Loopit launches world-first innovative fraud prevention solution TruPass for mobility services

Leading Australian car subscription software company Loopit has launched a new digital ‘Know Your Customer’ (KYC) and fraud prevention suite dubbed TruPass, designed to help mobility providers onboard customers safely and securely online. A world’s first for mobility services, the announcement comes shortly after Loopit raised AUD$3.6 million in its first external capital raise.

Loopit has seen rapid growth since their launch in early 2019 as the software enablement platform of choice for the growing car subscription industry.

With the introduction of TruPass, Loopit is delivering a safe and seamless online customer experience for both its subscription service providers and their customers to help them grow with confidence as flexible as new mobility solutions continue to gain momentum.

Michael Higgins, Co-Founder and Managing Director of Loopit said, “The security and safety of our mobility service providers and their customers is a core priority for Loopit as a platform. It is important to deliver robust security and fraud prevention measures for our mobility service providers without compromising the customer experience for the end user. TruPass is a way to create a seamless customer experience while still giving our providers the confidence to grow.”

TruPass provides robust customer KYC and fraud prevention technology including digital identity verification, customer credit assessment, biometric authentication, fraudulent payment prevention and more that are performed seamlessly and in real-time with an entirely paperless, consumer-facing process.

“With more than 70% of new car subscription customers subscribing entirely online through Loopit, it’s important that our car subscription providers have the freedom to grow their fleets with confidence in what is an emerging industry, and the innovation of TruPass ensures our providers have the safeguards in place to succeed at scale.”

“Our liveness technology means that not only can we confirm that an identifying document is authentic, but also that the person providing that documentation is who they say they are – entirely digitally and without any manual intervention. It’s similar to the technology used by Airbnb and this is the first time it has been applied to the mobility sector anywhere in the world.”

The Australian car subscription service also provides a Software-as-a-Service (SaaS) platform for car dealerships, resellers, and manufacturers, to offer their own vehicle subscription services to customers. The end-to-end platform provides dealerships with ‘subscription in a box,’ including the software, training and services needed to offer car subscription to customers simply and easily.

Loopit now powers 80% of Australia’s car subscription market.