The newly introduced technology is aimed at reducing the risk of fraudulent activity. Using their smartphone’s camera, consumers scan an image of the front and back of their document to complete the registration or application process. No snapshot image is taken, nor is any personal data stored on the mobile device, and both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delays.
The technology enables companies to meet their Know-Your-Customer (KYC) requirements. In addition, Netverify is PCI compliant and uses 256 bit encryption to store data.
Financial institutions, e-tailers and consumer marketplaces and other communities can now integrate Jumio’s ID verification technology into their iPhone and Android applications to confirm a customer’s identity based on government issued IDs from more than 60 countries.
A recent Gartner report estimates that fraud will account for 1.5 percent of all mobile transactions in the next four to five years.
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