What is the conversion rate for Token of Trust verifications?

Conversion Rates for Verifications

At Token of Trust, we understand the importance of providing timely and accurate verification processes for our users. The conversion rate for verifications can vary depending on the specific verification configuration used. Below, we provide detailed insights into these rates for two common verification flows. The average values for these rates may fluctuate and these rates were last reported on May 28, 2024.

Verification Flow: Data Verification (eIDV) + Government ID Verification + Human Review

Conversion Rates

• 91% of users get to the "completed" stage.
  • 90% of users who reach the "completed" stage do so in less than 17 seconds.
  • 97% of users who reach the "completed" stage do so in less than 90 seconds.

Detailed Analysis

This verification flow includes multiple layers of checks, starting with electronic identity verification (eIDV), followed by government ID verification, and concluding with human review if necessary. This multi-step process ensures high accuracy and reliability.

1. Initial Data Verification (eIDV): This step checks the user's data against various databases to confirm identity.
2. Government ID Verification: Users submit a government-issued ID for further verification.
3. Human Review: If any discrepancies or uncertainties arise, a human reviewer steps in to ensure accuracy.

Verification Flow: Government ID Verification + Human Review

Conversion Rates

• 74% of users get to the "completed" stage.
  • 90% of users who reach the "completed" stage do so in less than 20 seconds.
  • 91% of users who reach the "completed" stage do so in less than 90 seconds.

Detailed Analysis

This verification flow simplifies the process by focusing directly on government ID verification followed by human review. While slightly less robust than the previous flow, it still maintains a high standard of verification.

1. Government ID Verification: Users submit a government-issued ID as the primary method of verification.
2. Human Review: Any cases requiring additional scrutiny are reviewed by a human expert to ensure authenticity and accuracy.

Rejection Rates and Reasons

How Many Users Are Rejected?

Rejections occur when a sufficient amount of information is provided, but the data does not meet the criteria to pass verification. Common reasons for rejection include:

• Inconsistencies in Identity: Discrepancies between the identity information provided during the order and the information supplied during the verification process.
• Photo Mismatch: The photo on the government ID does not match the selfie captured during the verification process.
• Failure to Meet Minimum Criteria: Users may not meet certain criteria such as minimum age requirements.

Rejection Rate Statistics

The rejection rate ranges between 0.56% and 0.66% depending on the configuration. This indicates that a small number of users may face rejections due to inconsistencies or failure to meet criteria.

Average Processing and Turnaround Time

For more information about the average processing and turnaround times, check out our What is the average processing time for a verification to be finalized? article.