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The US Department of Justice estimates that 17.6 million Americans were victims of identity theft in 2014. To manage their risks, banks and credit card companies verify individuals' identity by confirming details such as date of birth, social security number, and address. However, the sophistication of today's identity thieves requires financial services firms to take advantage of additional indicators, including behavioral patterns.
"We have access to three credit bureau credit files, all the utility directories, yellow pages, white pages, mobile directories, postal databases, and our own high-risk fraudster database. There's so much changing with security, regulation, and compliance you need more than a shrink-wrapped data engine," said Adam Elliott, co-founder and president of identity and fraud prevention solution provider ID Insight, in an interview.
The additional context helps banks and retailers identify and prevent fraud faster, so they can efficiently approve, reject, and review credit applications. While ID Insight has many of the hallmarks of an Insights-as-a-Service solution, it prefers to refer to its offering as "Decision-as-a-Service."
(Image: geralt via Pixabay)
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