Crunchbase Details Jumio’s Contributions to the Fight Against Fraud Online

It can seem to some as if the world of digital commerce should be more secure than the brick and mortar equivalent. While online retailers and others who do business on the Internet might not have to worry about masked robbers and the like, they face plenty of other dangers.

In particular, the online environment can sometimes seem as if it were tailor made for fraud. With each shopper online sitting behind a relatively anonymous digital presence, figuring out who is authorized to spend and buy can seem to be almost impossible.

As a look at the work of the company profiled at will show, this does not have to be taken for granted. In fact, there are now effective ways of combating online fraud and making digital commerce a lot more secure.

Solving a Longstanding Problem with Cutting Edge Technology

The difficulty so many online merchants have confronted for so long is that associated with verifying whether any given individual is actually authorized to use a particular payment method. When a credit card used for payment turns out to have been stolen, the merchant will normally be forced to absorb the loss.

Even worse, most such lapses also result in fines being levied against even well-intentioned, diligent merchants. Succumb to fraud too often and a merchant can even lose the ability to process payment card transactions at all.

Jumio has tackled this problem in an innovative, effective way. By creating software systems that are capable of verifying whether images submitted reflect real, authentic identifying documents, the company has given merchants a powerful tool to use to fight back.

Making Online Commerce Safer and More Secure for All

As a result, criminals who try to use ill-gotten card information at merchants who have access to this technology find themselves being stopped short. With no way of identifying themselves appropriately, these digital thieves are forced to look elsewhere.

In many cases, that will mean they can still get away with their crimes by targeting merchants who are not protected in this fashion. As this kind of technology becomes more common, however, criminals are sure to suffer as a result.