Finance Fraud: Strategies for Secondhand Marketplaces to Stay Safe

Indeed, striking fintech partnerships in the fraud and ID verification space can be vital for secondhand marketplaces looking to sure up security for their customers and protect the integrity of their brand. 

Earlier this year, we spoke to ID verification company Sumsub’s Chief Customer Officer, Inna Lyubashevskaya, about the perks of leveraging anti-fraud solutions via third parties. 

“Every business case is unique and requires thoughtful consideration about whether to handle identity verification internally or through outsourcing,” she told us. 

“While internal solutions have their merits, the compelling advantages of outsourcing, such as significant cost reductions and customisable options, often outweigh the benefits of an in-house approach.”

Other fintechs are leading the charge against fraud by releasing AI-based solutions to fight fraud – Revolut being among the most recent with the launch of its AI scam detection feature in February this year. 

When it comes to secondhand marketplaces, Maciej says it’s “imperative they are working with marketplace-specific fraud detection and prevention providers” to sure up their platforms. 

For Maciej, the need for secure secondhand marketplaces extends beyond consumer protection alone, as he sees these platforms as a “crucial part of powering a circular economy for a greener future”. 

Finance technology has been the driving force for secondhand marketplaces’ success in delivering quality customer experience and ease of payment. Now, these platforms must scale their anti-fraud to ensure consumers stay safe, and reputations remain untarnished.