Acuant Powers Peer-to-Peer Sharing Platform Boro with ID Verification, Authentication

Acuant’s Identity Solutions Power Innovation, Disruption in the Sharing Economy

Acuant, a leading provider of data capture and identity verification software globally, today announced a partnership with Boro Technologies Corporation (Boro), a peer-to-peer sharing platform that enables users to rent power tools and other popular home items from peers in local communities throughout North America.

Boro offers its customers low rental prices for high cost items by leveraging a peer-to-peer sharing model, reducing transaction and overhead costs compared with traditional rental arrangements. For owners, Boro creates an immediate opportunity to generate income for unused or lightly used assets, while leveraging a flexible work schedule. For renters, Boro offers a convenient and user-friendly platform that provides the popular items they need at a fraction of the cost of ownership.

In a recent survey of 1,000 individuals ages 18-26, Boro found that 72% of respondents expect to participate in the sharing economy in the next two years; 86% say it makes “life more affordable”; and 89% agree it is based on “trust between providers and users.”

Boro will leverage Acuant’s AssureID™ solution to efficiently register and validate the identity of users on its platform. AssureID provides secure and frictionless transactions for Boro customers by extracting the data from IDs, such as driver’s licenses, and authenticating it in one easy step. Users can register on Apple and Android devices and capture their IDs to be accepted as Boro members.

“We are committed to providing a safe environment and an outstanding user experience for our customers,” said Arvin Bhangu, CEO of Boro. “Acuant, a trusted market leader in identify authentication, helps us build a community of trust with our customers as we launch our platform throughout North America.”

Steve Maloney, EVP Business Development & Strategy of Acuant, further states, “Given the fast growth of the sharing economy, Acuant has recognized and met the need for user friendly mobile ID verification with several offerings and is pleased to have been chosen to help Boro grow their customer base.”

About Boro
Boro changes the way you access the things you need. This unique service is packed with amazing products to use whenever you need – from tools you need to start a home project to drones that you can fly on your time off. Book private products from others around you or list your own. Boro is fun, fast and secure.

About Acuant
Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

Follow Acuant

Twitter: https://twitter.com/acuantcorp
Blog: http://www.acuantcorp.com/blog/
LinkedIn: https://www.linkedin.com/company/acuant
Facebook: https://www.facebook.com/acuantcorp/

PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com

 

 

 

Reducing Identity Fraud in the Growing Sharing Economy

The digital economy has brought about the democratization of goods and services thanks to the advancement of technology, such as increased broadband connections with high-speed. It’s also helped modernize the sharing economy to push it forward so that people can enjoy its benefits of convenience, simplicity and consumer empowerment to share almost anything from bicycles and homes to medical equipment. Even businesses are increasingly allowing their employees to take advantage of the cost savings from using ride-hailing and home rental apps. However, the rising threat of identity fraud is becoming synonymous with the growing digital economy. Discover how identity fraud affects the sharing economy and what action you can take to combat it.

Identity fraud is growing.

Identity fraud steadily increases, and technology is making it easier to do. ID fraud increased by 16 percent between 2015 and 2016, and the sharing economy is not immune. The sharing economy can provide a loophole for businesses that fail to do a thorough background check on providers or hosts of services. Moreover, ID fraud is often facilitated via technology with hacking being as simple as exploiting your enterprise’s vulnerabilities or phishing for information from consumers. These instances can potentially leave your business at risk for cyber attacks and liability suits.

ID fraud presents opportunities for “fraud-fighting” technology.

While reputation ratings have been used to help reduce fraudulent behavior, a more digital resolution is gaining popularity for being user-friendly and more secure. As a solution to circumvent identity fraud in the sharing economy, businesses are taking matters into their own hands with “fraud-fighting technology. Businesses and even governments are using biometric security technology, such as facial recognition systems and devices that detect fingerprints digitally. ID scanning or scan license technology, ID authentication and ID verification services also help to mitigate identity theft. They offer the main benefit of being able to verify people’s identities in real-time.

Final Thoughts

Despite the rising risk of identity fraud within the sharing economy, there are several solutions to address identity fraud. Sharing economy businesses can utilize these user-friendly ID verification solutions to instantly reduce fraud and protect both themselves and consumers. With Acuant, it takes less than 10 seconds to authenticate an ID, and another few seconds to match the photo on the ID to a selfie taken with our facial recognition match. Our solutions are all made to support person and card not present transactions for all operating systems that dominate the digital economy. 10 seconds can amount to saving millions of dollars.





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