Identity verification and fraud prevention programs are a must-have for businesses – especially those that operate in the consumer-not-present environment. And, due to a rise in data breaches as well as a plethora of new fraud schemes constantly hitting the market, criminals now have fairly easy access to millions of legitimate consumer identities.
So, how does a company know that a customer is who they say they are and not a fraudster with his or her compromised identity in hand? Organizations can accomplish this by employing robust, on-demand fraud prevention and identity verification solutions that enable multiple layers of authentication which minimizes the friction for good customers while also spotting and stopping the bad.
Coin, a consumer electronics company focused on creating products that simplify and improve lives, has been able to do just that. Recently, we launched a case study in conjunction with Coin that demonstrates how they were able to employ the IDology platform in order to streamline their overall customer on-boarding process.
What is Coin?
Coin’s flagship product, Coin, is a connected device that holds up to eight cards allowing consumers to carry fewer cards in their wallet with security and utility beyond what a plastic card can offer. Coin supports payment cards, gift cards, as well as membership and loyalty cards and works in millions of locations.
What Issues did Coin Face?
Coin needed to ensure the customer attempting to purchase and load cards onto their Coin was, in fact, legitimate. Along with that, Coin needed to employ a platform that helped automate the process and was multi-layered in order to deliver a positive and friction-free experience to the legitimate customer while also increasing security when needed and preventing fraud.
How was IDology Able to Help?
After evaluating four other vendors, Coin chose and implemented IDology’s ExpectID, ExpectID IQ and ExpectID Scan Verify, which join forces to verify that a customer is in fact legitimate and not a fraudster attempting to open or access a fraudulent account. Coin has successfully automated their customer on-boarding process as well as improved their ability to spot and stop fraud through the IDology platform.
After implementing IDology’s solution, Coin has been able to successfully automate their customer on-boarding process as well as improve their ability to spot and stop fraud.
“The fact that we can put IDology’s solutions to work and everything is highly automated allows us to scale much better and focus more on customer service,” said Coin COO, Russell Taga. “It’s critical that we prevent fraud and provide exceptional customer service, but the fact that IDology makes it so easy, and is automated, is a huge win for us.”
When asked what three words would best describe IDology, Coin answered with the following:
- Urgency: “IDology is customer-driven and consistently acts with a sense of urgency. They are a true partner.”
- Comprehensive: “IDology’s solutions are robust, customizable and proven.”
- Relentless: “IDology is constantly pushing to do more. With a high customer focus, IDology is always asking ‘what’s next?’ and is both ready and willing to innovate.”