Our industry-leading identity verification solution allows FIs to expand their customer base with confidence while also mitigating risk and fraud.
The term “Digital Identity” has been popularized to link a consumer to his or her transactions online.
With digital account opening becoming the norm, financial institutions face pressure to detect fraud at the point of onboarding.
Early Warning has earned the top spot as a Digital Identity Provider in PYMNTS.com July 2016 edition of its Digital Identity TrackerTM"
The pandemic-driven rise in application fraud is leading to costly fraud losses. Effective risk mitigation relies on better identity verification.
This type of identity fraud is something financial institutions (FIs) are keenly aware of but, until lately, it has been difficult to detect and help prevent.
In an increasingly faceless environment, validating a consumer’s personally identifiable information, their devices and related risk is vital to ensure the optimal customer experience as well as safety and soundness in the financial system.
Opportunities for new account fraud are further exacerbated by the growing number of digital-native millennials, or consumers that prefer to conduct commerce in the online and mobile channels.
In February 2016, the Consumer Financial Protection Bureau (CFPB) issued letters to 25 banks and credit unions to encourage the offering and marketing of lower-risk deposit account products (checking accounts or prepaid accounts) to improve consumer access to the banking system on a broader scale.
By 2020, application fraud losses related to demand deposit accounts are projected to exceed US$636 million, a costly problem indeed.
As the digital economy grows and evolves, it has become increasingly difficult to protect sensitive information, while also meeting customers’ expectations for fast, easy online experiences.