One of the many fraud risks coronavirus triggered is criminals leveraging stolen personal data to
Fraud losses from identity theft last year rose 72% over the prior year, according to a study by Javelin Strategy & Research.
To combat this rising threat, American Express-owned Accertify has rolled out its Accertify Digital Identity solution which delivers a score measuring risk around new and existing account takeovers, along with synthetic identity fraud.
The API-based service is designed for card issuers, merchants, utilities, dining and travel industry providers that offer consumer payment, loyalty and other accounts vulnerable to account takeover.
It’s part of a growing trend in which card networks are leveraging their troves of data to market digital-security services to various industries.
Visa last month unveiled its new brand-agnostic
Accertify’s product, in development for more than a year, rapidly assesses the likelihood that a new account is fraudulent using machine learning, advanced behavioral analytics and device intelligence. A key part of the solution comes from
“We leverage all this historical data we know about a particular customer on their digital journey, so we can spot abnormalities fast when we look at how accounts are being accessed, the device and email being used, and the way the device is being used," said Jeff Wixted, vice president of marketing and client solutions at Accertify.
Accertify Digital Identity generates a score that begins at 0 and rises to 100 for the highest-risk new accounts, covering a wide range of account types from banks to loyalty programs.
Itasca, Ill.-based Accertify, which Amex purchased nearly 10 years ago, brought InAuth under its roof about a year ago to combine with an existing service to manage merchant chargebacks.
