Growing Fast and Fighting Fraud in Fintech: Get it Right, or Go Home
Fourth Identiq Member Summit: 75+ Companies, 20 countries, 5 continents
The fourth Identiq Member Summit convened on November 10th, 2021. The participants reflected the truly global nature of the Identiq network, with 20 countries, 5 continents, and 12 time zones represented. Despite the physical distances involved, the feeling in the virtual room was one of strong camaraderie and the desire to collaborate to fight fraud and improve customer experience.
An incredible group of over 75 companies attended the summit, showing continued impressive growth following the third Summit, second Summit and first Summit. Participants included leaders in e-commerce, online marketplaces, creative software, ride-sharing, social, food delivery, travel and accommodation, payments, financial organizations, event management and ticketing, communications technology, crowd-funding, streaming and entertainment, gaming, gambling and gift cards.
A Network With Global Reach
During the Summit, CEO Itay Levy disclosed that the Identiq network is already actively aiding fraud prevention efforts on an international scale. The network is providing insights into markets which have until now been challenging for fraud prevention teams to understand using traditional data providers, whose third-party data model often gives inaccurate or out-of-date results.
Speaking about a recent case study with the network which dove into international markets as well as domestic, Julia Zuno, Director of Fraud at Newegg, said:
"It's safe to say that the case study was a profound success. It checked off my boxes, added some boxes, and checked those off too.
We now have that powerful and trusted global verification tool that we were looking for. We no longer have to compromise between varying internal business goals. We can be bullish with our sales, and steadfast with protecting our bottom line.
We’re able to reduce our chargebacks, our review and customer insult rates confidently. And most importantly we're contributing to a network that is passionate about displacing fraud, for the good of the community. And honestly that's the true victory.”
Collaboration: Essential for Fighting Fraud
A recurring theme at the Summit, from the friendly introductions through the speaker sessions and case study presentation, was that collaboration in the context of fraud prevention has shifted from “nice to have” to “must have.”
Aamir Ali, Lead Product Manager of Trust & Safety at Zoom said, “Us as companies almost need to collaborate together to make sure that we keep the internet a safe place - working separately in silos just isn't going to be enough.
For me that's the appeal of Identiq - it's the Interpol of the internet. It's in the best interests of all of us to collaborate to keep the bad actors off the internet. And we can't do it directly, but certainly we can share in an anonymous way, and that's why Identiq is great for that.”
Since network members pool trust in good users without sharing personal user data at any point, companies are able to validate the good customers they know about in a variety of regions. This is enormously valuable for fraud teams looking to distinguish between good users and bad actors internationally.
Trust is essential to every online business, but is imperative in online marketplaces in particular. As Justin Friedman, Head of Trust Operations at StubHub, put it:
“We need to be able to trust both our buyers and our sellers, and we want our users to feel trusted, and get that kind of smooth experience that can only come with trust.
Good customers should be able to use the StubHub marketplace to buy and sell tickets without ever noticing what we're doing behind the scenes. And we can only do that, as long as we know who to trust.”
Looking to the Future
Speakers at the Summit discussed the different use cases for which they value the Identiq network, from enabling tiers of trust at account creation to breaking down internal silos to protecting marketplace integrity. All of this was a powerful validation for Identiq’s vision - and for the strength of the network as it continues to grow.
It was tremendously exciting to see such enthusiasm and energy for collaboration - a true validation of Identiq’s mission, network and values.
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