Indeed, impressive fintech partnerships in the areas of fraud and identity verification are essential for second-hand goods markets that want to ensure customer security and protect brand integrity.
Earlier this year, we spoke to Inna Lyubashevskaya, chief customer officer at identity verification company Sumsub, about the benefits of leveraging third-party anti-fraud solutions.
“Every business case is unique and requires careful consideration of whether identity verification is handled in-house or through outsourcing,” she told us.
“While in-house solutions have their benefits, the compelling benefits of outsourcing, including significant cost savings and customizable options, often outweigh the benefits of an in-house approach.”
Other fintech companies are also leading the charge against fraud by releasing AI-based solutions to combat fraud. Revolut is one of the latest companies to release AI fraud detection capabilities in February this year.
When it comes to the second-hand goods market, Maciej said “working with market-specific fraud detection and prevention providers is essential” to ensure the platform.
For Maciej, the need for a safe second-hand market extends beyond just consumer protection, and these platforms are “an important part of driving the circular economy towards a greener future.” thinking about.
Financial technology has been a driving force behind the success of second-hand markets, offering quality customer experiences and ease of payments. These platforms now need to expand their anti-fraud measures to keep consumers safe and their reputations intact.