World leaders in fraud prevention strengthen authentication and improve compliance at account opening
Emailage, global leader in online fraud prevention and email risk assessment, has teamed up with Featurespace, the world leader in risk detection and fraud prevention, to protect global eCommerce and financial services organizations from the growing threat of online application fraud.
Application fraud grew by £29.4m (or 159 per cent) last year, according to UK Finance. Application fraud occurs when criminals use stolen or fake documents to open an account in someone else’s name. The main driver of this is a result of data harvesting through various phishing techniques. With this intrusive form of fraud on the rise, businesses need new fraud prevention methods which can analyze the digital identity of the applicant.
Through the partnership, the ARIC platform will integrate Emailage’s global consortium of data and risk assessment scores to detect and report application fraud in real time. In turn, this will improve the accuracy of customer authentication to identify and defend against fraudsters acting as legitimate customers at new account opening, while also facilitating compliance with new payment regulations.
Emailage’s email risk assessment technology leverages data inputs from a vast global network generating digital identities from a user’s email address. The business ensures best-in-class data science techniques are combined with state-of-the-art machine-learning technology to build a multi-dimensional profile of online purchasers and applicants to render a fraud risk score. This helps its clients build better informed fraud decision making processes. As a result, Emailage has helped organizations across the globe mitigate $2.8bn in fraudulent purchases and fake applications.
Digital identities established by Emailage are then fed through the ARIC platform, enhancing the machine learning models and rules used to automatically identify risk and catch new attacks as they happen.
Martina King, CEO of Featurespace, said: “This integration makes it easy for all of our customers to leverage the combined power of our innovative Adaptive Behavioral Analytics and Emailage’s proprietary data set to improve risk scoring and reduce exposure to sophisticated online threats at the point of application.”
Tim White, Chief Partnership Officer at Emailage, commented: “In order to keep up with the fast-changing payment landscape, we are always on the lookout to leverage our expertise and that of other providers. Emailage and Featurespace are two companies moving in the same direction, in terms of innovation and growth. Therefore, we felt this collaboration was a highly strategic opportunity. This is yet another step in our journey to provide our customers with full regulatory compliance and a best-in-class solution.”