RAPAPORT... The Jewelers Vigilance Committee (JVC) launched an affiliate partnership program to provide additional support services to all segments of the jewelry industry. Its first  affiliate partner in the venture is Veratad Technologies, a leader in online identity verification and compliance solutions.

Veratad Technologies assists jewelers in protecting  customers and business partners and preventing fraud by validating identity in person or online, significantly reducing fraud and chargebacks. These services, offered exclusively to JVC members, support jewelers’ legal compliance obligations, while jewelers providing branded credit cards or in-house financing programs can utilize the services to detect instances when a stolen credit card or identity may have been used.

Cecilia Gardner, JVC’s president, chief executive officer (CEO) and general counsel, said, “JVC’s affiliate partnership program provides services that help jewelers to protect their businesses from risk and help them meet their legal compliance obligations. The JVC-Veratad Technologies partnership — a first-ever venture for both JVC and Veratad — can help jewelers to stop fraudulent purchases, avoid costly chargebacks and meet their USA Patriot Act and Red Flags Rule compliance obligations. Veratad's real-time services are reasonably priced and easy to use."

The Federal Trade Commission's (FTC) Red Flags Rule legislation referenced by Gardner includes a written identity theft prevention program for JVC jewelers who extend credit.

John Ahrens, the managing director of Veratad Technologies, said of the venture, “It is certainly an honor to have been selected as JVC’s first affiliate partner. We are very excited about this opportunity to work with JVC in assisting their members meet regulatory requirements while reducing incidents of fraud and chargebacks."

LH