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Online Merchants Lose Sales for Billions Each Year

Press Release   •   Sep 24, 2014 09:00 BST

The online economy would get a tremendous boost if online merchants were able to truly identify people from all over the world. In 2016 online businesses stand to lose a staggering $360,000,000,000 in lost sales. By bringing trust to the Internet, London-based Veridu might have the right recipe for merchants to avoid these costs.

London, September 24th 2014: CEO of Veridu, Rasmus Groth, knows that trust is everything on the Internet. “No sane merchants want to send items to customers they don’t fully know the identity of. However, if they could easily find out the identity of any customer, it’s a no-brainer to ship items to even the most remote places on Earth. Increasing trust online has the potential to expand the market of any online business.”

Veridu is one of just a few companies in the world to offer alternative ways of verifying online user’s identities. The company has developed a global identity and authentication solution, which is based on the online footprints of its users.

As well as verifying basic profile information, users can verify their work experience and reputation. Veridu compiles everything and advanced algorithms calculate a score, which tells the merchant how trustworthy the customers profile is.

The whole procedure is based on the fact that while you can cheat with a stolen credit card, you can’t cheat with a whole life. Groth says that “It is very hard, if not impossible, to generate a high credibility score based on faked profiles. Creating a fraudulent online profile with a long history of tweets, Facebook updates, friends and connections takes more time and planning than any fraudster wants to spend.”

Social media users are the online shoppers.

Veridu has found a way to enable merchants to more accurately identify any and all risky accounts and users. The company does so by providing a low-barrier, consent driven identity platform. According to Groth, this leads to an increase in sales as more users can be verified. This means subsequent sales are then processed for a much lower price.

“Our solution to the problem will enable less fraud and more sales when the merchants are able to separate the good, reliable customers from the risky ones”. Groth also says that Veridu wants to enable any business to expand its markets by identifying users reliably. Veridu are aware that online transactions and identity fraud are both growing rapidly, meaning online merchants need the tools to enter new markets and segments safely.

62% of adults worldwide now use social media, and social networking is the most popular online activity. Those 62% roughly equate to all the users that would shop online.


For further information please contact:

Rasmus Groth, Veridu CEO at rag@veridu.com or +45 26 22 86 41

Veridu is the most accurate, reliable and trustworthy tool to quickly and efficiently verify the identity of users in order to eliminate fraud and unwanted user behavior. Veridu provides both Single Sign On plugins and more comprehensive authentication tools to give the highest level of protection, with the simplest possible process for both businesses and end users. Founded in 2012, Veridu is headquartered in London with offices in Copenhagen, Denmark. For more information visit www.veridu.com or @veriduHQ

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