Vouched launches biometric ID verification software for auto retailers
Car retailers and rideshare businesses have a new identity verification product for biometric customer onboarding and fraud prevention. ID verification firm Vouched has launched VouchedAuto and has already revealed its first client.
Driveway, a subsidiary of one of the largest U.S. car dealerships, Lithia Motors, has been using VouchedAuto for customer onboarding and online car transactions. The Oregon-headquartered firm claims that the product has helped it reduce onboarding time by 40 percent while fraudulent transactions have seen a decline of 65 percent.
Lithia Motors has been increasing investment in its online dealership strategy since the COVID-19 pandemic. Jason Cohen, director of sales operations at Lithia Motors and Driveway, says that working with Vouched led to an 80 percent reduction in lost profit due to fraud.
“Shortly after launching our new eCommerce platform, we found ourselves ill-equipped to handle fraud attempts targeting our business,” says Cohen. “We turned to Vouched and it was a game-changing decision.”
VouchedAuto also includes VouchedFI, the company’s end-to-end identity verification solution with ID document and biometrics checks, to help automate the KYC process. John Baird, co-founder and CEO at Vouched, notes in a release that the product helps companies maintain regulatory compliance.
The firm closed a fourth, US$6.3 million round of funding in February. At the time, its executives said that the funds would go toward the company’s growth. It currently serves around 300 banks, fintechs and healthcare companies, according to its figures.
In August, Vouched received its ISO 27001 certification and launched new software products for patient verification for telehealth and digital healthcare. It has also been participating in a consortium providing technology to screen the identities of people hosting Ukrainian war refugees.