online money transfer With customers who need to send money to loved ones immediately, leading money transfer company MoneyGram needed to find an identity verification partner that could scale with them and support the volume of transactions they process daily. “Our customers span 200 countries and turn to us when they need to send money to loved ones or make emergency payments,” says Nash Ali, head of risk at MoneyGram. “In Mitek, we found a partner who could scale with us and support the volume of transactions we process daily.” 

MoneyGram began by integrating Mitek’s identity document verification technology into 11 websites across the globe in order to achieve their digital onboarding and compliance goals in key regions. They saw so much success from the integration that they added Mitek’s identity document verification solution to their suspected account takeover workflow and to their automated clearing house (ACH) payment process. 

“When we integrated Mobile Verify into the verification process, fraudsters began to shy away from transferring larger dollar amounts, simply due to the request for an identity document,” says Ali. “We saw credit losses come down quite a bit.”

In addition to Mobile Verify’s scalability MoneyGram partnered with Mitek for:

  • Depth and breadth of document types and geographic capabilities
  • Accuracy in detection of fraudulent identity documents
  • Competitive pricing to maintain margins
  • Manual review capabilities for exception handling
  • Ability to expand to serve more geographies over time

MoneyGram has seen payment fraud losses drop 20% and account takeover fraud decline by 80% since deploying Mobile Verify.  Read the case study for a comprehensive looks MoneyGram business strategies and results.

For a more comprehensive look at how MoneyGram is able to serve their customers better with a global identity verification partnership with Mitek, download the entire case study here.

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