Online payments company PaymentOne has released a new identity verification service (IVS) designed to eliminate unauthorized and fraudulent online transactions.
The IVS integrates into a merchant’s standard online checkout process and asks the consumer to provide their phone number and an additional piece of out of wallet information, for example the last four digits of their social security number, before it will verify the payment.
This information is then cross checked and in a few seconds the merchant receives a success or failure score that can be used to complete or redirect the transaction.
