Trust Swiftly has released a new identity verification platform that was designed to prevent fraud in the e-commerce sector. The platform offers support for 15 different forms of authentication, with modalities that range from device-based geolocation and SMS codes all the way through to selfie-powered liveness detection.
Clients are able to deploy any or all of those 15 methodologies, and can easily integrate the customizable solution into their own applications through the use of a platform with minimal coding requirements. Trust Swiftly’s technology is also compliant with international privacy regulations. The company does not gather or store customer data on its own databases, and instead allows clients to store information on private databases in 22 regions internationally.
The broader goal is mitigate the threat of fraud for e-commerce providers. Trust Swiftly noted that e-commerce activity has spiked in the past few months, but warned that that increase in digital traffic has led to a similar increase in fraud. For example, Juniper Research has reported that e-commerce retailers could lose as much as $20 billion to fraud in 2021 alone. However, fraud rates were down as much as 40 percent for the clients in Trust Swiftly’s beta program, with one client enjoying a monthly ROI of $15,000.
“As our capabilities increase in delivering goods and services online, so does the expertise of fraudulent actors looking to infiltrate businesses,” said Trust Swiftly Co-founder and CEO Patrick Scanlan. “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.”
Credit card, ID, and document verification are some of the other authentication options that come with the Trust Swiftly package. In the meantime, MarketsandMarkets has predicted that the identity verification market will be worth $15.8 billion by 2025.