Visa Introduces Advanced Identity Score to Help Financial Institutions Prevent New Account Fraud
Brand agnostic solution utilizes artificial intelligence to identify risk so credit and loan applications can advance with confidence
Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation. With
“Visa’s mission to connect the world and enable individuals, businesses, and economies to thrive is more important than ever with Covid-19 affecting communities and all parts of the economy,” said
Unique, brand agnostic solution
Most financial institutions employ a layered fraud prevention strategy using multiple tools to combat identity related fraud, but many legacy fraud prevention systems are rules-based with gaps and limitations that may create customer friction or false positives.
Advanced Identity Score helps financial institutions make more informed identity related risk decisions by generating a two-digit Fair Credit Reporting Act (FCRA)-compliant identity fraud score in near real-time designed to help prevent fraud loss at the point of credit or loan application. It is the only fraud solution harnessing virtually all
Visa’s artificial intelligence examines data points in areas including application velocity (the frequency of applications within a period of time), fraud and suspicious activity, bankruptcy data across consumer identity elements, while incorporating data from government agencies, 3rd party data providers, law enforcement agencies, and self-reported data from consumers. This combination empowers financial institutions with a tool for risk management that can adapt as criminal behavior changes.
“With more than 14.7 billion data records breached since 2013, many of which include sensitive data such as name, tax ID number, and address, new account fraud has been a consistently growing challenge for financial institutions,” said
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i Combined estimated losses of new account fraud and synthetic ID fraud, Javelin Strategy and Research, 2020 Identity Fraud Study: Genesis of the Identity Crisis,
iiJavelin Strategy and Research, 2020 Identity Fraud Study: Genesis of the Identity Crisis,