Know Your Customer is a vital first step in controlling fraud, but in today’s digital world it is more and more difficult to be sure someone is who they say they are. Another major problem is that if you don’t verify them fast and enable them to checkout in seconds, you lose their business. This is a vital challenge in digital commerce. Fortunately, innovative services are coming to market which provides faster and smarter checkout for merchants to incorporate into their web or mobile services.

JUMIO NETVERIFY

This service turns your customers’ smart phone or laptop camera into an ID scanner, see figures below:

Source & Copyright©2015 - Jumio

NETVERIFY provides:

• face matching of the photo on the ID with actual face of the applicant
• a fast and intuitive customer experience
• a secure and certified service which reduces fraud and cut costs as there is no expensive document handling
• a customisable, cross-platform service.

JUMIO BAMCHECKOUT

The BAMCHECKOUT enables your mobile customers to checkout in seconds, as it typically eliminates 75 keystrokes and saves some two minutes/transaction as well as minimising customer data entries. Customers just scan their credit card and driving license with their smarphone (Apple or Android) the data is then used to auto-populate the application form. JUMIO claim that BAMCHECKOUT reduces fraud significantly by adding two new procedures:

1. a crosscheck comparing the name on the credit card with the name on the driver license. Any inconsistencies are immediately flagged
2. the NETVERIFY procedures ensures that merchants have the confidence of knowing who your customer is and that they have their actual credit card in-hand at transaction time.

Expanding global digital e-commerce platform

Although the BAMCHECKOUT is specifically for the US market, it does show the potential for faster easier and more secure digital commerce. We are now seeing similar systems for other countries and regions emerging. They are providing an ever expanding platform for e-commerce. The future is definitely digital and we should no longer be accepting increasing rates of ID/KYC fraud.

Employee onboarding

The Jumio ID document authentication service is also being incorporated into employee onboarding systems, see.

Source:  jumio web-site and a Press Release