CareCredit - Women's Health April 2024

Intellicheck to Provide ID Verification Services for Versatile Credit

Socure - Alternative Payments - March 2022 - Discover how FIs and Fintechs use robust identity authentication to meet emerging cybersecurity challenges

Intellicheck will provide identity verification services for financing platform Versatile Credit.

“Intellicheck’s identity validation solution gives Versatile Credit merchants the ability to extend credit with confidence, allowing them to quickly onboard new customers,” the companies said in a news release Tuesday (Dec. 12). “It assures merchants are able to provide good customers with a frictionless experience, validating customer identity documents in less than a second with proven accuracy.”

In addition, the solution pre-fills applications, making the process faster for customers, according to the release. The technology will give Versatile Credit merchants a 20% to 40% reduction in false negatives, leading to higher conversion rates and more customers.

“Versatile Credit’s merchants can build their customer base with confidence while providing an unsurpassed customer experience featuring ease of use and a speedy response to credit requests,” said Intellicheck CEO Bryan Lewis in the release. “Giving merchants a rapid and easy-to-use tool to onboard new clients while virtually eliminating fraud has a direct impact on bottom-line results.”

The partnership is happening as many online retailers say they have no way of knowing whether failed payments were caused by potential fraud, PYMNTS Intelligence and Nuvei found.

While 90% of online retailers have the technology to study the cause of failed payments, just 33% have implemented screening solutions to identify possible fraud as the cause, amounting to a missed opportunity to reduce false declines.

“Still, while a sizable share of these businesses have some screening capabilities, the average retailer could benefit by retooling anti-fraud capabilities,” PYMNTS wrote in November.

Jeff Gipson, director of payment product management at Discover® Global Network, said in an interview with PYMNTS posted Tuesday that the intensity of fraudsters’ attacks on all parts of the payments ecosystem has been ramping up.

Gipson pointed to social engineering as a treasured method used by bad actors.

“AI is at the forefront of their efforts,” he said, adding that “techniques that were previously limited to just the most sophisticated hackers are now more ubiquitous and are more easily deployed at scale.”

Meanwhile, hackers are also becoming more adept at ferreting out information, using it to link account credentials and conceal purchasing behavior and illegal activity.