What Is Customer Verification?

July 13, 2023

Greetings! In our previous article, we covered the first part of Digital Identities with a special guest from ShareRing’s advisory. 

As promised, this segment will cover customer verification.

In today's increasingly digital world, verifying customer identities has become essential to ensuring security and trust for businesses.

What Is Customer Verification?

Customer verification is crucial in sensitive industries like alcohol distribution where fraud and identity theft are common. 

Effective verification processes benefit the business and customers through protection against these risks; such as potential financial losses and legal liabilities.

It’s important to not only safeguard the business but also prioritize protecting the customers. 

At the heart of customer verification is the goal of building trust with customers.  

Verification builds trust with customers by showing a commitment to their safety. 

By verifying their identities and protecting their personal information, businesses demonstrate their commitment to their customers' safety and well-being. 

Secure and efficient customer verification processes build trust between businesses and customers, benefiting both.

Get the Scoop from Team ShareRing  

We're pleased that our Business Development Team has graciously shared their knowledge on customer verification.

Q: How do industries today currently tackle customer verification?

Industries today are using traditional technology to verify their customers. 

For example, finance often uses a combination of government-issued and biometric authentication, whilst e-commerce typically rely on credit card information and billing addresses. 

Q: What problems are each of these industries facing when it comes to verifying their customer’s identity?

Each industry has its own challenges when it comes to customer verification.

Finance has to deal with fake IDs and fraudulent documents while e-commerce has to prevent identity theft and fraud.

Q: What are the immediate opportunities/low-hanging fruits for these industries?

Digital identity solutions can help these industries improve their customer verification processes. Alcohol distributors can benefit by implementing multi-factor authentication and blockchain-based identity solutions to prevent identity theft and fraud.

Finance can also rely on blockchain-based identity solutions on top of biometric authentication for prevention.

By using these technologies, industries can make their verification processes more secure, efficient, and convenient for their customers.

Verifying Your Customers With ShareRing Business Solutions 

ShareRing Business Solutions helps protect businesses and customers with streamlined verification processes whilst reducing the risk of fraud and cyber-attacks. 

Stay tuned for our next post will be on age-gated experiences, once again featuring expert insights from ShareRing. 

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