Trulioo, a leading identity verification platform, has announced a partnership with Mastercard to enhance onboarding processes for both consumers and merchants. This collaboration aims to deliver innovative identity verification solutions to streamline digital onboarding and combat fraud.

Key Highlights of the Partnership:

1. Enhanced Onboarding:
- Trulioo's Utilization of Mastercard's Identity Solutions:
- Trulioo will integrate Mastercard’s identity solutions into its Person Match and Risk Intelligence products, enhancing the efficiency and security of its onboarding processes.
- This integration will offer additional identity insights and risk scores via a customizable and intuitive dashboard .

2. Fraud Prevention:
- Mastercard’s Onboard Risk Check:
- The inclusion of Trulioo’s global business identity verification services in Mastercard’s Onboard Risk Check product will provide an extra layer of assurance. This collaboration aims to mitigate risk, reduce fraud, and increase trust in global payments .
- Global Impact:
- Juniper Research estimates that cumulative merchant losses to online fraud between 2023 and 2027 will exceed $343 billion, underscoring the importance of robust fraud prevention measures .

3. Strategic Benefits:
- Increased Trust:
- Dennis Gamiello, Mastercard's Executive Vice President of Identity Products and Innovation, emphasized that the digital economy thrives on trust. Verifying the identities of individuals boosts confidence in digital interactions.
- Comprehensive Coverage:
- Trulioo can verify over 13,000 ID documents and 700 million business entities across 195 countries, checking against more than 6,000 watchlists. This extensive capability helps global enterprises optimize onboarding costs and maintain regulatory compliance .

4. Broader Implications:
- Mastercard’s Position:
- Mastercard, as the second-largest payment network globally, partners with numerous financial institutions and leverages identity insights, machine learning, and biometrics to verify and authenticate consumers .
- Trulioo's Role in Crypto:
- Trulioo also assists cryptocurrency companies in defending against fraud and ensuring compliance with regulations. This partnership with Mastercard is set to pave the way for a more secure global digital landscape .

The collaboration between Trulioo and Mastercard is a significant step towards enhancing security and efficiency in digital onboarding, offering substantial benefits in fraud prevention and trust-building in the digital economy.