authID Secures U.S. Point-of-Sale Lending Deal to Curb $12.5B Payments Fraud
authID will provide its Proof™ ID verification and Verified™ biometric authentication to a U.S. point-of-sale lending platform for merchant onboarding, consumer origination, account access and high-risk transactions. U.S. payments fraud hit $12.5 B in 2024, while the BNPL fraud prevention market grew to $3.7 B, projecting $25.9 B by 2034.
1. New Customer Win for Fraud Prevention
authID will integrate its Proof™ identity verification and Verified™ biometric authentication across merchant onboarding, consumer origination, account access and high-risk transactions for a U.S. point-of-sale lending and payment financing platform, marking its latest fintech customer win.
2. Expanding Payments Fraud Market
U.S. payments fraud losses reached $12.5 billion in 2024, with Buy Now Pay Later transactions comprising 15% of purchases and driving a $3.7 billion fraud prevention market now forecast to hit $25.9 billion by 2034, highlighting strong growth prospects for identity assurance solutions.
3. Privacy-First Biometric Advantage
authID’s PrivacyKey™ architecture secures user data without storing biometric images, supporting compliance with CCPA, BIPA and emerging privacy laws while delivering sub-second verification with a 1-in-1-billion false positive rate for seamless, privacy-first customer experiences.