Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
This partnership is believed to be the first time card and ID scanning technology is being deployed to reduce friendly fraud chargebacks in card-not-present environments.
Los Angeles and Palo Alto, CA, September 13, 2012 - Risk management and payment gateway company Verifi today announced that it is integrating Jumio's Netswipe® and Netverify™ solutions into its industry-leading suite of risk management products. This partnership is believed to be the first time card and ID scanning technology is being deployed to reduce friendly fraud chargebacks in card-not-present environments.
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. It is a substantial problem costing businesses millions of dollars each year. Jumio’s Netswipe and Netverify products combat this 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. The entire scanning and validation process usually takes only 4 to 5 seconds.
By partnering with Jumio, Verifi will offer an extra layer of security on one integrated platform without negatively impacting the buyer experience during the checkout and protecting and positively impacting the merchant. With this added security layer, Verifi hopes to be able to win more chargeback disputes for its clients and reduce overall fraud exposure.
"Verifi has always delivered our clients the most sophisticated fraud control and payment solutions and our partnership with Jumio continues on in that tradition.
Our partnership with Jumio helps to ensure that users are who they say they are", says Matthew Katz, President and Chairman of Verifi.
Adds Jumio founder and CEO Daniel Mattes, "Jumio's ability to verify IDs and credit cards in near real-time with a great user experience enables Verifi clients to focus on what they do best and not worry about fraud or KYC issues".
Verifi™ is a leading provider of global electronic payment and risk management solutions for card-not-present merchants. The highly customizable payment and real-time reporting platform serves as a foundation for Verifi’s suite of fraud solutions and risk management strategies. With a commitment of reducing risk while increasing profitability for clients, Verifi’s multi-layered approach enables transaction risk management and mitigation, business optimization strategies, cardholder authentication and chargeback re-presentment for all major credit card brands. Verifi is PCI Level 1 certified and headquartered in Los Angeles, California. For more information on Verifi, please visit: www.Verifi.com or email us at Info@Verifi.com <mailto:Info@Verifi.com> .
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.