LET ME TOUCH™(startup) has put together two existing capabilities:
biometric
recognition and electronic financial transactions to create a
groundbreaking new
retail payment service. We have developed a highly scalable, secure and
easy-to-integrate platform to support its rapidly growing operations.
WORLD PROOF PROJECTS:
Cases.
Brazil - eToque (show me)
LET ME TOUCH Cheque Check Program
Safeguarding the cheque process has been the biggest market for biometric suppliers to date,
in the Retail environment, with almost all examples in the retail sector applying the technology for this use.
The reason is easy to understand. Without scrupulous safeguards, fraudulent cheque cashing can be an easy crime for criminals to perform.
On average just over 250 million cheques are returned each year in the USA and some estimate that losses from cheque fraud are growing at a rate of 2.5% annually.
For some stores, the result of implementing
biometric technology has been impressive, not only cutting down fraudulent
transactions, but also increasing the overall number of cheque transactions.
Cheque cashing within retail outlets is
major business for some stores, as they make
a charge for each cheque cashed. However,
the store is often liable for any returned
cheques, so undetected fraud can, therefore,
cut into the retailer’s revenue stream.
Benefits to the Shopper's and benefits to
Retail Chain: