How to Protect Your Most Valuable Asset: Trust
The first step to gaining trust is to ensure your users’ security and validate their identity. This is where Verify comes in. We’ve got some exciting new updates to the Verify product that will make it easier and more efficient than ever to maintain trust and security with your customers.
Customers might encompass both buyers and sellers, depending on your business. Online marketplaces, for example, have revolutionized the customer and vendor experiences. They have disrupted the food, taxi, and hotel industries—and pioneered the sharing and on-demand economies.
And one element has become both their most valuable asset and biggest challenge: trust. Ever-growing volumes of global users complete transactions around the clock. This requires a mission-critical focus on safety and security throughout the platform—and it starts with preventing the fraudulent and malicious activities that can erode a marketplace's experience. In fact:
- There were 16.7 million victims of identify fraud in 2017 (Javelin Strategy & Research)
- New account fraud losses increased from $3 billion in 2017 to $3.4 billion in 2018 (Javelin Strategy & Research)
It’s more crucial than ever to authenticate your users. Failure to do so extends well beyond financial and legal costs. The far bigger risk is to your user experience and trust. Quite simply, if users lose faith in your business—they will take their business elsewhere.
That’s why financial services companies verify users with Vonage. The Vonage Verify API securely verifies users at global scale, striking the optimal balance between security and convenience so your users can feel safe without jumping through hoops. This is an ideal solution for marketplaces with hundreds of thousands of users around the world.
Vonage Verify Simplifies Two-Factor Authentication (2FA)
Vonage Verify is a full-service API that protects businesses and their customers with all-in-one, economical verification. This means businesses don’t need specialized two-factor authentication or telecommunications expertise. Rather, you can merely submit the phone number you want to authenticate to our Verify API—and we handle the rest. Verifying a phone number becomes as simple as sending an SMS.
Verify Product Updates
Now Verify customers can choose between two versions of Verify:
Verify Conversion: This all-in-one verification product handles everything from PIN management to channel selection and auto failover. Verify Conversion is ideal for businesses or application developers who need to launch quickly and at scale. Customers still only pay for successful conversions plus any additional messaging or call rates related to attempted or successful verifications
Verify Request: Verify Request is a new model intended for customers who wish to manage their own PIN codes. Verify Request is a great fit for businesses or application developers who have their own PIN code management system.
Verify Workflows: Reach Your End Users to Maximize Successful Conversions
Previously, Verify customers could only send a PIN code through one workflow: SMS followed by two separate text-to-speech calls (if required). With Verify Workflows, Vonage customers can now control the Verify workflow from start to finish—which maximizes the probability of successful conversions. This control allows application developers to deliver PIN codes based on their knowledge of end-user preferences; for example, many younger markets don’t want a voice phone call ever, so you may choose to default to SMS for all attempts. These are just a few examples of phone verification challenges and how to overcome them.
Verify Workflows Benefits
- Greater control and flexibility when using Verify Conversion or Verify Request
- Ability to better maximize successful conversions (where end users receive the PIN code so they can authenticate)
- Power to incrementally increase successful conversions based on customer-specific use cases
Bring Your Own PIN (BYOP)
This update introduces a new API parameter—PIN_code—that allows Verify customers to specify the PIN in their API calls. This feature is intended for customers with strict security and compliance requirements. They can enjoy more control and visibility into the PIN code generation.
- Greater control and flexibility when using Verify Request
- Ability to use internal PIN generator or approved third-party PIN code management company
- No need to build a 2FA system—customers simply integrate their PIN management tool with Verify Request
- BYOP is only available on Verify Request.
A Matter of Trust
Users aren’t comparing product to product when they make a choice between your company and a competitor. In most cases, they’re simply following the good feelings, and that means they choose the company that gives them the best experience, the company that makes things easy and safe...the company they can trust.
When it’s time to protect your greatest asset—turn to a solution you can trust. Learn more about the new Vonage Verify API.