Trulioo, a leading identity platform popular among cryptocurrency companies, has announced a new partnership with Mastercard to enhance both consumer and merchant onboarding processes.
According to a press release, this collaboration aims to provide “innovative identity verification solutions” to streamline digital onboarding while simultaneously combating fraud. Trulioo will leverage Mastercard’s identity solutions to enhance its Person Match and Risk Intelligence products, which will improve the efficiency of onboarding processes. The partnership will also offer additional identity insights and risk scores via a customizable, intuitive dashboard, expanding Trulioo’s suite beyond its current API-based products.
As part of this collaboration, Mastercard’s Onboard Risk Check product will now incorporate Trulioo’s global business identity verification services. This addition aims to provide an extra layer of assurance to both companies’ merchant and consumer onboarding solutions, helping mitigate risk, reduce fraud, and increase trust in global payments.
Steve Munford, CEO of Trulioo, emphasized that as organizations navigate the complexities of the digital payments industry, they constantly face threats of fraud and business identity theft. The press release cited a Juniper Research estimate that cumulative merchant losses to online fraud worldwide between 2023 and 2027 will exceed $343 billion. Thus, the partnership between Trulioo and Mastercard aims to protect the ecosystem from a wide range of fraud threats on a global scale.
Dennis Gamiello, Mastercard’s Executive Vice President overseeing identity products and innovation, noted that the digital economy thrives when there is mutual trust among its participants. The ability to verify identities instills confidence in digital interactions, enhancing the overall security and reliability of the digital landscape.
Munford added that this partnership will “pave the way for a more secure global digital landscape.”
Mastercard, the world’s second-largest payment network behind Visa, collaborates with financial institutions worldwide and uses its proprietary global payments network to facilitate transactions. The company’s services are powered by identity insights, machine learning, and biometrics, enabling organizations like Trulioo to verify and authenticate genuine consumers.
Trulioo supports global enterprises in optimizing the cost of onboarding verified customers, including numerous cryptocurrency companies. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, helps defend against fraud and maintain regulatory compliance. Trulioo’s platform covers 195 countries, can verify over 13,000 ID documents and 700 million business entities, and checks against more than 6,000 watchlists.
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