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Nov 30, 2023 Teaghan Kilrain

Give Your App a Competitive Edge: The Power of ID Monitoring & Alerts (12)

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Identity fraud cases continue to rise worldwide, and consumers are increasingly on edge. A study by Iris® Powered by Generali, conducted in partnership with Benenson Strategy Group, revealed that over half of consumers feel there's a 50% chance they could fall victim to identity theft or cybercrime. The stakes are high, especially with a whopping 40 million Americans reportedly falling victim to identity fraud and scams in 2022, according to Javelin Strategy & Research.

As a result, consumers are turning to the companies they trust for protection against these growing concerns.

Iris’ Identity Monitoring & Alerts API makes addressing your customers’ concerns easier than ever. Keep reading to learn why this feature makes sense to add to your existing digital environment and how it can help you stand out in a competitive market.

What Types of Companies or Digital Products Could Offer Identity Monitoring and Alerts?

1. Smart Home Devices or Products

Smart home app mockup

Smart home products offer consumers convenience, security, energy efficiency, and enhanced control over household devices. However, just like anything that connects to the Internet, these devices come with risks. Recent research from Parks Associates and Iris Powered by Generali found that 72% of smart home product owners are concerned about the security of the personal data collected by their smart home devices. The average number of smart home products in US households rose to 16 per household in 2022. That’s a lot of potential entry points for identity thieves and a lot of data to manage!

Providing your customers with identity monitoring and alerts can help your company alleviate your customers’ concerns.

As a provider of smart home products/services, your customers are looking to you to help protect their personal data. Integrating identity monitoring and alerts into your product (i.e., mobile app, member account, or online portal) helps increase customer loyalty and retention while providing your customers peace of mind knowing that they can trust your business to protect their identity and personal information. In a competitive market, this distinctive feature sets you apart, establishing your brand as more than a smart home provider but also a brand that cares about its customers.

Contact us today to learn how you can integrate identity monitoring and alerts into your digital product.

2. Telecom Companies

Telecommunication businesses often provide their customers with a variety of products and services, including smartphones, Wi-Fi, television, cloud services, and more. As most of us are already aware, internet-connected devices and data shared on the web are common targets for cybercriminals, which is why any data stored in these devices needs to be monitored against cyber threats. Nowadays, there is a certain expectation for telecommunication companies to provide their customers with a service that will help protect personal information. In fact, 76% of global consumers believe that brands need to do more to protect their data.

Telecommunication companies can empower their customers to take control of their personal information by offering customers identity monitoring and alerts.

The Identity Protection API can be easily integrated into any portal, app, or other digital environment. By utilizing Iris’ Identity Monitoring & Alerts API, you can enhance your current offering to help further differentiate your brand in a highly competitive market. Plus, telecom apps and portals can utilize identity monitoring alerts as an additional touchpoint to customers, notifying users whenever suspicious activity regarding their identity data is detected on the deep and dark web. This proactive approach can help consumers reduce their risk of identity theft and fraud while also helping you strengthen your brand reputation.

Be a hero for your customers – contact us today!

3. Banking Apps and Financial Institutions

Banking app mockup

When it comes to digital transactions, trust is non-negotiable. A recent Statista study found that more than 75,000 consumers across the globe agreed that, above all else, trust was the most valued aspect of banking. And it makes sense – consumers place trust in financial institutions to safeguard their hard-earned money. A reliable, trustworthy business creates satisfied and loyal customers.

However, banks have an opportunity to enhance the fraud detection and resolution they provide to consumers. Nearly one-third of identity fraud victims express dissatisfaction with their financial institutions' resolution efforts, and 38% of victims closed their accounts due to inadequate resolution at the financial institution where the fraud occurred.

By offering your customers identity monitoring and alerts via Iris’ API, you can help fortify consumer trust and minimize consumer frustration before they close their accounts with your institution.

The average person cannot access the dark web. So, if your customer’s financial information were to fall into the wrong hands, it could take a while for them to notice or show up on their credit report. Our award-winning technology scours the deepest corners of the Internet, searching for compromised information and notifying your customers if their personal data is found.

Plus, the Identity Monitoring & Alerts API allows you to give your customers real-time alerts of transactions from over 2,500 of the largest companies so that they can take immediate action to help keep their accounts and identity safe.

Let your customers know they can rely on you to keep their information safe by integrating the Identity Monitoring & Alerts API into your banking mobile app or online customer experience. Let us know when you’re ready to talk!

4. Retail and E-commerce Companies

In recent years, online shopping has skyrocketed across the globe. Convenience, a diverse product selection, and competitive pricing are key factors that drive the continued popularity of online shopping. Nevertheless, this convenience is not without its risks, especially with the Federal Trade Commission receiving 441,822 reports of credit card fraud in 2022 – making it the number one type of identity theft reported that year. Additionally, online shopping was one of the top reported fraud categories in 2022, emphasizing the need for consumer education around the risks of online fraud and tools to help them avoid falling victim to these crimes.

When asked about which entities Americans trust the most with their personal data, e-retailers and big box companies were both listed in the top three choices, right after credit card companies. This presents a unique opportunity for retail and e-commerce companies to build on that foundation of trust and show their customers they care about their safety by offering an identity monitoring and alerts service. The Identity Monitoring & Alerts API is the perfect solution for any retailer, especially brick-and-mortar stores with an established online presence and digital experience.

Recent research from Iris Powered by Generali's 7th annual Holiday Shopping Identity Theft survey found that 83% of consumers plan to do their holiday shopping online. However, it’s also clear that consumers are worried about the security of their personal information. Nearly 73% of Americans express concern about their financial or personal information being compromised due to a data breach while shopping this holiday season, and 44% of consumers said they were worried about identity theft. Retailers and e-commerce companies can offer identity protection tools like identity monitoring and alerts to help them avoid losing loyal customers and deterring potential new customers. Nearly 3 in 5 adults (58%) would be more likely to do business with a retailer or other consumer brand if they were offered identity protection services.

This holiday season, there's an opportunity for retail companies, especially those with a significant digital presence, to enhance consumer trust and goodwill by providing identity monitoring and alerts to their customers. Contact our team to learn how you can integrate Iris’ Identity Monitoring & Alerts API into your digital experience.

Offer Customers Identity Monitoring and Alerts Via the Iris Identity Protection API

API metaphor

Iris’ Identity Protection API sends identity monitoring and alerts data into your existing digital environment – an ideal solution for businesses that are looking to offer their customers identity protection services without having to build a new product or app from scratch.

By integrating Iris' identity monitoring and alerts into your existing product, your company can:

  • Embed specific features: You have full control to design the user interface and use terminology that aligns best with your customers' needs.

  • Customize fields: Choose the types of data that resonate most with your customers. You can even customize the placement, sequence, and titling fields according to your preferences.

  • Choose how to deliver alerts: Whether you prefer to communicate alerts through SMS, email, or in-app notifications – the choice is yours.

With Iris’ Identity Protection API, you can customize the alerts to include key details consumers need to know about the detected suspicious activity and even advice on what they should do next to prevent any further damage. Your consumers can rest a little easier knowing their name, phone number, email address, and more are being monitored 24/7/365 – right in your company’s product.

Your customers are counting on you to keep them safe, and now you can with Iris’ Identity Protection API. Click the button below to learn how you can get started today.

Learn more

If an API doesn't align with your organization's needs, no sweat. We've got plenty of customizable experience options that can assist you in delivering identity and cyber protection services in a way that makes sense for you and your business.

Published by Teaghan Kilrain November 30, 2023
Teaghan Kilrain