Intellicheck is offering to help retailers, banks, and other financial organizations struggling to deal with surging rates of online fraud during the COVID-19 pandemic. To that end, the company is making its Retail ID Web anti-fraud solution available for free for a period of 90 days.
Retail ID Web leverages document recognition to verify people’s identities and reduce the threat of fraud in online channels. The service can combat both account takeover and new application fraud, thereby mitigating fraud losses for organizations that are currently fielding an unusually high volume of card-not-present interactions.
“We are seeing an increase in the use of stolen credit card numbers for buy online, pickup in store transactions,” said Intellicheck CEO Bryan Lewis. “The CDC distancing guidelines also mean less bank visits and more calls to the bank call center – leading to more account takeover and account opening losses.”
Of course, Intellicheck is not the first company to observe an increase in fraud during the pandemic, nor is it the only company to offer free services to help combat the problem. The Electronic Frontier Foundation and Yubico have both warned about the threat of social engineering attacks, while identity solutions providers like Yoti, Jumio, and Onfido have made their solutions available for free to essential organizations on the front lines of the COVID-19 crisis.
Intellicheck itself recently formed a partnership with DealerSafeGuardSolutionS to catch people trying to use forged identity documents to purchase cars. The company also offers facial recognition capabilities thanks to its 2019 alliance with Applied Recognition.
Retail ID Web can be accessed through a web portal, and can therefore be deployed without a complicated integration process. Intellicheck noted that card-not-present situations represented nearly 75 percent of the card-related fraud in 2019, and that account takeovers went up 72 percent over the course of the year.
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