The Paypers

Fraudulent account openings, using stolen or fake names and information to open an account, and account takeovers, defined as unauthorised access to accounts, are two types of identity theft that are concerningly on the rise. This fraudulent activity is targeting accounts, including financial, retail, utility, dining, loyalty, and rewards. Of the fraud losses from identity theft in 2019, ATO trended at the highest loss rate, up 72% from the prior year. With the severe decline in travel due to COVID-19, consumers may not be checking their loyalty points, rewards, and mile accounts as often, making them a more attractive target for account takeover attacks.

Accertify Digital Identity is an API-based solution that empowers organisations to trust and verify who is on the other side of a digital interaction. The solution analyses billions of data points using ML, advanced behavioural analytics, and device intelligence technology to calculate a trust score and associated reason codes for account activity in near real-time to help prevent fraud loss. It leverages the power of the Accertify network to identify trusted attributes so organisations can confidently confirm new accounts, while also mitigating or flagging potential risks. In addition, it provides ongoing monitoring of customer accounts to identify unusual activity, such as successive account updates and automated bot attacks.

Accertify reveals digital identity solution to fight account opening and ATO fraud