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
Pacific Drilling Commences Voluntary Chapter 11 Proceedings; Restructuring Support Agreement to Eliminate All $1.1 Billion of Bond Debt; World-wide Operations Expected to Continue as Usual31.10.2020 00:52:00 CET | Press release
Pacific Drilling S.A. (NYSE: PACD) announced today that it and certain of its domestic and international subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas and have entered into a restructuring support agreement with an ad hoc group of the largest holders of its outstanding bond debt. This consensual financial restructuring transaction will eliminate the Company’s approximately $1.1 billion in principal amount of outstanding bond debt through the cancellation and exchange of debt for new equity in the reorganized Company. The Company also announced today that it has repaid its $50 million first lien superpriority revolving credit agreement with Angelo, Gordon Energy Servicer, LLC, as administrative agent and the lenders party thereto. With approximately $120 million of cash and cash equivalents as of October 30, 2020, and seven of the most advanced high-spe
Homestead Capital Closes Fund III at Target, Surpasses $1 Billion in Cumulative AUM31.10.2020 00:07:00 CET | Press release
Homestead Capital USA LLC (“Homestead”), a private equity firm investing in farmland in the United States, has held a final close of its third fund, Homestead Capital USA Farmland Fund III, L.P. (“Fund III”), with $596 million in capital commitments. With these additional commitments, the firm has surpassed $1 Billion in AUM across its three funds. “We are grateful for the support and opportunity to invest on behalf of our broad range of returning and new investors,” said Dan Little, Co-Founder and Co-CEO of Homestead. “We are humbled by our limited partners’ confidence in us as investors. Fund III represents an endorsement of our ability to drive positive investment outcomes and act as long-term stewards of our limited partners’ capital.” “The United States farmland market continues to undergo a transition that presents many attractive investment opportunities,” said Gabe Santos, also a Co-Founder and Co-CEO of Homestead. “Our strategy is uniquely suited to create value by utilizing o
Bennett Goodman and Avi Kalichstein Launch Hunter Point Capital to Invest in Alternative Investment Managers30.10.2020 19:03:00 CET | Press release
Bennett Goodman and Avi Kalichstein today announced the formation of Hunter Point Capital LP (“HPC”), an independent investment firm seeking minority stakes in middle-market alternative asset managers. As part of the launch, HPC has formed a strategic partnership with a group of leading global investment entities associated with Jacob Rothschild. "I am thrilled to initiate this next phase of my career with such an exceptional team. Our HPC partnership seeks to leverage our collective expertise as investors and business builders to cultivate the next generation of outstanding investment franchises,” said Goodman. “Our goal is to help general partners achieve their long-term business objectives faster and with more certainty.” “At our core, Hunter Point Capital is focused on investment excellence. We seek managers with proven track records, who will benefit from a strategic, impact-oriented partner,” said Kalichstein. “There is an expanding universe of high-performing investment manageme
Code:n@xt: PROCAD to Lift the Veil on a New PLM Generation30.10.2020 17:31:00 CET | Press release
On November 11, 2020, PRO.FILE next, the next product generation by PROCAD will be officially launched. At 11:00 AM EST, 10:00 AM CET, the groundbreaking, cloud-enabled platform for the digital transformation of business processes will be presented to the public for the first time at Code:n@xt, a must-attend event for anyone interested in digital transformation, information and product lifecycle management. PROCAD's managing directors, strategists, business developers, and developers will come together for Code:n@xt to present PRO.FILE next – whose code will change the world of PLM software. The online event will feature breakout sessions and a live demo of the new system, take a look at today's market demands and digital transformation trends, and give attendees the opportunity to chat with the company's experts. Where does digital transformation start? Where does a PLM platform as a Product Data Backbone fit into it? How do you build an information twin as a digital replica of a piec
INX Applies for Listing on the Canadian Securities Exchange (CSE)30.10.2020 14:00:00 CET | Press release
INX Limited (“INX”) today announced its application for listing of its digital security, the INX Token, on the Canadian Securities Exchange (“CSE”). The listing application is subject to the approval of the CSE. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201030005313/en/ Shy Datika, Co-Founder and President at INX (Photo: Business Wire) INX recently launched the first SEC-registered digital security IPO for both retail and institutional investors. INX intends to use the net proceeds from the IPO for a launch of a regulated trading platform for digital assets and provide novel trading and capital raising financial instruments to enterprises in collaboration with traditional exchanges worldwide. The CSE is a proponent of exchange-listed digital securities and continues to work towards additional services in connection with the post-trade processes for these securities. Richard Carleton, CEO of the CSE has stated that “The
Veracyte Announces New Data Published in Journal of Clinical Oncology Suggest the Prosigna Breast Cancer Test’s Genomic Underpinning Drives Prognostic Performance30.10.2020 13:15:00 CET | Press release
Veracyte, Inc., (Nasdaq: VCYT) announced today that findings from the first study evaluating the molecular drivers underlying multiple prognostic genomic breast cancer tests were published in the Journal of Clinical Oncology (JCO). Results suggest that the genomic underpinnings of Veracyte’s Prosigna® Breast Cancer Gene Signature Assay, particularly the test’s relative weighting of genes predicting tumor proliferation, may explain the classifier’s previously demonstrated, higher likelihood of predicting long-term risk of recurrence among certain breast cancer patients, compared to other breast cancer tests. The study compared the commercial forms of four breast cancer recurrence-risk tests: the PAM50-based Prosigna Risk of Recurrence (ROR), the Oncotype DX Risk Score (RS), EndoPredict (EP) and Breast Cancer Index (BCI). It expands upon a previous evaluation of these same tests using an identical dataset, which compared their ability to accurately predict 10-year distant disease recurre
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