Over the next few years we hope our technology will make a significant dent in the billions of dollars lost to fraudulent behavior which ultimately hurts the merchants.
Irvine, Ca (PRWEB) May 14, 2013
Electronic signatures industry leader, DocVerify, continues to add layers of security to online transactions and is now focusing its efforts to reduce credit card chargebacks and fraud which, according to the LexisNexis True Cost of Fraud Study in 2012, fraud costs retailers or merchants in excess of $150 billion every year.
The global risk analysis research company also predicts that friendly fraud represents approximately 30% of fraudulent transactions overall. The new electronic signatory system is subtly woven into the online purchasing process so consumers don’t even realize it’s there the majority of the time.
Friendly fraud chargebacks take place when the legitimate holder of a credit or debit card makes a purchase and subsequently contact the issuer upon receipt of the purchased goods or services stating simply, “it wasn’t me that made the purchase.”
Very poor protection is currently in place for the electronic transaction processes of online merchants who are left foot the bill. LexisNexis also estimated that in 2012, for every dollar lost in friendly fraud transactions, it cost merchants $2.70 disputing and chasing the claims.
Merchants are in danger of losing their accounts altogether should chargebacks go above 2% and have until now been at the mercy of such unscrupulous consumers.
How the Patent Pending DocVerify System Works
DocVerify is using its proprietary VeriVault verification system, along with legally binding electronic signatures. Because online transactions go through a process involving shopping carts already, consumers are often not even aware of its presence, in most cases the user experience is not affected with little or no risk to shopping cart abandonment. The process is as follows, and it occurs instantly at the time of the transaction:
1. The consumer completes the checkout unaware of the DocVerify implementation.
2. Confirmation and data is sent to DocVerify.
3. DocVerify applies the legally binding signature to the merchant’s desired template.
4. The consumer receives a copy of the digitally signed agreement which is also stored in DocVerify’s proprietary VeriVault.
Merchants Extend Gratitude to DocVerify
Because the integration is seamless into most existing shopping carts, no friction points are added to the merchant’s websites, allowing sales to continue seamlessly. DocVerify’s CTO Darcy Mayer has stated that:
“The thoroughly positive response we’ve got from merchants so far really tells its own story. Over the next few years we hope our technology will make a significant dent in the billions of dollars lost to fraudulent behavior which ultimately hurts the merchants. It feels good to do our part.”
Notes to Editors
Darcy Mayer is available for an interview regarding this new technology, the Salesforce partnership or the company’s recent partnership with global leader an online web forms, Wufoo.
About the Company
DocVerify has found itself in the news many times recently due to its leading electronic online signature technology being adopted in many different areas, including a recent world’s first drag and drop custom online secure form created from its partnership with Wufoo. DocVerify continues making online transactions increasingly secure through digitally signed documentation and is compliant with ISO, SOX, HIPAA, UCC and HITECH regulations.