaranteed peace of mind. 

With over 38 years as an independent data quality solutions provider, Melissa works with you to ensure the integrity of your foundational data, improving sales and the customer experience while reducing errors and costs. Check out this interactive infographic for a more complete overview of the benefits of eIDV, and how Melissa can help. Be sure to subscribe to our blog for anything and everything data quality! If you have any questions or would like more information about Melissa ID, don’t hesitate to connect with a member of our team

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