Funticket and Incode are Improving Transparency in Ticket Resale | Incode

Funticket and Incode are Improving Transparency in Ticket Resale

Incode

May 10, 2023

Industry: Event Experiences

Use Cases: Ticket Resale, Consumer Protection, Fraud Prevention

Solution: Incode Omni

BENEFITS:

QUOTE:

“Our collaboration with Incode has been transformative. By integrating Incode’s identity verification solutions, we are redefining what it means to buy and sell tickets online. We’ve managed to create a marketplace where transparency and security are at the forefront, ensuring that every transaction is authentic and every fan gets the real experience they are paying for.”

– Javier Lozada, CEO at Funticket

CLIENT:
Funticket, a leading ticket resale platform in Mexico, faced significant challenges with ticket fraud and a high amount of consumer complaints, ultimately limiting their growth potential. Funticket aimed to establish themselves as the go-to platform for transparent and fair ticket resale in Mexico.

CONTEXT:
The widespread adoption of digital transactions in the events industry has led to an increase in ticket fraud. In the US alone, an estimated $1.77 billion was lost to ticket fraud from 2015-2023. Mexican entertainment acts have been particularly popular and have attracted fraudulent activity.

Funticket faced challenges including ticket scalpers artificially inflating prices and fraudulent listings that prevent true fans from accessing real entertainment experiences. These problems made it difficult to distinguish legitimate sellers from fraud perpetrators.

CHALLENGES:
Funticket needed a way to identify and verify the identity of ticket sellers in real time to ensure that:

  1. Tickets listed are legitimate
  2. Sellers are who they claim to be
  3. Only authorized sellers can list tickets
  4. Consumer trust is maintained
  5. Fake listings are eliminated

They also needed a solution that would scale to large-scale events where manual verification was impractical.

SOLUTION:
To address these challenges, Funticket partnered with Incode to integrate biometric identity verification, specifically Incode Omni, into their ticket resale platform. By integrating Incode’s identity verification technology with Funticket’s platform, Funticket was able to:

RESULTS:

• Reduced ticket fraud and scalping
Verified sellers are 50-60% less likely to engage in fraudulent activities compared to unverified ones. Funticket reduced the instance of scalper resales from about 40% of all sales to <10% by requiring verification. Seller behavior has also changed: Funticket has seen significant reduction in price manipulation and false listings thanks to verified sellers.

• Improved consumer confidence and loyalty
Trust plays a crucial role in online marketplaces for reselling tickets. Consumers feel more secure knowing that sellers have been identity verified, which translates into higher conversion rates and customer lifetime value.

Funticket has seen a substantial increase in sales across both the primary and secondary markets as a result of the implementation of Incode’s identity verification solution.

• Operational efficiencies
Prior to Incode, Funticket’s team spent significant resources manually checking seller IDs and monitoring for fraud. With biometric verification in place, manual verification time dropped 90%, and operational costs associated with fraud prevention fell by 70%.

SUMMARY
The integration of Incode’s biometric identity verification into Funticket’s platform has led to better outcomes for consumers, vendors, and the industry as a whole. The seller verification significantly reduced fraud and scalping, and has helped create fairer, more transparent ticket resale market for consumers. Funticket’s overall customer satisfaction and reputation have improved significantly as a result. Funticket has been able to expand its market presence, improve operational efficiencies, and establish itself as a trustworthy marketplace.