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.