SAS has partnered with digital identity solutions provider ThreatMetrix, a LexisNexis Risk Solutions Company.
The partnership aims to help creditors better establish the ‘who’ behind online credit applications, to root out fraud, identity theft and synthetic identities. SAS, which empowers customers around the world to transform data into intelligence, said its machine learning capabilities will apply ThreatMetrix digital identity intelligence.
“Banks are struggling with authentication measures and strategies across enterprises, knowing they must somehow strike that critical balance between security and customer convenience,” said James Ruotolo, director of product management and product marketing for fraud and security intelligence at SAS.
“Who is really applying for credit on the other side of that phone, tablet or computer? That’s a billion-dollar question for the industry, which knows the foundation of fraud prevention is understanding true identity.”
Together, SAS and ThreatMetrix aim to help financial institutions mature their fraud prevention ability from transaction-centric to identity-centric.
ThreatMetrix analyses more than 110 million transactions per day across more than 6,000 customers around the world. By tracking and identifying associations between tokenised, crowdsourced data points across its global network, ThreatMetrix derives insight into the true digital identity of users.
With effective Artificial intelligence (AI) relying on large data set, SAS said it will enrich that data to inform the automated, predictive models that help determine the likelihood of fraud and accelerate accurate decision making.
“As much as digital data is the cornerstone of a true authentication platform, context is key,” said Stu Bradley, vice president of fraud and security intelligence at SAS.
“The industry is not looking at just the transaction any more but rather the bigger picture of who, what, where and when. By augmenting SAS’ advanced analytics with this global shared intelligence from ThreatMetrix, the normal combination of account markers tied to a real person becomes more easily distinguishable from fraudulent ones. Banks can simultaneously reduce false positives and detect more fraud.”
Earlier this month, Australian crypto exchange Blockbid increased its fraud prevention security and KYC solutions by partnering with LexisNexis. Blockbid claims it is one of the first trading platforms to voluntarily observe global anti-money laundering (AML) measures by partnering with LexisNexis and ThreatMetrix security technology firms.
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