Rating: Helping to combat predicted rise in mobile fraud
Here’s an interesting development from Jumio which should help speed up mobile transactions as well as combat fraud. Netverify Mobile enables businesses to authenticate their customers’ identities using IOS or Android cameraphone. The system can verify via passport, driver license or ID card in more than 60 countries. Jumio points to research from recent Gartner report estimates that fraud will account for 1.5 per cent of all mobile transactions in the next four to five years. Hence the pressing need to verify customers’ IDs.
ID verification has traditionally been a complex and costly process sometimes taking days. Now Netverify transforms this into an almost instantaneous transaction on both mobile and the web, Jumio claims.
Daniel Mattes, Jumio’s CEO, commented, “With fraud becoming rampant on mobile, businesses need the tools to both know and help protect their customers, while also providing them a more convenient way to verify their identities.”
Using their cameraphone, consumers scan an image of the front and back of their document to complete the registration or application process – taking just seconds.
No snapshot image is taken, nor is any personal data stored on the mobile device, and both the business and customer receive immediate feedback if the ID is valid thus allowing for the transaction to continue without delays.
Netverify is fully PCI compliant and uses 256 bit encryption to store data and to guarantee highest level of security and enables companies to meet their KYC (Know-Your-Customer) requirements.
Netverify Mobile scanning technology does not require any additional hardware and is easily implemented using the Netverify Mobile SDK.
Those wishing to integrate Jumio’s Netverify into their iPhone or Android apps should go to www.jumio.com and register to download the SDK and documentation.
Read the full release here.