IDenfy launches bank card verification platform

This update introduces a new layer of security for merchants who accept digital payments and offer financing options. iDenfy has launched a dedicated card verification tool designed to stop fraudulent transactions before they hit your books. For retailers, this means you can now verify that a customer is the physical owner of a credit or debit card during the checkout process. The technology uses OCR to scan card details while automatically masking sensitive data to keep you compliant with PCI DSS standards. Fraud is a major pain point for merchants using Buy Now, Pay Later (BNPL) or lease-to-own programs, where 'friendly fraud' or stolen card data can lead to costly chargebacks. This tool helps ensure that the person signing up for a payment plan is actually authorized to use the payment method provided. By automating the verification of the cardholder's name and card validity, you reduce the manual work for your back-office team. It also speeds up the onboarding process for legitimate customers, reducing the friction that often leads to abandoned carts. Implementing these types of automated checks protects your bottom line and helps maintain a healthy relationship with your primary and secondary lenders.

Source: Finextra — Lending

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