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      CUSTOMERS – Case Study

      Riders Share

      How Riders Share Reduced Motorcycle Theft by $1M and Verification Time by More Than 99%

      With Vouched, we’ve been able to transform our approach to customer verification and significantly enhance our security measures. By leveraging Vouched’s advanced technology, we now prevent fraudulent activities before they occur, protecting our community of motorcycle owners and renters while ensuring a seamless and secure experience for all our customers.

      - Guillermo Cornejo, Co-Founder & CEO of RidersShare, Inc.

      BACKGROUND

      Founded in 2016, Riders Share is a leading peer-to-peer motorcycle-sharing platform based in Austin, Texas. It connects motorcycle owners with vetted riders looking for short-term rentals across the United States. By leveraging machine learning, Riders Share matches underused motorcycles with responsible renters, provides insurance policies to owners, and ensures roadside assistance for renters.

      THE CHALLENGE

      Relying on Too Many Ineffective ID Verification Solutions

      Despite its innovative security features, Riders Share faced substantial losses due to motorcycle theft and fraud, amounting to more than $1 million in losses over five years. Apart from the financial impact, dealing with law enforcement, paperwork, insurance claims, and disputing charges caused significant operational headaches.

      Riders Share was relying on a combination of four ID verification solutions to vet their customers. However, this awkward quartet was ineffective, requiring renters to input their information manually and sometimes wait up to six hours for verification, which in turn led to customer loss.

      The challenge faced by Riders Share was multifold:

      • Riders Share relied on a combination of four different ID verification solutions, leading to manual input errors and lengthy verification processes.

      • These solutions lacked the ability to extract motorcycle endorsement information from IDs, leaving Riders Share vulnerable to fraud and theft.

      • Renters often faced delays of up to six hours for verification, risking the loss of potential customers and impacting operational efficiency.

      THE SOLUTION

      Smooth and Secure Identity Verification with Vouched

      In January 2020, Riders Share partnered with Vouched to enhance its ID verification process. Vouched’s instant verification solution allowed Riders Share to extract motorcycle endorsement information and license numbers swiftly and accurately. Vouched also provided liveness checks, all at a fraction of the cost compared to previous solutions.

      Vouched’s advanced technology offered features that other solutions lacked, particularly the ability to extract specific license details instantly, which enabled a seamless and secure onboarding process for Riders Share’s customers.

       

      THE RESULT

      Riders Share experienced remarkable improvements in its verification process once it adopted Vouched. With Vouched’s instant and accurate verification capabilities, Riders Share effectively prevented fraudulent activities before they could impact the business, resulting in a substantial reduction from over $1 million in losses to nearly zero incidents of motorcycle theft and fraud. This proactive approach not only protected the company from significant financial losses, but also streamlined operational efficiency. This enabled Riders Share to allocate resources towards enhancing customer experiences within its motorcycle-sharing community.

      Time and Cost Savings: The elimination of manual verification tasks reduced the time spent per verification from up to six hours to less than one minute, allowing Riders Share to scale its operations efficiently. Streamlining the verification procedure also translated into cost savings by reducing labor expenses associated with manual verification and minimizing the administrative burden on staff.

      Frictionless Process: Vouched’s technology enabled a quick and user-friendly verification process, eliminating the need for customers to manually input their information and wait for approval. This enhancement improved customer satisfaction and conversion rates, ultimately driving increased engagement and bookings within the Riders Share platform.

      Fraud Prevention: With Vouched’s robust identity verification solution, Riders Share achieved a significant reduction in fraudulent incidents and identity theft attempts. Vouched’s ability to extract motorcycle endorsement information and conduct liveness checks added layers of security, effectively deterring fraudsters from accessing the platform. As a result, Riders Share experienced a substantial drop in fraudulent activities, enhancing trust and credibility among its community of motorcycle owners and renters.

       

      CONCLUSION

      By partnering with Vouched, Riders Share transformed its verification process, effectively preventing motorcycle theft and fraud while ensuring a seamless experience for its users. Vouched’s instant ID verification solution empowered Riders Share to prioritize security, compliance, and customer satisfaction, ultimately reinforcing its position as a leader in the motorcycle-sharing industry.

       

      ABOUT

      Riders Share is the largest peer-to-peer motorcycle rental community in the United States, connecting riders with motorcycle owners for unforgettable riding experiences. With over 350,000 members and more than 70,000 successful rides, Riders Share offers the widest selection of motorcycles for rent in the country, spanning various makes and models available in over 4,000 locations. 

      Riders Share is committed to building a safe and friendly community of motorcycle enthusiasts by leveraging advanced data to vet riders and ensure secure transactions. The platform not only provides a cost-effective alternative to traditional motorcycle rentals but also supports the growth of the motorcycle community by making motorcycles more accessible and affordable for riders across the nation.