Credit Card Fraud Slashed by New Ifbyphone Application

Internet service providers, online merchants and other enterprises often overlook something that every customer has: a telephone, when they look for innovative new ways to combat fraud. The telephone application platform company, Ifbyphone, is showcasing a new solution that enables ISPs and any e-commerce or SAAS site to slash fraud rates by combining the power of the Web with the telephone, called Verify-Me-Now.

To limit an online merchant’s ability to contact them in the future, many fraudulent users provide false telephone numbers. With a simple process that validates that the person providing a banking information, credit card, or other form of payment is who they say they are, Verify-Me-Now turns that risk into a security feature.

Here’s how Verify-Me-Now works:

1.   ISPs incorporate the hosted Verify-Me-Now application into their existing process that customers use to sign up for a Web hosting account or any other service.
2.   As part of each registration or purchase transaction, a telephone number is collected.
3.   A PIN of up to ten digits is displayed on the customer’s screen.
4.   With an easy-to-use API that is compatible with most Web-programming environments, either transparently or via a user-pressed button, the Verify-Me-Now service is then invoked.
5.   A call is instantly placed by the Ifbyphone server to the customer at the number entered in step one and then asks the customer to enter the previously displayed PIN using their telephone keypad.
6.   The API returns a success or failure message, depending on whether the PIN entered matches the one provided in step two.

The Verify-Me-Now application is a member of a family of applications available on the Ifbyphone Telephone Application Platform (TAP). Companies of all sizes are empowered by the Ifbyphone TAP to leverage the advantages of basic telephone calls with new and creative applications.

CEO of Ifbyphone, Irv Shapiro, said: "Our applications all deliver enterprise telephone capabilities to businesses of any size". “In this increasingly competitive world, small and medium-sized businesses need access to the same telephone technologies that large enterprises use in order to compete effectively.”