Accertify Launches Digital Identity Solution to Battle Increasing Account Opening and Account Takeover Fraud
16 July 2020 - 11:00PM
Business Wire
Machine learning capabilities deliver more
sophisticated fraud protection in an uncertain environment
Accertify, Inc., a wholly-owned subsidiary of American Express,
today announced the launch of a new solution designed to help
organizations address the significant rise in fraudulent online
account openings and account takeovers. Accertify Digital Identity
is a sophisticated API-based solution that empowers organizations
to trust and verify who is on the other side of a digital
interaction.
Fraudulent account openings, using stolen or fake names and
information to open an account, and account takeovers, defined as
unauthorized access to accounts, are two types of identity theft
that are concerningly on the rise. This fraudulent activity is
targeting accounts, including financial, retail, utility, dining,
loyalty and rewards. Of the fraud losses from identity theft in
2019, account takeovers trended at the highest loss rate, up 72%
from the prior year.1 Moreover, with the severe decline in travel
due to Covid-19, consumers may not be checking their loyalty
points, rewards and mile accounts as often, making them a more
attractive target for account takeover attacks.
“The current rise in digital identity fraud is an important
wakeup call that the stakes are high and fraudsters are no longer
purely focused on monetizing stolen payment details,” said Mark
Michelon, President, Accertify. “By pairing Accertify Digital
Identity with our fraud and chargeback management products, we have
the first end-to-end protection that helps organizations defend the
entire customer digital journey – from account opening, to login,
account activity, purchases and chargebacks.”
Accertify Digital Identity analyzes billions of data points
using machine learning, advanced behavioral analytics and device
intelligence technology to calculate a trust score and associated
reason codes for account activity in near real-time to help prevent
fraud loss. This solution leverages the power of the Accertify
network to identify trusted attributes so organizations can
confidently confirm new accounts, while also mitigating or flagging
potential risks. It also provides ongoing monitoring of customer
accounts to identify unusual activity, such as successive account
updates and automated bot attacks.
Accertify’s 12 years of fighting fraud have helped to build rich
historical data sets and real-time insights on spend patterns and
user behaviors. These insights help organizations predict future
fraud trends, enabling them to more effectively and efficiently
protect their customers and their business.
For more information about Accertify Digital Identity, visit
Accertify.com/ADI
Follow Accertify updates and news on LinkedIn.
About Accertify
Accertify, Inc., a wholly owned subsidiary of American Express,
is a leading provider of fraud prevention, digital identity, device
intelligence, chargeback management, and payment gateway solutions
to customers spanning diverse industries worldwide. Accertify’s
suite of products and services help companies grow their business
by driving down the total cost of fraud, simplifying business
processes, and ultimately increasing revenue. For more information,
please visit www.accertify.com.
1 Javelin Strategy and Research, 2020 Identity Fraud Study:
Genesis of the Identity Crisis, April 2020.
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Taylor Grip Office: 212-238-5343 Taylor.e.grip@aexp.com
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