Automated Verification of Customer Information

Wirecard’s customer verification provides a number of methods to verify identity, addresses, age and credit rating of online customers.

The key benefits for online retail are:

•   No false user information
•   No false addresses
•   Credit and score report

The more payment options offered on the Internet the higher the sales. However, the debit and invoice options in particular increase the risk of a loss of receivables. Return shipments due to “joke orders” and false addresses often cause unnecessary additional costs.

Extensive verification prior to transactions is the best basis for reducing such risks. Thus customer verification is one of the key pillars of Wirecard’s risk management. In a series of processes, Wirecard verifies customer information such as identity, addresses, age and credit rating prior to a transaction. These methods, which are employed prior to the payment process, not only serve to verify new customers but also to regularly check existing customers. They help in validating the information provided by customers as well as in assessing the customer (“know your customer”) and his buying behavior, and thus protect against default.

As a result the merchant is provided with a reliable instrument which ensures that orders can be processed without complications, fully automated and highly secure, and that the customer also pays for them. Administration thereof is possible without any difficulties using the Wirecard Enterprise Portal (WEP).