ID Score® Account Takeover
ID Analytics ID Score® is trusted by leading organizations to protect against identity fraud. The same technology used in the industry-leading identity score to detect identity fraud is also highly accurate in assessing the risk of requests to change identity information on an account at any point in the customer lifecycle.
ID Analytics’ analysis estimates that financial institutions must process an account change for one of out of every 12 accounts annually. Excessive scrutiny of every requested change runs the risk of alienating customers and generates significant operational costs for enterprises. ID Score Account Takeover accurately assesses account takeover risk while maintaining positive customer relationships and minimizing costs.
Organizations need a cost-effective way to assess the risk of requested changes to identity information such as address, email address or phone number. Fraudulent changes to identity information can result in multi-million dollar losses by enabling fraudsters to receive reissued credit or debit cards, reset PINs, and conduct other non-monetary transactions that give them access to a legitimate customer’s account.
ID Score Account Takeover leverages the data within the ID Network® to compare the identity information before and after the requested changes in combination with the overall identity risk.
By delivering a complete view of identity risk at any point in the customer lifecycle where a change in identity information is requested, ID Score Account Takeover helps organizations determine which change requests would benefit the most from additional validation or interactive customer authentication.
- Increase Accuracy of Account Takeover Fraud Detection
Improve your ability to accurately pinpoint account take-over throughout the customer lifecycle by evaluating changes in address, email address or phone number. - Boost Operational Efficiencies
Focus investigative efforts on only the riskiest changes to improve utilization of resources and reduce costs associated with verification letters, telephone calls and other validation efforts. - Minimize Customer Friction
Eliminate the need for unnecessary contact with high-value, low-risk customers and ensure a positive customer experience. - Analyze and React in Real Time
ID Score Account Takeover is a hosted software solution, that is fast and easy to implement across all points of customer contact, including online, call centers, mail, and in-branch/store interactions.
With a manual approach to verifying account change requests, a fraud analyst looks at a variety of independent sources to gather information related to the change request and makes a judgmental, rather than objective, risk-based assessment that a particular change request is high-risk or low-risk. In contrast, ID Score Account Takeover examines identity usage patterns associated with the identity in real time. This process objectively determines if an identity, considered as a whole, is at risk of identity theft or if the requested account changes are indicative of account take-over.
ID Score Account Takeover accurately identifies high-, moderate- and low-risk account changes and rank-orders them in real-time or via a batch process. This enables organizations to apply the most appropriate resolution resulting in reduced fraud losses, operational expenses and customer friction.
ID Score Account Takeover does not rely on data matching or negative databases, the score accurately calculates risk assessments of account information changes even when receiving a new combination of identity elements for the very first time. This ensures that account changes are rank-ordered appropriately and keeps false positive rates low.
Email us to learn more about how ID Score Account Takeover focuses investigative efforts on uncovering account takeover fraud earlier in the process, reduces unnecessary operational expenses and prevents millions of dollars in account take-over losses annually.
