Source: #TheFraudTube, 14th February 2013
With a revolutionary approach to combating online fraud Trustev, an Irish tech start-up, have concluded a $300K USD funding round allowing the business to more than double the size of their team.
Their new solution makes cleaver use of social data from the major social media platforms (such as LinkedIn, Facebook, Google+ and Twitter) in order to add a level of verification for online transactions. With just a few lines of code e-tailers can boost confidence in knowing who their customer is. A ‘trust’ score is generated for the customer and the e-tailer can then choose the level of risk they are willing to accept for a transaction, the opportunity here is to dramatically reduce manual referrals whilst simultaneously increasing confidence that the transaction is not fraudulent.
Trustev’s chief marketing officer Donal Cahalane: “What many merchants don’t realize is that the burden of fraud always falls back on their shoulders with merchants being hit 10 times more than banks and 20 times more than consumers when it comes to the cost of fraud”
Additionally there is also the opportunity to improve the customer experience. By capturing data from social media, the solution is able to pre-populate forms, a welcome boost for m-commerce where speed and convenience is essential to avoid drop offs during the checkout process.