DELRAY BEACH, Fla., Jan. 25 /PRNewswire-FirstCall/ -- WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network today announced that IDology, Inc., an innovative provider of identity and age verification solutions is providing its ExpectID identity verification suite to streamline the online account sign up process and fight fraud.
"Before using IDology our identity verification process took up to 72 hours and email correspondence before allowing users to sign up. IDology's solution will allow us to automate the authentication process for new accounts in minutes instead of days, while keeping users on our website. As a result, we should be able to increase the conversion rate while keeping users interested and happy," said Edward C. DeFeudis, WikiLoan's Founder and President.
WikiLoan will use IDology's ExpectID IQ solution on the fully redesigned website that will be launched shortly. ExpectID IQ will present online member applicants with a brief set of multiple-choice questions that are dynamically generated in real-time. This knowledge-based authentication (KBA) quiz is designed to verify someone is who they say they are and doesn't require WikiLoan to have an established relationship with the consumer to verify their identity. As part of the verification process, IDology also searches multiple watch lists so that WikiLoan can comply with the USA Patriot Act.
WikiLoan is a Social Network with a focus on finance. At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs. The company's website provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
IDology, Inc. provides real-time technology solutions that verify an individual's identity and age for anyone conducting business in consumer-not-present environments to help drive revenue, decrease costs and prevent fraud. What makes us different is that we do this in a way that builds more confidence with your customers – by protecting sensitive data and promoting consumer privacy. Founded in 2003, IDology is the only provider to offer an on-demand change management tool that allows client business-unit managers to control the entire proofing process, including within an integrated solution, without having to rely on internal IT resources or contact IDology's customer service. For more information, visit www.idology.com or call 866-520-1234.
Investors may contact: WikiLoan, Inc., 561-865-5310.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
SOURCE WikiLoan, Inc.