WebPicID can Reduce ID Theft Fraud Losses and associated operating costs by at least 50%.
WebPicID detects the ID Theft after the sale is paid for; before shipping.
How Does it Work?
The Merchant makes a sale, takes the payment, gets the payment authorized by the card processing company.
The Merchant advises the Buyer:
“We protect you from identity theft fraud losses by having you verify your identity at Web Picture Identification Inc.”
Go to WebPicID.com, Log On, verify your identity, and "Authorize" the sale.
A Notification email about the use of the Individual’s identity is sent to the buyer by WebPicID.
From
Subject Notification
To
" Notification of the use of your identity at a WebPicID Merchant.
"Please log on to WebPicID.com, verify your identity, and Authorize, Decline or Fraud the sale."
The goods or services are not shipped until WebPicID confirms that you did Authorize the sale.
There are only four responses to a Notification.
1. Authorized The goods ond/or services are shipped.
2. Declined The sale and payment are canceled.
3. Fraud The payment and sale are canceled.
4. Ignored The vendor has the goods and the payment.
In the case of fraud; WebPicID sends a fraud report to the Vendor and Buyer.
In the case of ignored; the vendor has the money and the goods or services.
In all cases, there is no fraud loss to either party.
FVCC Fraud Victim Contact Costs
6 million Americans lose an average of $1,000.00 to ID theft each year.
The victims spend an average of 300 hours trying to resolve the fraud.
If they only spend 2% of time contacting the vendor, is 6 hours in CST time or $90.00 per fraud.
Savings
This is based on 1 million dollars of sales, a 2% fraud rate, an average sale of $50.00.
The total fraud is $20,000.00 plus FVCC of $36,000.00.
The fraud losses are reduced to $10,000.00.
The FVCC are reduced to $18,000.00.
The fee on reducing the fraud loss is 30%. $3,000 on $10,000.00
The total savings are $25,000.00 per million in sales.