Watch VeridexPay in action
Payment card fraud is a growing problem for both card issuers and merchants. The Nilson Report estimates that in 2015, global card fraud cost card issuers nearly $16 billion and merchants over $6 billion - the majority through CNP transactions. Issuers and merchants are forced to perform a balancing act - increase security while trying to avoid additional burdens for the customer that might lead him or her to abandon the purchase.
At Veridex, we do not believe that the key to combatting this fraud is to simply mask the card number during a transaction, or to rely on statistical models to determine the likelihood of fraud. Rather, we believe that the key is to more reliably factually identity and authenticate the user and to eliminate entirely the transmission and merchant capture of valuable payment card information.
VeridexPay improves security of payment transactions - payment card, paper or electronic check, card present or not. It uses VeriSecure technology to quickly, conveniently, and reliably identify and authenticate the customer wishing to make a purchase. After this confirmation, VeridexPay then provides payment information directly to the payment network through a secure channel. The transaction is secure and simpler and faster for the customer, reducing abandonment risk. VeridexPay even notifies all other registered devices of the customer, so if the purchase is unauthorized, the parties can be notified immediately.