Bolt Introduces Bolt ID to Combat Rising Synthetic Fraud

New updates have been reported about Bolt (PC:BOLTX)

Bolt has launched Bolt ID, a new network identity system designed to enhance security across its checkout network by addressing synthetic identity fraud and account takeover attacks. This initiative comes as e-commerce fraud, particularly card-not-present transactions, continues to escalate globally, with losses projected to reach $28.1 billion by 2026. Bolt ID aims to fortify consumer protection by verifying device possession and connecting identity signals, thereby ensuring that transactions are completed by legitimate shoppers without the need for account creation or marketing program enrollment.

The system employs one-time passwords or passkeys to confirm that the person making a purchase has access to the device linked to a known email, a measure that significantly hinders synthetic fraud attempts. By leveraging its extensive network, Bolt can detect patterns indicative of synthetic profiles, offering merchants and consumers a more secure transaction environment. This development aligns with privacy and consumer protection standards, focusing solely on identity verification and fraud prevention. Bolt ID operates independently of the optional Bolt Account, providing a seamless layer of protection that integrates naturally into the shopping experience. As synthetic fraud becomes increasingly sophisticated, Bolt’s strategic move with Bolt ID positions it as a critical player in safeguarding e-commerce transactions and supporting industry growth with integrity.