Advanced identity tech helps age-restricted firms drive efficiency
Confirming a customer’s date of birth is no longer enough to prove due diligence. To meet regulatory compliance standards and prevent fraud, age-restricted businesses must combine an age verification solution with deeper insights to validate identities.
While compliance is a key hurdle, verification tech also has more to offer age-restricted companies. Correctly implementing the right tools can help age-restricted firms not only stay compliant but accelerate customer acquisition, ultimately driving revenue growth.
Age verification solutions at a glance:
Data Verification – Quickly and securely verify and affirm more identities using a wealth of global authoritative public and private data sources. Instantly validate any identity and assess underlying risk without sacrificing the customer experience.
Documentation Authentication – Authenticate government-issued IDs online or in person with 50+ forensic tests in seconds to catch expired, stolen, forged and tampered-with IDs. Leverage one of the industry’s largest global document libraries to make informed decisions based on real-time results.
Selfie ID Verification – Ensure the identity holder is genuinely present with highly accurate and user-friendly ID plus selfie face match and passive liveness testing to better deter and detect sophisticated fraud.
Each of these solutions offer age-restricted firms the opportunity to build an end-to-end approach to ensure they only do business with of age consumers.
Modern tools to ensure compliance
eCommerce allows consumers to interact with businesses in a purely digital way. Wine and spirits are no exception to this trend, which is evident in an eCommerce platform’s goal to meet compliance standards while providing alcohol producers the ability to sell directly to consumers.
The platform faced key compliance challenges that are all too common in the age restricted space:
1. Guarantee that every alcohol sale through the platform is age-compliant
2. Verify the age and identity of buyers at the time of purchase
3. Refute claims that direct-to-consumer distribution increases the risk of minors accessing alcohol
By successfully implementing age and identity solutions, the platform was able to report they were 100% effective in stopping the sale of alcoholic beverage to minors.
Combining Data Verification, Documentation Authentication and Selfie ID Verification solutions empowers age-restricted firms in any space to verify age while introducing minimal friction.
A powerful solution to accelerate customer acquisition
While compliance is a vital aspect of doing business for any organization in the age restricted space, driving growth is still a major goal. This is key in the sports betting space, which has seen growing interest in recent years, especially in the digital environment. Gen Z in particular has shown mobile as their preferred digital channels when it comes sports betting, leaving states rushing to accommodate the massive growth of online gaming.
A sports betting company known for its full suite of digital gaming and sports betting experiences was looking to onboard more legitimate players, faster and with minimal friction. The firm faced a few key challenges when looking to build a positive customer journey that also protects minors.
1. Increase player acquisition and maximize revenue
2. Quickly verify the age and identity of thin-file, young and underbanked participants
3. Meet gaming authority and KYC/AML compliance requirements
Combining Data Verification and Document Verification solutions, the sports betting company was able to see a 99.6% overall participant locate rate and an 80% increase in auto-approvals for hard-to-identify customers.
Layered verification to stay compliance and drive growth
Not all age-restricted companies are the same, so firms must implement an approaches that’s uniquely tailored to their business needs. With advance identity tech in place, businesses can quickly establish customer trust while keeping minors safe. With automated identity verification that relies on data, documents and biometrics, age-restricted companies can create a layered approach that unlocks customer growth without compromising security.
Download our Buyer’s Guide to Age Verification, to learn why a layered approach to identity is key for preventing underage access to age-restricted product and services.