Shufti’s Biometric Consent Verification — A Perfect Solution to avoid Fraudulent Transactions and False Chargebacks
E-Commerce Industry is the fastest growing industry of the era. With the increasing trend of online shopping and technological advancements, there is a relative increase in online frauds and scams resulting in chargebacks and heavy loss for the business. The traditional authentication method; i.e. using passwords has failed to deal with the increasing digital fraud.
How can a password ensures that you are who you say you are?
Shufti Pro’s Biometric Consent verification solution not just replaces the conventional authentication methods but it enables companies and businesses around the globe to use ID verification services in an improved manner. In addition to looking out for fake credentials, it acts as an effective shield against the expert scammers who have practiced to fool the authentication and verification processes.
Biometric Consent — An advance way of saying “I Agree”
Chargebacks are one of the most common frauds that E-commerce businesses face. Most of these chargebacks are not even valid. For instance, consider the scenario in which a person uses his/her credit card to purchase items but falsely claims that the transaction is made by someone else to gain free products. In such a case, to comply with the credit card company policies, the businesses have to return the money deducted as there is no way that the business owner can prove the identity of the purchaser.
According to a study E-commerce businesses faced an estimated loss of $6.7 billion in 2016 because of chargebacks. And 71% of the loss was due to friendly/false chargebacks.
To deal with such types of false chargebacks, Shufti Pro’s biometric consent is an ideal solution. The AI-powered face verification, document verification, and handwritten note verification services identify and authenticate the users in real-time. Checking for the remote presence of an individual and biometric consent at the checkout leaves no room for a mistake.
Furthermore, through biometric consent, the fraudsters will need to prove their identity prior to any credit card transaction, which will prevent every type of fraudulent payments. Shufti Pro is envisioned to provide ID verification services to all businesses across the globe to make the online marketplace free of fraud.
