Jumio partners with payment solutions expert Verifi to fight fraud. This partnership is believed to be the first time card and ID scanning technology is being deployed to reduce friendly fraud chargebacks in card-not-present environments.
What is friendly fraud?
Friendly fraud occurs when a consumer makes a card-not-present purchase with a credit card and later disputes the charge with their card company once the item is received. It is a substantial problem costing businesses millions of dollars each year. Jumio’s Netswipe and Netverify products combat this by providing a user-friendly process for consumers to use their webcam or smartphone camera to scan and validate cards and IDs during the checkout process. The entire scanning and validation process usually takes only 4 to 5 seconds.
By partnering with Jumio, Verifi will offer an extra layer of security on one integrated platform without negatively impacting the buyer experience during the checkout and protecting and positively impacting the merchant. With this added security layer, Verifi hopes to be able to win more chargeback disputes for its clients and reduce overall fraud exposure.
“Verifi has always delivered our clients the most sophisticated fraud control and payment solutions and our partnership with Jumio continues on in that tradition. Our partnership with Jumio helps to ensure that users are who they say they are”, says Matthew Katz, President and Chairman of Verifi.
Naturally, our founder and CEO Daniel is excited about this partnership, “Jumio’s ability to verify IDs and credit cards in near real-time with a great user experience enables Verifi clients to focus on what they do best and not worry about fraud or KYC issues”.