|By Marketwired .||
|February 21, 2013 08:00 AM EST||
PALO ALTO, CA -- (Marketwire) -- 02/21/13 -- Jumio, Inc., the online verification and mobile payments platform company, today announced the release of Netverify Mobile, the only technology available that allows businesses to authenticate their customers' identities -- via passport, driver license or ID card -- using iOS and Android smartphone cameras. With smartphone users one-third more likely to experience fraud than the general public(1), Netverify's real-time ID verification reduces the risk of fraudulent activity, while significantly speeding the confirmation process and reducing associated costs for vendors and online communities.
"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," said Daniel Mattes, CEO and founder of Jumio. "Now businesses can move from taking days to verify a customer's identity to immediately authenticating a users' ID, transforming what has traditionally been a complex and costly process -- ID verification -- into an almost instantaneous transaction on both mobile and the Web."
A recent Gartner report estimates that fraud will account for 1.5 percent of all mobile transactions in the next four to five years.(2) Financial institutions, e-tailers and consumer marketplaces and other communities can now seamlessly 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. Using their smartphone's camera, consumers scan an image of the front and back of their document to complete a registration or application process in seconds. Consumers enjoy the security of having no record of the scan or personal data stored on their mobile devices. Both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delay.
"Establishing community trust and safety is a priority for us and that's why conducting background checks is a crucial part of our value proposition. Jumio's Netverify technology allows us to greatly streamline that process," said SideCar CFO and Head of Operations, Nick Allen. SideCar operates a peer-to-peer ride-sharing company with operations in San Francisco, Seattle, Los Angeles, Philadelphia and Austin. "Now, our mobile customers can sign up for ride-sharing and be approved in minutes -- inclusive of ID verification -- without having to endure processing times of hours or days as is the norm with standard ID verification processes."
Netverify is the easiest way to confirm a customer's identity in real time, reducing fraud and costs associated with reviewing low-quality copies of mailed or faxed documents and increasing overall conversions. The technology enables companies to meet their KYC (Know-Your-Customer) requirements and helps businesses develop a critical degree of trust with their customers. In addition, Netverify uses 256 bit encryption to transmit data, guaranteeing the highest level of security for sensitive transactions.
Netverify is also available for website implementations utilizing a built in or external webcam. Netverify Mobile scanning technology does not require any additional hardware and is easily implemented using the Netverify Mobile SDK. Netverify can be customized to fit the design of the app; businesses can easily configure settings for document requirements, pre-selecting the country or document type they'd like customers to provide or letting them select from a provided list of options. All customer records can be accessed and managed via a client portal provided as part of the Netverify offering.
To integrate Jumio's Netverify onto your iPhone or Android app, go to www.jumio.com and register to download the Software Development Kit and documentation. Contact [email protected] for further information and implementation details. To discuss partnerships with Jumio, please contact us at [email protected].
In conjunction with today's news, Jumio also released an infographic titled The Profile of a Cyber Criminal, which provides a look at international cyber fraud as well as tips for consumers on how to protect themselves.
Jumio® Inc. offers next generation online and mobile credit card payments validation and ID verification products for retailers, financial institutions and governmental agencies. Designed to increase revenue, reduce fraud, and streamline customer experiences, Jumio utilizes patent-pending computer vision technology to validate and facilitate transactions while providing unprecedented levels of consumer convenience and data security.
Jumio's Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify supports real-time ID verification in over 60 countries to help clients meet a variety of know-your-customer requirements. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.
(1) 2012 Identity Fraud Industry Report: Social Media and Mobile Forming the New Fraud Frontier, https://www.javelinstrategy.com/brochure/239, February 22, 2012
(2) Mobile Payments: A New Frontier for Criminals, http://www.businessweek.com/articles/2012-10-04/mobile-payments-a-new-frontier-for-criminals October 4, 2012
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