TransFast.com Integrates Jumio’s Netverify to Reduce Fraudulent Electronic Fund Transfers
Jumio Scanning Technology Enables Faster, More Reliable Customer Verification for Online Money Transfer Service
Palo Alto, Calif. – April 25, 2013 – Jumio, Inc., the fast growing online and mobile identity verification and payment company, today announced that TransFast.com, a leading global money transfer company, has selected and integrated Jumio’s Netverify to enable more convenient and reliable ID verification for customers executing money transfers at TransFast.com. By integrating Jumio’s ID and document scanning and verification technology into its current customer authentication process, TransFast.com significantly increases protection against fraudulent electronic fund transfers on its platform. The integration also provides TransFast.com customers with a faster, more convenient way to verify their identities prior to executing a transfer.
“We have seen exponential growth of customers leveraging online services to execute transfers in recent years and, with that growth, comes greater risk of fraud. With Jumio, we can reduce the risk of fraudulent activity in an environment that’s simple and hassle free for users—it offers the best of both worlds,” said Roshan Polepalli, director of marketing at TransFast.com. “Jumio’s real time scanning technology enables us to more efficiently identify and authenticate customers in in real time, rather than hours or even days, saving us time and money and helping our customers get their transfers through when they need to.”
Jumio enables multiple methods of identification depending on lender requirements, offering an additional layer of risk protection for TransFast.com. In addition to customer verification via scanned ID cards, drivers licenses and passports from over 60 countries, TransFast.com is leveraging additional Jumio authentication capabilities — such as scanning bank statements and utility bills — to provide further protection for transfers deemed higher risk. This provides additional security to TransFast.com, without requiring multiple laborious steps from customers, such as faxing documentation or responding to lengthy security questions.
“Customer authentication is particularly important in the electronic funds transfer space, where both the risk and outcome of fraud is significant. It’s important that businesses leverage methods that help maintain the highest standards of fraud protection, yet are still consumer friendly so they don’t act as barriers to entry for customers using the service,” said Marc Barach, chief marketing and strategy officer, Jumio. “Netverify helps businesses like TransFast.com protect against the system compromises that enable fraudulent electronic funds transfers, while actually decreasing friction around ID verification for its customers at the same time.”
Jumio’s Netverify enables online and mobile businesses to meet KYC and ID verification requirements by confirming identity based on government issued IDs from more than 60 countries, as well as important personal documents like financial statements and bills. Using the camera on a smartphone or computer, consumers scan an image of the front and back of IDs and documents to complete the customer verification process within 60 seconds. Both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delay. Customer data collected in the scan process is made available to the business in a manner that meets their business process needs. Netverify is available on for web sites and on iPhone and Android, enabling mobile applications to add ID and document scanning into mobile applications.
For more information about Jumio Netverify, go to /netverify.
Utilizing advanced computer vision technology, Jumio is a next generation credentials management company offering payments and ID scanning & validation products for mobile and web transactions. Designed to reduce fraud and increase revenue by minimizing friction in customer transactions, Jumio’s products integrate easily into mobile apps or websites and create great customer experiences. Jumio’s products are widely used by leading retailers, marketplaces and financial institutions.
Jumio’s Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify® supports real-time ID verification in over 60 countries to help clients meet a variety of know-your customer requirements. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.