Identity theft and e-commerce fraud is on the rise with m-commerce proving to be the most risky
LOS ANGELES, Dec. 20, 2018 — Acuant, a global provider of identity verification solutions, today announced how it helps retailers mitigate the risks of online shopping. Retailers report identity theft is their biggest concern for e-commerce fraud. Acuant’s AcuFill technology for digital ID capture, AssureID for document verification and Facial Recognition Match (FRM) for biometric-powered identity verification work together to provide secure authentication measures for retailers to manage risk and verify that customers are who they claim to be.
Reports show that fraud challenges and cost pressures continue to plague retailers across the U.S. A study from ACI Worldwide projects a 14 percent increase in total retail fraud attempts and a 17 percent increase in value this year compared to 2017. Areas of particular concern are the sharp rise in card-not-present (CNP) and mobile commerce fraud, according to the annual LexisNexis “True Cost of Fraud” report. The number of merchants selling goods via mobile channels, especially digital goods, is growing, but there are significant risks. For each dollar lost to fraud, online merchants can ultimately expect to lose $2.94 in revenue. That number jumps to $3.29 per dollar for m-commerce retailers.
“Mobile commerce is where retailers are continuing to see strong growth and given the current retail environment, no merchant can afford to ignore this trend. At the same time, it is important to balance the risk and the opportunity to ensure that retailers are protecting themselves against loss while still providing seamless and secure customer experiences,” said Yossi Zekri, President and CEO of Acuant.
As mobile commerce is the sector most susceptible to fraud, retailers are realizing the importance of both ID authentication and verification. With Assure ID, merchants can verify that the identification document is authentic and use Acuant’s FRM technology, to further validate that the customer is the person in the document comparing facial biometrics from a liveness-tested selfie to the identity document. Acuant’s platform enables a streamlined workflow for shoppers while reducing the risk of fraud from identity theft.
Acuant will be demonstrating its solutions for retailers with partner Aila Technologies at booth # 1240 at NRF 2019: Retail’s Big Show Jan. 13-15 in New York.
Acuant’s trusted Identity Platform is powered by AI with human-assisted machine learning to reduce fraud while providing a seamless customer experience and increasing conversions. Built to scale and meet KYC/AML regulations, Acuant has the industry’s highest speed and accuracy rates for ID verification. Award-winning products include ID capture, AssureID authentication, facial recognition, Chip and Ozone ePassport authentication. Solutions are omnichannel and allow businesses to establish identities on premise or remotely via the cloud and mobile devices. Completing more than 3 billion trusted transactions worldwide, partners include Fortune 500 and FTSE 350 organizations and start-ups in all industries. For more information please visit www.acuantcorp.com.