DocVerify Unveils New Friendly Fraud Prevention System to Benefit Merchants and Payment Providers

March 17, 2011 - PRLog -- DocVerify has today unveiled their newest product designed to ensure authenticity and integrity; this fraud prevention system offers significant advantages to everyone from merchants to individuals and payment providers. Fraud (and the associated problems with fraud, such as chargebacks) is a significant problem in the modern world; especially in card not present situations.

According to a Lexis Nexis 2009 study, merchants pay more than $100 billion in fraud losses due to chargebacks and unauthorized transactions. A growing percentage of that amount is due to friendly fraud (more than 1/3 of all fraud for online merchants). DocVerify has released their new service to work in conjunction with their digital signature services, as well as their state-of-the art document vaulting system.

The new product is quite simple, and offers merchants significant benefits through increased authenticity and integrity with online purchases. In essence, the merchant simply gathers data about a consumer during the checkout process. The instant a purchase is approved, all the data gathered is sent to DocVerify, where it is compiled and analyzed to create a legally binding contract for that specific purchase. The system utilizes both electronic signature and digital signature technologies to ensure integrity and authenticity, as well as non-repudiation from the buyer.

Once the document has been created and the digital signature is in place, DocVerify vaults the document in their highly secure tamper proof vault. The customer receives a copy of the document with their electronic signature right in their inbox.

Friendly fraud is a growing concern for merchants, and only through the use of digital signature technologies can legally binding contacts be created. This offers immense protection for merchants, and can help to reduce overhead by an enormous amount by reducing chargebacks and their associated fees.

In order for merchants and payment providers to protect themselves against the growing rate of friendly fraud, electronic signature services that create legally binding contracts per transaction are the best solution available.

To find out more about DocVerify's electronic signature and E-Vault services, visit the company at http://www.DocVerify.com.

About DocVerify: DocVerify is a leader in the document integrity and authenticity industry, providing companies of all shapes and sizes with the non-repudiation services they require, no matter their niche or industry. DocVerify offers electronic signature, digital signature, and Integrity E-Vault services for the utmost peace of mind, as well as time and moneysaving benefits for individuals and companies who require the utmost integrity and authenticity for their important documents.

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DocVerify is an ultra secure time stamp e-vault that also enables you to securely e-sign, e-notarize, e-verify, and share documents