Precise ID® enables financial businesses to pursue growth confidently by providing robust, real- time identity verification as well as the ability to accurately identify a wide range of fraud risks including identity theft, synthetic identity and first party fraud, along with tools that facilitate confirmation when risks are detected. The Precise ID platform provides users with flexibility to choose the best combination of fraud analytics, define identity verification policies and create step-up verification workflows that meet their specific business needs.
Implement the right strategy to keep your focus where it belongs to accurately identify true customers so you can build and grow customer relationships.
Precise ID provides analytics, strategy development, and verification workflows to mitigate fraud loss.
Precise ID® Model Suite includes individual machine-learned fraud risk models based on specific needs, data requirements and fraud risks that detect first party, third-party and synthetic ID fraud.
Compare applicant identities to our robust and trusted consumer data assets, creating and consolidating results into an overall pass/fail outcome based on criteria defined by the user.
Solutions include a one-time passcode for mobile verification, knowledge-based authentication for call center and other use cases, verification based on financial account ownership, and document verification through mobile image uploads.
Identity Element Network® delivers powerful insights to customers as a set of modeling attributes that help uncover patterns of abuse associated with both inconsistent and repeated use of different data combinations. Learn more.
Precise ID uses a proprietary search and match algorithm to compare consumer input data with our current and historical data related to the individual. Fraud risk characteristics based on consistency, velocity and frequency of identity use are captured and used to drive fraud risk scoring. Once these data-related processes and score calculations are complete, the business user’s criteria are applied to determine if the record meets their requirements or if our step-up verification is necessary. A final pass/fail decision is rendered, and the scores, attributes and other details of the transaction are returned to the business user. All this happens in real-time.
By implementing an identity and fraud risk platform that layers identity verification, step-up authentication, and device intelligence capabilities, this credit card issuer was able to auto-approve more good customers, while alleviating strain on call centers.