New Version of ID Analytics’ Fraud Score Uses Convolutional Neural Networks to Improve Fraud Detection and Offers Rescoring Feature to Provide Alerts for Increased Risk on Approved Applications
LAS VEGAS, Money20/20, Booth #1215—October 23, 2017—Today at Money20/20, ID Analytics LLC, a leader in consumer risk management, launched ID Score® 9.5, the latest version of the company’s advanced fraud score for new account applications. ID Score 9.5 leverages convolutional neural network technology to better identify fraud trends, and offers updated modeling to better align with fraud tendencies and the proliferation of compromised identities. Additionally, ID Score 9.5 includes an innovative Rescoring feature that notifies companies if there are significant changes in fraud risk 24 hours after they approve an application.
“Businesses today are seeing a greater volume of fraud attacks than ever before, and with valid personal information readily available from data breaches, fraud attacks are becoming more sophisticated and widespread,” said Ken Meiser, vice president identity solutions for ID Analytics. “ID Score 9.5 is an advanced fraud score based on a fraud model built for today’s risks. The combination of convolutional neural networking with the ID Network®, which contains details on more than 4.2 million client-reported attempts at identity fraud, enables us to increase fraud detection rates significantly and quickly isolate a small percentage of high risk applications for remediation.”
ID Score 9.5 includes two significant new features, increased fraud detection and Rescore, and is designed to help enterprises meet their compliance and regulatory review needs.
- Increased Fraud Detection – ID Score 9.5 can help reduce operational costs by remediating fewer accounts while stopping more fraud and improving the customer experience by reducing friction. By updating the core algorithms for identifying fraud, leveraging machine learning technology and new rules that account for changes in fraud attacks since the wide deployment of EMV cards, ID Score 9.5 delivers a best-in-class assessment for application fraud risk. Beta users reported an increase of up to 20 percent in fraud detection.
- Supplementary Screens – In addition to the core ID Score service, customers can subscribe to a number of supplementary fraud screens to further reduce the potential for fraud risk.
- Rescore – An innovative solution to look for significant increases in fraud risk in the 24 hours after a new account application is submitted, providing protection to enterprises targeted at the beginning of fraud sprees when less information is available to indicate fraud risk. This can improve fraud detection by 10-15 percent.
- Signals – Provides companies with insight to support remediation efforts for fraud examiners. Such as whether it is likely first party or third party fraud, and which element of an application is most trustworthy for follow up verification purposes.
About ID Analytics LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and near real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a Symantec company. Visit www.idanalytics.com to learn more.
ID Analytics and ID Network are registered trademarks of ID Analytics LLC or its affiliates. All other trademarks and registered trademarks are the property of their respective holders.