HOUSTON, Texas /Massachusetts Newswire – National News/ — NotaryCam®, a Stewart-owned company and a pioneering provider of remote online notarization (RON) and identity verification/authentication technology for real estate and legal transactions, today announced the continued expansion of its fraud prevention use cases within the credit card industry. Through its secure, on-demand RON platform, NotaryCam enables major U.S. card issuers to accelerate identity verification, reduce time to resolution and intervene earlier in the fraud lifecycle, often before financial losses are incurred.
Global payment card fraud losses reached $33 billion in 2023 and are expected to cumulatively total more than $403 billion over the next 10 years, with a disproportionate amount occurring in the United States [*note:1]. Meanwhile, U.S.-based fraud prevention efforts remain costly and reactive. Each $1 of fraud loss costs financial firms more than $5 when accounting for investigation, recovery and operational burden [*note:2].
By integrating NotaryCam’s platform into their customer identity verification workflows, credit card issuers can shift from reactive fraud mitigation to proactive fraud prevention. For one major issuer, NotaryCam is flagging an average of 7 to 10 potentially fraudulent transactions per week, streamlining decision-making while strengthening compliance and audit trails.
“Most identity fraud is caught eventually, but it’s often too late. The financial damage has already been done,” said Brian Webster, president of NotaryCam. “By embedding RON earlier in the customer journey, NotaryCam helps card issuers detect and resolve identity mismatches before accounts are misused or fraudulent applications are approved.”
The time savings are equally significant. Before adopting RON, cardholders were required to locate and visit an in-person notary, a process that introduced delays of several days. Now, applicants can schedule and complete a secure online notarization through NotaryCam in minutes, 24/7. For example, one credit card provider uses NotaryCam to validate identities for applicants whose submissions trigger enhanced verification, while another requires identity validation before reactivating cards flagged as lost or compromised.
NotaryCam supports its credit card clients through a flexible service model: institutions can either license NotaryCam’s platform for internal use or refer customers to NotaryCam’s professional notary pool. The platform is integrated across fraud prevention, banking, deposit and card operations functions, delivering reliable performance at scale.
“With fraud attacks growing more complex and costly, card issuers need identity verification solutions that work in real time and across multiple departments,” added Webster. “NotaryCam delivers a seamless experience for both customers and compliance teams while helping issuers avoid the long-tail costs of identity fraud.”
To learn more about how NotaryCam helps financial institutions reduce fraud and accelerate customer identity validation, visit: https://www.notarycam.com/.
About NotaryCam, a Stewart Company
NotaryCam, a Stewart-owned company, is the leader in online notarization and mortgage eClosing solutions, having notarized documents worldwide for hundreds of thousands of customers in all U.S. states where allowed and more than 146 countries. With a flexible workflow for document recording and unparalleled identity verification, security and customer convenience. In addition to real estate transactions, NotaryCam provides RON services to many Fortune 500 companies as well as small and midsize businesses and includes employment and other documents allowed by law. The company also proudly maintains an industry-leading customer satisfaction rating and the highest Net Promotor Score (NPS) amongst the best global tech brands.
Visit https://www.notarycam.com/ for additional information or to get a document notarized today.
CITATIONS:
[1] https://nilsonreport.com/newsletters/1276/
Learn More: https://www.notarycam.com/
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NEWS SOURCE: NotaryCam Inc.. Story was sourced from a press release issued by Send2Press® and used with permission. View the original story at: https://www.send2press.com/wire/notarycam-helps-major-credit-card-issuers-fight-fraud-and-reduce-time-to-resolution-with-ron-based-identity-verification/
