The growth of the ‘sharing economy’ seems unstoppable.
We can now borrow money, homes, boats and pets. We can share a ride, have our dinner cooked, the list goes on…
It’s certainly disrupting traditional business models – and the majority of users are enjoying a hassle-free service. But, we are now also transacting financially with people we don’t know, or having to accept anonymous user reviews at face value.
So, the question of trust is central to the future of companies operating within the sharing economy.
And it’s in this grey area where fraudsters and scammers are using the anonymity of services to commit an increasing number of crimes.
Examples of this criminal activity include;
Recent reports show 34% of consumers in the UK and US will not enter into a sharing economy transaction without knowing exactly who the other party is.
So, there are clear financial incentives for platforms to think about how they can effectively achieve this.
Of course, they also need to maintain the speed and convenience of the user experience whilst protecting consumers and their business’ reputation.
This is where digital identity verification solutions can be used to authenticate users. These solutions can include:
Together, this comprehensive collection of identity verification solutions can help build real trust in the sharing economy; establishing exactly who is who and ensuring businesses stay as safe as they are innovative.
Author: Melanie Cameron, Senior Technical Sales Manager – Fraud & ID