Under the terms of the agreement, Verifi will integrate Jumios Netswipe and Netverify solutions into its suite of risk management products. The combined companies are aiming to reduce friendly fraud chargebacks in card-not-present environments, by providing a user-friendly process for consumers to use their webcam or smartphone camera to scan and validate cards and IDs during the checkout process. In addition, via this partnership Verifi will add an extra layer of security on one integrated platform.
Friendly fraud occurs when a consumer makes a card-not-present purchase with a credit card and later disputes the charge with their card company once the item is received.
Verifi’s suite of services enables transaction risk management and mitigation, cardholder authentication and chargeback re-presentment for all major credit card brands.
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