In today's digital marketplace, businesses are increasingly vulnerable to chargebacks—a costly issue where a customer disputes a transaction, often leading to a reversal of funds. Chargebacks not only result in financial losses but can also harm a company's reputation and lead to higher merchant fees. For businesses operating online, identity verification has emerged as a crucial tool in mitigating this problem. By confirming the authenticity of a user's identity, companies can significantly reduce the risk of fraudulent transactions and chargebacks.Identity verification serves as a first line of defense against fraudulent activity. When customers make a purchase, verifying their identity ensures that they are who they claim to be. This process can involve checking government-issued IDs, using biometric data like fingerprints or facial recognition, and cross-referencing information with trusted databases.For more click here #identityverificaiton