Early Warning Services, has launched Verify Identity, a synthetic identity fraud detection solution for qualifying financial services organisations, mobile network providers, corporations and government entities.
The technology combined predictive scoring with rules-based solutions to determine the likelihood that a prospective customer is legitimate while complying with industry regulations.
Industry advisory firm, Aite-Novarica estimates that synthetic identity fraud losses for unsecured US credit products will grow to $2.42bn in 2023, a 48% increase from 2019.
Early Warning said by leveraging its National Shared DatabaseSM Resource through Verify Identity, qualifying FSOs, mobile network providers, corporations and government entities can address this pervasive issue with one product application programming interface (API).
Robin Love, vice president of product management at Early Warning, said, “Early Warning is fighting back against synthetic identity fraud with the introduction of Verify Identity.
Verify Identity includes our predictive ID Confidence Score with an additional synthetic indicator, making this solution uniquely different from others in the marketplace. Verify Identity will challenge the growing issue of data breaches and identity fraud by introducing this unparalleled synthetic identity detection feature.”
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