California-based internet technology firm iVeriFly announced on Monday the release of an identity verification service designed to address internet fraud, in which a fake email address is used to conduct an online transaction.
Online merchants and providers rely on the accuracy of the contact information provided by customers, which can lead to fraudulent internet transactions.
“Criminals get away with using stolen credit card numbers for Internet transactions for one reason: retailers send receipts and confirmations to the e-mail address provided by the criminal, rather than the consumer who owns the card,” iVeriFly founder and President Joseph Mogush said. “iVeriFly makes it virtually impossible for anyone to use a fake e-mail address when buying something online, and will make the Internet a safer place for consumers and businesses alike.”
The iVeriFly system will prevent identity thieves from applying for credit in another person’s name because subscribers will not accept credit applications unless the email is verified as belonging to the person named on the application.
Mogush said credit monitoring services are “reactive” because they do not preempt fraudulent transactions.
“iVeriFly is a proactive solution because it completely blocks fraudulent transactions from happening,” Mogush said. “Better still, the iVeriFly solution will be provided to consumers absolutely free of charge.”