Visa reveals digital tool to prevent new account fraud

Tuesday 23 June 2020 12:41 CET | News

Visa has announced a digital tool to help US financial institutions with their efforts to combat new account fraud – estimated at USD 10 billion a year.

Dubbed Advanced Identity Score, the solution combines Visa’s AI and predictive ML 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. US cardholders spend an average of 15 hours to resolve new account fraud, however Advanced Identity Score can decrease the number of new accounts opened with stolen identities, protect consumers against synthetic ID or account takeover fraud, save time, and help eliminate a poor customer experience.

Visa’s solution offers financial institutions a tool to use on top of existing systems and processes to prevent identity related fraud. Via Advanced Identity Score, 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. 

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Keywords: Visa, Advanced Identity Score, financial institutions, fraud prevention, New Account Fraud, AI, ML, data, identity, loyalty, Account fraud, account takeover, risks, fraud loss
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime