On 22nd July 2014, Card.com, a mobile alternative to traditional branch banking, announced a collaboration with IDology, a provider of innovative technology that verifies a person’s identity and deters fraud anywhere in the payments value chain.
"We are excited to partner with IDology and help us quickly and easily verify customers throughout the onboarding process," stated Ben Katz, CEO and founder of Card.com, in a press release. "Ensuring that legitimate customers can gain access to our services without friction while also stopping fraud and meeting the necessary compliance regulations are the main reasons why we selected IDology's solution.”
- Card.com offers its users thousands of personalized affinity prepaid debit cards.
- Card.com has integrated IDology's real-time, on-demand identity-verification and fraud-prevention solution into its Customer Identification Program (CIP) process. The company states in its press release that doing so will improve its customer-approval cycle, streamlining customer onboarding while also preventing fraud.
- Card Corp.’s board of advisors includes Sandy Grushow (past chairman of Fox Television), Raja Doddala (head of corporate ventures at 7-Eleven) and QED Investors’ Nigel Morris (co-founder of Capital One).
- IDology, Inc. provides real-time technology that verifies a person’s identity and age for anyone conducting business in a consumer-not-present environment
- IDology delivers an on-demand change-management tool using point-and-click functionality that enables users to control the entire proofing process.
"We are thrilled to announce our partnership with CARD.com,” IDology CEO John Dancu stated in the same press release. “Proofing an identity is no longer sufficient given the sophistication of fraudsters. Fraudsters are constantly changing their tactics in order to beat the system. That is why the IDology platform goes well beyond simple identity verification in order to detect and deter fraudulent applications – providing visibility into potentially fraudulent identity discrepancies while also reducing the friction for legitimate customers. Customers can leverage the power of our collaborative network to easily spot fraud trends and make the necessary changes to their program on-demand."
"By opting into the IDology Network, we have been able to collaborate with other industry leaders,” Katz added. “It is our mission to protect our customers and potential customers from fraud. By leveraging the entire IDology Network, we can gain confidence that the good customers are gaining access and the fraudsters are being stopped. There aren't many service providers in the payments space that feel like real software companies. IDology is a customer-centric, enterprise provider that can deal with the complexities of the regulatory environment while remaining entrepreneurial and fast to innovate."
Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention. Its real-time technology helps increase revenue, decrease costs, prevent fraud and meet compliance regulations.
Card.com seeks to make prepaid cards simple and fun. The company says it is revamping personal finance with the aim of creating financial products that “speak to the passions of consumers” while providing a banking alternative that fits flawlessly into modern mobile lifestyles.