Manage Fraud, Improve KYC & Overall Efficiency in One Platform

Mercari + Acuant

Mercari's Challenge

 

Mercari is a customer-to-customer ecommerce marketplace application that provides a secure platform to buy and sell items from mobile devices or tablets. With over 50 million application downloads to date, customer protection and security against potential fraud is the #1 priority for Mercari. With the significant increase in their growing customer base, it is essential for Mercari to adopt a secure Know Your Customer (KYC) program to efficiently onboard customers, reduce risk and stay ahead of regulations.

Financial Institutional Regulations

 

Listed as a financial institution, there are many regulations that Mercari must adhere to ensure customer safety and security against potential fraud. Regulatory authorities outline what is necessary in terms of obtaining customer information and digital IDs to identify suspects who may be conducting suspicious activity.

Cross-Border Requirements

 

Regulations have become more rigid when making both international and regional payments. These strict requirements were enacted for financial institutions to combat Anti-Money Laundering (AML) fraud and help identify suspected malicious actors.

Fraud Management

 

A growing customer base also expanded the opportunity for fraudsters. With fraud ever-evolving, the risk of payment fraud (credit card chargebacks), buyer & seller collusion (potential money laundering schemes), counterfeit goods and bad actors rose prominently. Mercari needed a solution that could manage and mitigate the risk of fraudsters.

Acuant's Solution

 

Mercari required KYC controls that are effective and efficient, while improving the overall experience of customers. Furthermore, due to the company’s outdated processes, which included staff manually approving over 200 verification requests daily, a solution that provides a faster, smoother, and accurate onboarding process was needed.

 

After evaluating what other vendors could offer, Mercari chose Acuant to meet its KYC compliance requirements, fight fraud and to enhance its transaction monitoring and security capabilities streamlining onboarding verification procedures. Manual processes are now replaced with more automated tools bringing accuracy, efficiency, and speed.

 

The partnership with Acuant has led to KYC processes being implemented that minimize friction for customers, guarantees compliance commitments and importantly, mitigates the risk of fraudsters.

 

Mercari’s customers have the freedom to transact on their devices whenever and wherever, knowing that their data and privacy are being protected and Mercari can ensure the right people are utilizing their platform without adversely affecting the overall user experience to provide both convenience and security.

Mercari chose Acuant as the platform to meet all its needs in one place

Automated, Efficient Onboarding: tailor the onboarding experience for each customer

Fraud Prevention: instantly identify trusted customers you want to do business with vs. bad actors to avoid

Global Verification: verify everyone you encounter, all nationalities, 200+ countries & territories

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