Artificial Intelligence Fintech News

Axcess Financial Slashes Identity Fraud 80% With SAS Identity: Enrichment and Assessment

New Study by SaS Shares Highlights On Fraud Surges in Digital Payments During Covid-19

As enterprising criminals propagate fraud schemes against the backdrop of the burgeoning coronavirus pandemic, digital identity authentication has perhaps never been more critical. Is that virtual credit applicant who they claim to be? Is the person trying to access that online account the real customer? Businesses have mere seconds for due diligence – and now they have the power of SAS Identity: Enrichment and Assessment to differentiate stolen and synthetic identities from legitimate customers, in real time.

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The first in SAS’ identity analytics solutions line, SAS Identity: Enrichment and Assessment is a cloud-based software-as-a-service (SaaS) offering, making it easy to deploy and scale. It delivers the strength of consortium authentication, vetting each digital encounter against diverse authentication data from a variety of leading digital, biometric, public and behavior data providers. Data is centralized and fed into robust SAS analytics and machine learning algorithms, layering methods to detect fraud more quickly and accurately.

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Stopping fraud at the virtual front door
Today’s crooks have ready access to the data they need to misuse real identities – or even concoct convincing fake ones. In parallel, consumers’ rapidly expanding digital footprints provide crucial data that unlocks the key to true digital identity.

“Regardless of what the fraud score says, you really need to know who you’re doing business with. The first step for us was, how do we do that? How do we stop the bad actors at the front door with minimal intrusion to our good customers?” said Richard Cooney, Director of Fraud Strategy at Axcess Financial, which provides a range of financial products through its family of brands, including Check ‘n Go and Allied Cash Advance.

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