Impressive Pilot Results Fueling Interest and Adoption of Innovative Technology Solution
JERICHO, NEW YORK – October 2, 2017 – Intellicheck, Inc. (NYSE American:IDN), a leader in threat identification, identity authentication, verification and validation technology solutions, today announced that a series of pilots with national retail outlets have sparked an increase in adoption of Intellicheck’s Retail ID Online™. Nationally recognized department, furniture, and jewelry chain stores and a top five domestic and international U.S. banking and financial services company are among a rapidly growing group of clients who now use Retail ID Online. The driving force behind this product adoption movement is due to measurable pilot results that demonstrated Retail ID Online’s robust capabilities in deterring online fraud while enhancing customer confidence and engagement.
“The exceptional response to Retail ID Online highlights the important contributions this cutting-edge technology solution is making in the retail industry. We designed Retail ID Online to make an immediate and dramatic impact in curtailing online retail fraud, with strong focus on the customer experience. As a result, the process is quick, simple and non-intrusive. Our goal was to strike the important balance between minimizing customer transaction abandonment while, at the same time, minimizing online fraud. To achieve this critical balance of efficacy and simplicity, our staff worked closely with our client base to define, develop, test and deliver Retail ID earlier this year. Since our first pilot, Retail ID Online has become the go-to technology solution, selected in head-to-head competition, as the standard for reducing incidents of online fraud. We believe this solution is the answer retailers and consumers want and need. We fully expect continued adoption of Retail ID Online as an ever-increasing number of retailers see this potent fraud deterrent solution in action,” said Intellicheck CEO Dr. William Roof.
Fraudulent transactions in the retail and banking markets continue to be a very severe problem. Recent studies show new account fraud nearly doubled in the last year and 52% of retailers are reporting their card not present losses are continuing to multiply at an alarming rate. According to Javelin consulting firm, the total loss in fraudulent e-commerce transactions will jump to nearly $19 billion in 2018. Losses are proving very costly to retailers in terms of revenue and customer confidence. A consumer impact study found that 56% of cardholders decrease online shopping, reduce payment card usage, and close payment card accounts as a result of experiencing fraud. Additionally, 78% of online shoppers participating in the study reported they want more protection for their payment card when shopping online.
Retail ID Online is a powerful fraud fighting solution with state-of-the-art features that reflect extensive input from Intellicheck’s retail clients who include some of the nation’s most successful, highly recognized brands. Retail ID Online integrates with the retailer’s online purchasing website and seamlessly checks purchasers’ driver licenses for authenticity. Simple, fast and easy to use, the solution guides a customer to capture images of their driver license using a smartphone or other mobile device. Retail ID Mobile encrypts the driver license image to strict standards and matches the image against authentic driver license formats. With real-time authentication, the purchase can proceed with confidence by the retailer or, if the driver license is flagged as counterfeit, the purchase process is terminated.