Identity Security Services for Financial Fraud Management
Identity Security Services for Financial Fraud Management is a set of enterprise (B2B) second factor authentication solutions for issuing banks, payment card associations, online merchants, merchant banks, online marketplace solution providers and financial institutions in general for ensuring financial transactions are secured. ISS Financial Fraud Management services authenticate credit and debit card transactions, both “card present” and online e-commerce transactions, as well as online banking activities and pre- and post-book account applications.
For example, upon receiving a request from a financial institution to authenticate a credit or debit card transaction or an account queued for customer contact, the ISS precision analytics engine generates an identity risk score (MIP Score) based, in part, on the location of the cardholder’s mobile phone relative to the location of the financial transaction. In the absence of any other risk indicators, ISS will generate a low MIP Score if the end user’s mobile phone location is proximate to where the transaction is occurring. If the mobile phone location or financial transaction location is either not available or of insufficient quality, other location-based and non-location-based variables in the analytics model may be used to authenticate a transaction.
Customer Authentication
Customer Authentication authenticates accounts queued for customer contact, thus avoiding the expensive, complex and intrusive customer contact process. Use of Customer Authentication by financial institutions can enhance the cardholder experience, reduce operational costs though reduced outbound and inbound call volumes, decrease fraud losses and increase revenue from interchange fees due to a lower decline rate on legitimate transactions. Customer Authentication is an easy to deploy subset of our Transaction Authentication solution, thus serving as an introductory product.
Transaction Authentication
Transaction Authentication authenticates credit and debit card transactions, resulting in enhanced fraud detection, but just as importantly, reduced declines of legitimate transactions (false positives). Use of Transaction Authentication by financial institutions can enhance the cardholder experience, reduce operational costs, decrease fraud losses and increase revenue from interchange fees.
Online Banking Authentication
Online Banking Authentication authenticates online banking events including log in, transactions, and profile/account changes. Use of Online Banking Authentication by financial institutions can create a richer customer experience, reduce operational efficiency through reduced fraud queue volumes and increase customer loyalty.
e-Commerce Authentication
e-Commerce Authentication allows online merchants to authenticate users at the point of sale, independent of the cardholder’s issuing bank. Using e-Commerce Authentication, online merchants can increase customer confidence in their site, decrease fraud losses and lower their operational costs due to fewer cardholder disputes and chargeback processing.
Application Authentication
Application Authentication authenticates applicants who submit applications for new accounts online. Authentication can occur at the point of application approval or during post-book account analysis. Use of Application Authentication by financial institutions and online marketplace solution providers can reduce fraud losses through earlier fraud detection, increase revenue through higher automated approval rate, increase operational efficiency and enhance the corporate brand.