Online Check Processor Beefs Up Anti-Fraud Capabilities
Electracash has added services that help protect merchants from people misrepresenting their ID and age.
A merchant check-processing firm, Electracash Inc., has added two fraud-reduction features to its eCheck services.
New to Electracash are User Authentication and Age Verification. The modules use birth date, partial Social Security numbers, and other personal data to judge the identity and age of a buyer using an eCheck, or an electronic check. They're available as part of the service contract merchants sign with Electracash.
Electracash processes checks--both paper and eChecks--used to pay for retail goods. Merchants are charged per transaction and based on other factors, including the size of the transaction. Exact prices weren't disclosed.
The only other cost to merchants, according to the company, is the fee charged for investigating whether a merchant would make a good customer.
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