Ekata Introduces Account Opening API
Ekata, a global leader in digital identity verification, introduces the Account Opening API, designed to take action on high-risk accounts to mitigate losses from synthetic identity fraud. The Account Opening API identifies potential bad actors from good customers during the online application process. Designed to support customer onboarding strategies, the Account Opening API:
- Secures personal lending – Avoids disappearance of illegitimate borrowers by preventing them from setting up an account with false or misleading information.
- Prevents credit bust-out – Takes proactive measures to stop bad actors from establishing presence and manipulating their accounts before it happens.
- Reduces application abandonment – Captures the opportunity to reduce friction and tailor a faster, easier and more efficient application process for low-risk applicants while ensuring data accuracy.
Recent studies have found that synthetic identity fraud is the fastest growing type of financial crime in the United States. In fact, it is estimated that more than 60% of fraud losses for banks stem from identity fraud, and 20% of that fraud is synthetic identity fraud. According to the American Bankers Association, synthetic fraud costs lenders more than $6 billion annually, and the average loss is estimated at $10,000 per account. Using a combination of valid qualifying information combined with fake secondary information, perpetrators cultivate these identities to defraud banks, causing charge-offs and losses for financial institutions. These attacks must be proactively addressed when bringing customers onboard.
“As more traditional personally identifiable information is compromised online, it’s easier for fraudsters to create and foster synthetic identities,” said Bhavana Mathur, Vice President of Product Management at Ekata. “This type of fraud is difficult to detect because aspects of the identity are valid, and often they slip through during the account opening process. Ekata’s Account Opening API uses static and dynamic data insights to help detect and prevent this type of cybercrime from the start.”
Key features of the Account Opening API include:
- Identity risk score – Comprehensive risk score that combines dynamic data across five core identity elements (name, phone, email, address, IP) as well as their usage patterns.
- Identity network score – Predictive risk score built on usage patterns of identity elements across real-world queries from Ekata’s network.
- Network signals – Returns three proprietary signals to assess the riskiness of the location address (IP last seen), the phone (phone last seen), and the relationship of the phone and email provided (phone and email first seen).
- Minimal input requirements – Only requires two common inputs to initiate the verification process: either phone or email and IP address. All other inputs are optional.
- Scalability – Flexibility to support massive, sustained query-per-second volume requirements while reliably retaining low latencies.
“Cybercrime is more sophisticated than ever, but by utilizing dynamic identity elements and real-world usage patterns, issuing agencies have a better chance at detecting and deterring fraudulent accounts, while still allowing valid accounts without excess friction,” Mathur added.
The Account Opening API is powered by the industry’s fastest and most reliable tech stack which is built on an elite enterprise-grade infrastructure, fed by accurate global identity data from the Identity Graph, and differentiated with proprietary insights from the Identity Network.
To learn more about how to integrate the Account Opening API into your risk model, visit the Ekata website at https://ekata.com/products/account-opening-api/.
Ekata provides global identity verification solutions via enterprise-grade APIs for automated decisioning, and Pro Insight, a SaaS solution for manual review for cross-border businesses to grow revenue by maximizing their predictability of good transactions. Ekata’s product suite is powered by the Ekata Identity Engine (EIE), the first and only cross-border identity verification engine of its kind. It uses complex machine learning algorithms across the five core consumer attributes of email, phone, name (person or business), physical address, and IP, to derive unique data links and features from billions of real-time transactions within the Ekata proprietary network and the data licensed from a broad spectrum of global providers. Businesses around the world including Alipay, Microsoft, and Stripe leverage our product suite to increase approvals of more good transactions, reduce customer friction at account opening, and find fraud.
Ekata Media Contact:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Logitech’s Q3 Sales Grow 85%, Operating Income Triples19.1.2021 03:00:00 CET | Press release
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2021. Q3 sales were $1.67 billion, up 85 percent in US dollars and 80 percent in constant currency, compared to Q3 of the prior year. Q3 GAAP operating income grew 248 percent to $448 million, compared to $129 million in the same quarter a year ago. Q3 GAAP earnings per share (EPS) grew 222 percent to $2.22, compared to $0.69 in the same quarter a year ago. Q3 non-GAAP operating income grew 214 percent to $476 million, compared to $152 million in the same quarter a year ago. Q3 non-GAAP EPS grew 192 percent to $2.45, compared to $0.84 in the same quarter a year ago. Cash flow from operations was $530 million, compared to $181 million in the same period a year ago. “This quarter’s record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports, and digital content creation,” said B
SSi Canada Partners with SES Networks to Deliver New Satellite Capacity into Northern Canada18.1.2021 17:40:00 CET | Press release
Vital new satellite capacity will be delivered to Canada’s north, including all 25 communities of Nunavut, following a partnership signed between SSi Canada, the developer-operator of QINIQ broadband and SSi Mobile services in Nunavut, and SES Networks, the leader in global content connectivity solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005410/en/ SSi Canada Partners with SES Networks to Deliver New Satellite Capacity into Northern Canada (Photo: Business Wire) This partnership comes at a critical time for Nunavut, with the COVID-19 crisis having led to an unprecedented need for reliable internet and mobile communications services as Nunavummiut move increasingly to study, work, and shop online and at home. With growing demand for QINIQ broadband and SSi Mobile services, all 25 communities in Nunavut - and elsewhere in Northern Canada - will benefit from SSi Canada’s multi-year agreement with SES Network
Cloud Contradiction: Despite Security Driving Cloud Adoption, Aptum Study Reveals It’s also the Main Barrier to Cloud Transformation18.1.2021 15:00:00 CET | Press release
While 91% of organizations were successful in increasing security as a result of adopting cloud services, it remains a top concern for many. This finding comes from part two of the four-part Cloud Impact Study from Aptum, the global hybrid multi-cloud managed service provider. The report, titled The Security and Compliance Barricade, identifies common security, compliance and governance challenges impacting organizations undergoing cloud transformation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005035/en/ Aptum Cloud Impact Study Pt 2.: The Security and Compliance Barricade (Graphic: Business Wire) The independent research reveals that more than half of survey respondents (51%) see security as the main driver behind cloud adoption. However, 38% cite security and data protection as the primary barrier to cloud transformation. Security and compliance play a critical role Part one of the Cloud Impact Study, Bridging
EG Group Selects PDI to Bring Contactless Payments to its North American Sites18.1.2021 13:00:00 CET | Press release
PDI (www.pdisoftware.com), a global provider of enterprise software solutions to convenience retailers and petroleum wholesalers, announced it has reached an agreement with EG Group to expand the use of PDI Payments to nearly 1,700 sites across North America. PDI added payments capabilities to its Marketing Cloud Solutions offering last year after acquiring ZipLine, the industry leader for ACH payment and provider of mobile payment technology. The PDI Payments platform currently powers EG Group’s SmartPay Rewards. The rewards program originated with Cumberland Farms—one of several U.S.-based convenience store brands EG Group acquired in recent years—and will soon be rolled out to EG Group’s remaining stores across North America. Customers can download the free app and enjoy a contactless payment experience, whether making purchases in the store or at the pump. PDI will provide the technology to support customer enrollment in SmartPay and deliver ongoing customer service for reward memb
Argo Blockchain PLC announces £22.4 Million Private Placement with Institutional Investors and Mining Capacity Expansion18.1.2021 09:46:00 CET | Press release
Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to announce that it has entered into a securities purchase agreement for a private placement of its ordinary shares ("Ordinary Shares") to certain institutional investors for gross proceeds of GBP £22.4 million (the "Private Placement"). Pursuant to the Private Placement, the Company will issue 28 million Ordinary Shares (the “Placement Shares”) at a purchase price of GBP £0.80 per Ordinary Share. The Private Placement is limited to those certain institutional investors that have already subscribed and this announcement should not be considered an offer or solicitation to purchase or subscribe for securities in the United States. H.C. Wainwright & Co. is acting as the exclusive placement agent for the Private Placement. The net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including the expansion of the Company’s mining capacity in Q1 and Q2 o
Reply Signs an Agreement with AWS to Develop Industry Solutions18.1.2021 09:30:00 CET | Press release
Reply, specialized on new communications channels and digital media, announces today it has signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop industry solutions for Financial Services, Manufacturing, Automotive, Retail, Energy, and Telco customers. Through this SCA, the Reply Group of companies dedicated to AWS – Comsysto Reply, Data Reply, Sense Reply, and Storm Reply – will work with organizations of virtually all sizes and allow them to innovate faster and deliver consistent improvements on their business processes using advanced and secure AWS technologies. Reply’s companies dedicated to AWS will offer solutions for highly regulated Financial Services customers, providing them with strategic advisory and security-related consultancy, practices, and frameworks to modernize legacy platforms and solutions designed to address fraud and financial-crime use cases. They will also provide Industrial and Manufacturing customers with the tools they ne
L&T Technology Services Rated as Global Pure-Play ER&D Services Leader by Zinnov18.1.2021 09:00:00 CET | Press release
L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, today announced that it has been rated as a ‘Leader’ in new technologies critical for products and services transformation and also placed in the Leadership Zone across major ER&D Services’ sectors in the Zinnov Zones 2020 ER&D Services study for the fourth consecutive year. LTTS continued to hold the top leadership position in the pure play ER&D Services category in the Zinnov Zones assessments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005070/en/ LTTS rated as a Global Leader in ER&D Services in Zinnov Zones 2020. (Graphic: Zinnov) In its latest industry rankings, Zinnov positioned L&T Technology Services as an “Expansive and Established” engineering partner with deep domain competencies in overall ER&D services. LTTS has been rated in the “Leadership Zone” across verticals such as Automotive, Aeros
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom