Early Warning Services, LLC, announces Verify Identity, a synthetic identity fraud detection solution “for qualifying financial services organizations (FSOs), mobile network providers, corporations and government entities.”
This new technology service combines predictive scoring with rules-based solutions “to determine the likelihood that a prospective customer is legitimate while complying with industry regulations.”
Robin Love, vice president of product management at Early Warning, stated:
“Early Warning is fighting back against synthetic identity fraud with the introduction of Verify Identity. Verify Identity includes our predictive ID Confidence Score with an additional synthetic indicator, making this solution uniquely different from others in the marketplace. Verify Identity will challenge the growing issue of data breaches and identity fraud by introducing this unparalleled synthetic identity detection feature.”
Industry advisory firm, Aite-Novarica estimates that synthetic identity fraud losses for unsecured U.S. credit products will “grow to $2.42 billion in 2023, a 48 percent increase from 2019.”
By leveraging Early Warning’s National Shared DatabaseSM Resource through Verify Identity, qualifying FSOs, mobile network providers, corporations and government entities “can address this pervasive issue with one product application programming interface (API).”
Verify Identity detects synthetic identities and “helps prevent them from entering the customer’s system by first assessing the applicant’s likelihood of presenting their true identity credentials.”
In addition, government entities can “confirm whether an applicant’s name, social security number and date of birth match a legitimate Social Security Administration (SSA) record.”
Working in real-time, Verify Identity “provides this information to key industry segment customers – FSOs, mobile network providers, corporations and government entities – to protect against identity fraud while they move legitimate applicants through a low-friction experience.”
The product benefits include “an improved customer experience, increased identity confidence, added protection against synthetic identity fraud, and reduction in identity fraud losses..”
As covered, Early Warning Services, LLC is a fintech company “owned by seven of the country’s largest banks.”
For more than three decades, their identity and payment solutions have “been empowering financial institutions to make confident decisions, enable payments and mitigate fraud.”
Today, Early Warning “is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences.”
The combination of Early Warning’s risk and payment solutions “enables the financial services industry to move money fast, safe, and easy, so that people can live their best financial lives.”