Trulioo — Case Study
The
Challenge
72%
As more people adopt the
digital-first economy, buyers and
sellers will increasingly prefer the
speed and convenience of online
marketplaces, whether it’s to rent
a room, borrow money or set up a
virtual storefront.
Peer-to-peer transactions are a cornerstone of online
marketplaces, but anonymity can increase the risk of
fraud, scams and bad behavior. A 2022 TransUnion
report found fear of fraud to be the top reason
consumers would abandon their online cart, a 72%
increase from the previous year.
If people perceive an online marketplace or
community as unsafe or unreliable, they have no
incentive to participate.
Balancing Security and Speed at Every Touchpoint
Building trust between participants is crucial for
a successful online marketplace, but speed and
convenience are also top priorities.
Providing a safe, minimal-friction user experience
can be particularly challenging for marketplaces that
process tens or hundreds of thousands of transactions
daily. Ensuring a smooth experience requires
accurately and quickly verifying identities, regardless
of a user’s risk profile or type of transaction.
“The biggest thing for us is that people need to feel that
they can trust the people they are giving money to, that
they are real and that the causes are real,” said Daryl
Hatton, FundRazr CEO. “The more we know our users,
the more we can keep it safe.”
A 2022 TransUnion report
found fear of fraud to be
the top reason consumers
would abandon their online
cart, a 72% increase from
the previous year.