Trulioo has collaborated with Mastercard to deliver identity verification solutions with the aim of streamlining digital onboarding for both merchants and consumers.

At the core of the global partnership is a shared commitment to improving consumer and merchant onboarding experiences, while protecting the ecosystem from a wide range of fraud threats, the companies report.

Leveraging Mastercard’s solutions

According to Juniper Research, cumulative merchant losses to online fraud worldwide between 2023 and 2027 are estimated to exceed $343 billion.

Trulioo will leverage Mastercard’s Identity solutions to power their Person Match and Risk Intelligence products, providing additional identity insights and risk scores through a customizable, intuitive dashboard.

This will diversify the Trulioo suite beyond API-based products and further enhance their customers’ onboarding processes.

The collaboration will also augment Mastercard’s Onboard Risk Check product with the inclusion of the the Truoo global business identity verification services.

The partnership adds a layer of assurance to both companies’ merchant and consumer onboarding solutions, helping to mitigate risk, reduce fraud and increase trust in global payments.

Helping the digital economy thrive

“The digital economy thrives when people trust it and trust each other,” said Dennis Gamiello, Mastercard executive vice president, Identity Products, and Innovation.

“The ability to verify people are who they say they are instils confidence on both sides of digital interactions.

“Together with Trulioo, we are fuelling the connections that make a vibrant digital economy possible.”

Trulioo says it empowers global enterprises to optimize the cost of onboarding good, verified customers while defending against fraud and maintaining regulatory compliance.

Battling the constant threat

“Trulioo is proud to partner with Mastercard and shares their dedication to industry-leading business verification and fraud prevention” said Steve Munford, Trulioo CEO.

“As organizations navigate the complexities of the digital payments industry, fraud and business identity theft are constant threats.

“This is a pivotal milestone in our joint endeavor that will pave the way for a more secure global digital landscape.