Mastercard and Trulioo Partner to Enhance Onboarding and Fraud Prevention

cryptonews.com:

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.

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