Mastercard and Trulioo Partner to Enhance Onboarding and Fraud Prevention
Trulioo, the popular identity platform working with crypto companies, has announced a partnership with the payments giant Mastercard to enhance both consumer and merchant onboarding.
According to the press release, the collaboration will deliver “innovative identity verification solutions” to streamline digital onboarding, while fighting fraud at the same time.
Trulioo will utilize Mastercard’s identity solutions to power its Person Match and Risk Intelligence products.
This, it said, will improve the onboarding processes.
It will also provide additional identity insights and risk scores through “a customizable, intuitive dashboard.”
Additionally, the move will diversify the Trulioo suite beyond application programming interface (API)-based products.
Fighting Fraud
Thanks to this collaboration, Mastercard’s Onboard Risk Check product will now also include the Trulioo global business identity verification services.
It “adds a layer of assurance to both companies’ merchant and consumer onboarding solutions, helping to mitigate risk, reduce fraud, and increase trust in global payments,” the announcement argued.
Trulioo CEO Steve Munford noted that “as organizations navigate the complexities of the digital payments industry, fraud and business identity theft are constant threats.”
The press release cited Juniper Research, which estimated that cumulative merchant losses to online fraud worldwide between 2023 and 2027 will exceed $343 billion.
Therefore, the partners aim to protect the ecosystem from a wide range of fraud threats on a global level.
Dennis Gamiello, Mastercard executive vice president overseeing identity products and innovation, commented that the digital economy “thrives when people trust it and trust each other.”
The ability to verify that people are indeed who they say they are “instills confidence on both sides of digital interactions.”
Trulioo’s Munford added that the partnership will “pave the way for a more secure global digital landscape.”
Strength in Numbers
Mastercard is the second-largest payment network in the global payment industry, just behind Visa.
The company partners with member financial institutions across the world and uses its proprietary global payments network, aka its core network, to facilitate payment transactions.
Also, it is powered by identity insights, machine learning, and biometrics.
This, said the announcement, enables organizations, including Trulioo, to verify and authenticate genuine consumers.
Trulioo, on its side, enables global enterprises to optimize the cost of onboarding verified customers. This includes a number of cryptocurrency companies.
At the same time, it helps while them defend against fraud and maintain regulatory compliance.
It has a “comprehensive suite of in-house capabilities” that are integrated across a single automated platform.
Trulioo covers 195 countries, it said. The platform can verify more than 13,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists.
