Digital identity verification specialists Bitventure announces a partnership with global information and insights company TransUnion that will allow South African businesses to deploy more comprehensive identity management and fraud prevention strategies without compromising the customer experience.
The partnership will allow businesses to make better-informed decisions in real time when it comes to onboarding new customers through physical or digital channels.
Bitventure’s remote digital identity verification solutions allow businesses to verify and onboard customers faster by digitally matching an ID number to an ID photo retrieved from Home Affairs from any remote environment.
Bitventure’s CEO, Junior Biola said “the current growth in digital channels as a result of social distancing corresponded to a sharp rise in identity theft, account fraud and other economic crime. In South Africa, economic crime rates are significantly higher than the global average as fraudsters take advantage of vulnerabilities in business’ risk management practices.
“Effective risk and fraud mitigation start with knowing the identity of new customers at the acquisition stage. Therefore, digital identity verification serves as an essential first step to the process by preventing fraudulent activities and losses before they occur,” said Biola.
Lee Naik, regional president of TransUnion Africa, said the partnership will enhance capabilities of TransUnion’s fraud and identity management suite, IDVision with iovation, which unifies personal and digital identities by combining consumer records with global device intelligence.
The enhancements enabled by Bitventure will allow TransUnion customers to overcome the historical tradeoff between security, convenience, and privacy.
“More than 34 million South African consumers will shop online this year, and 68% of financial services firms report that their customers increasingly interact with them through digital channels instead of face-to-face. Unfortunately, fraud is increasing and evolving exponentially. In the current economic climate, it’s important to not only deter fraudsters and combat economic crime, but ensure “friction-right” customer experiences,” said Naik.
To keep moving forward, South African businesses need to minimise risk, reduce fraud, improve customer experiences, and increase revenues, said Biola. “TransUnion and Bitventure are collaboratively helping businesses improve their customer identity and credit management processes to achieve their objectives and grow their businesses during turbulent times.”