Instant Identity Verification for Today's Digital Economy
By 2020, retail chargebacks caused by fraud are estimated to reach $31 billion with ecommerce fraud accounting for 65% of all fraud value. Additionally, rising synthetic ID fraud is affecting both the payments industry and consumers. The Federal Reserve recently identified the trend as the fastest growing type of financial crime in the US representing 85% of all identity fraud, and accounting for 80% of all credit card fraud losses, and nearly one-fifth of credit card charge-offs.
Beyond managing risk, retailers must stay competitive by offering superior customer experiences with the latest technology for everything from fast checkouts and loyalty signups to security and data protection (PII). Acuant’s trusted Identity Platform speeds up, simplifies and strengthens processes for in store or digital transactions via cloud, mobile/apps, kiosk & desktop scanners. In addition, retailers can catch fraud and verify age for regulated services and products via instant ID verification and facial recognition- all in seconds.
- Identity Fraud/Theft/Spoofing
- Increased Abandonment Rates
- Costly Compliance Needs
- Manual Data Entry
- Synthetic Fraud
- Outdated Technology/Bad Experience
- Over Budget Staffing Needs
- Complicated Workflows
SOLUTIONS & VALUE DELIVERED
- Increase Customer Conversions while Decreasing Abandonment Rates by Streamlining Onboarding, Check Out & Verification Processes
- Automate Workflows to Eliminate Manual Entry & Paperwork Providing Maximum Efficiency & Security
- Instantly Reduce Fraud & Underage Transactions, Meet Compliance Needs (COPPA, etc.)
- Quickly Verify Customers for Initial & Ongoing Transactions Via ID Scans & Biometric Facial Recognition Match
- Enhance Customer Experiences on all Channels: In Store, Online & Mobile/Apps
Synthetic Identity Fraud: A Costly Challenge
Real-life scammers continue to come up with creative ways to commit crimes, notably in the financial services arena. This is especially true with schemes like synthetic identity fraud where identities are built with a number of different identity components.
While both are typically used for financial gain, identity theft and synthetic identities differ in the actual utilization of the stolen personally identifiable information (PII). Unlike traditional identity theft where a fraudster uses only a specific individual’s stolen—yet real—information, synthetic identities are created by fraudsters using elements of both real and fictitious PII. This “identity” is then used to obtain a loan or large credit line, but it’s never paid back.
Download the eBook – Synthetic Identity Fraud: A Costly Challenge to learn more.
We are committed to providing a safe environment and an outstanding user experience for our customers. Acuant, a trusted market leader in identity authentication, helps us build a community of trust with our customers as we launch our platform throughout North America."
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