Accertify, a wholly-owned subsidiary of American Express, has announced the launch of Digital Identity, a new solution to help organisations address fraudulent online account openings and account takeovers.
Fraudulent account openings, using stolen or fake names and account takeovers, defined as unauthorised access to accounts, are two types of identity theft that are concerningly increasing. This fraudulent activity is targeting accounts, including financial, utility, dining, loyalty, retail, and rewards. According to Javelin Strategy and Research on Identity Fraud, of the fraud losses from identity theft in 2019, account takeovers trended at the highest loss rate, up 72% from the prior year. The unprecedented COVID-19 has resulted in a severe decline in travel which led to consumers not checking their rewards, loyalty points, and mile accounts as often, making them a more prone to account takeover attacks.
The new Accertify Digital Identity is a sophisticated API-based solution that empowers organisations to trust and verify who is on the other side of the digital interaction. This helps in providing frictionless experience while identifying account takeover fraud problems and account origination attacks such as automated bot attacks and human-driven hacks.
Digital Identity is deployed across all pages that users interact with, and its technology is built on five pillars: Device, connection, location, behavior and reputation. It analyses billions of data points using machine learning, advanced behavioural analytics and device intelligence technology to calculate a trust score and associated reason codes for account activity in near real-time to help prevent fraud loss. The solution leverages the capabilities of Accertify network to identify trusted attributes so organisations can confirm new accounts, while also mitigating or flagging potential risks. It also provides ongoing monitoring of customer accounts to identify unusual activities, such as successive account updates and automated bot attacks.
“The current rise in digital identity fraud is an important wakeup call that the stakes are high and fraudsters are no longer purely focused on monetising stolen payment details. By pairing Accertify Digital Identity with our fraud and chargeback management products, we have the first end-to-end protection that helps organisations defend the entire customer digital journey – from account opening to log in, account activity, purchases and chargebacks,” said Mark Michelon, President, Accertify.
Founded in 2007, Accertify is a leading provider of fraud prevention, chargeback management, digital identity, device intelligence, and payment gateway solutions to global customers spanning diverse industries. The firm’s experience in fighting fraud has helped them in building rich historical data sets and real-time insights on spend patterns and user behaviors. These insights help organisations predict future fraud trends, enabling them to more effectively and efficiently protect their customers and their business.