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Electronic Verification Systems, a provider of identity- and age-verification solutions, early Monday announced the launch of AssurePay, a credit card-verification platform that EVS says authenticates consumer credit card information at the beginning of the payment process, instead of while the card data is being held for processing.
To validate a credit card, AssurePay leverages multi-source credit card verification to certify card ownership using consumer data. EVS says. In addition, the new technology enables merchants to more easily create user and guest accounts on their e-commerce sites, as well as prevent account takeovers. The app also provides fraud detection.
The company says the technology should allow merchants and processors to reduce manual reviews of purchases made using credit cards, as well as chargebacks, while increasing acceptance rates, reducing operation costs, and making better risk decisions. “We are estimating the reduction in chargebacks to be around 80% if not higher,” a company spokesperson tells Digital Transactions News in an email message.
“AssurePay…offers a proactive approach to chargeback prevention and credit card fraud prevention,” company president Eric Knapp says in a prepared statement. “It quickly identifies good customers and protects [businesses] from bad actors and costly chargebacks.” Adds the spokesperson: “AssurePay verifies the complete card number or appended card number (BIN+last 4) matching to the name, street address, and phone number against the card- issuer information.”
Fraud from sources such as identity theft, for example, has soared in recent years. The number of identity-theft reports reached 1.7 million last year, up from 1.4 million in 2020 and 650,000 in 2019, according to data from the Federal Trade Commission.
EVS says merchants can bundle AssurePay with its Consumer+ app, which verifies and authenticates consumers. AssurePay can be used from within EVS’s IdentiFlo Management Portal or integrated with existing systems and Web sites through an available application programming interface.
Louisville, Ky.-based EVS lists clients in financial services, age-restricted retail, online gaming, and tax industries.
