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Verifi, a risk management and payment gateway company, is integrating Jumio's Netswipe and Netverify solutions into its suite of risk management products, the company announced. Verifi said the partnership is the first to marry timecard and ID scanning technology to reduce friendly fraud chargebacks for card-not-present situations.
Friendly fraud is defined as a consumer making a card-not-present purchase with a credit card and then disputing the charge once the item is received. Jumio’s products use webcams and embedded cameras on smart devices to scan and validate ID and credit cards. Verifi will integrate the technology to give online merchants a user-friendly process for their consumers to authenticate themselves during the checkout process. Verifi said the process adds just 4 to 5 seconds.
"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," said Jumio's founder and CEO Daniel Mattes.
Verifi said the partnership with Jumio will offer an extra layer of security on one integrated platform without negatively impacting the buyer experience during checkout. The company 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," said Matthew Katz, president and chariman of Verifi. "Our partnership with Jumio helps to ensure that users are who they say they are."
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