Toolkit Module 9: Fraud Mitigation Service Providers

ACI Worldwide

Products/Services: ACI^® Fraud Management for Banking^™
Description: ACI Fraud Management for Banking can be deployed with speed for a multitude of use cases, including synthetic identity fraud. Customers can analyze consumer behavior and locations for suspicious changes before a transaction has happened to block illegitimate real-time transactions. This includes person-to-person transactions, such as untimely large real-time payments made into a dormant account, business transactions and bill pay cases. This is done through functionalities including enhanced behavioral profiles, positive and negative lists and creation of a mix of machine learning scores and rules. ACI enables financial institutions to combine knowledge-based authentication with behavior-based authentication.
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DataSeers

Products/Services: IdentitySeer
Description: IdentitySeer is a Know Your Customer (KYC)/Know Your Business (KYB) engine that focuses on clients of financial institutions. IdentitySeer verifies and validates identities and scores the risk associated with onboarding new customers. By defending against synthetic identity fraud and other types of fraud, it can dramatically reduce risk in onboarding new customers. Data for assessing risk and confirming identities comes from a wide variety of domestic and international sources, including governments, public records and proprietary information.
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Early Warning

Products/Services: Verify Identity
Description: Verify Identity leverages data from thousands of financial institutions to provide a more reliable and timely assessment of an applicant’s identity credentials. The service combines predictive scoring with rules-based solutions to determine the likelihood that an applicant truly is who they claim to be. When customers incorporate Verify Identity insights into their digital application process, they can make more confident consumer assessments while complying with banking regulations (e.g., the Customer Identification Program or CIP rule).
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Equifax

Products/Services: FraudIQ^® Synthetic ID Alerts
Description: FraudIQ Synthetic ID Alerts can help protect a customer’s business from losses associated with synthetic identity fraud while minimizing false positives. Synthetic ID Alerts, delivered in batch or real time, use patent-pending machine-learning algorithms to detect synthetic identity behaviors and patterns at various entry points. The alerts can be used during account origination to sort applications that trigger an alert into a manual review process. For example, financial institutions can use them for credit card, demand deposit, personal loan and auto loan account opening.
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Experian

Products/Services: Sure Profile^TM Synthetic ID Suite
Description: Synthetic identity fraud is the fastest-growing financial crime and preventing it requires an innovative approach ranging beyond traditional credit data. Experian’s groundbreaking synthetic fraud detection is built on a composite definition for isolating synthetic identities, which allows Experian to detect and predict them throughout the consumer lifecycle. Experian’s Sure Profile Synthetic ID Suite provides a composite history of a consumer’s identification, public record and credit information and determines the risk of synthetic fraud associated with consumers. Experience the future of underwriting with greater confidence in application approvals and minimized risk.
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FiVerity

Products/Services: Fraud Analytics Platform
Description: FiVerity’s Fraud Analytics Platform is a cloud-based fraud detection platform that applies machine learning augmented by a customer’s human expertise. Going beyond a “blind” vendor score, the platform connects to loan origination and account opening systems, delivering early warning of accounts known to be fraudulent among participating financial institutions through secure encryption that surfaces the identities without disclosing any private consumer data. The Fraud Analytics Platform has proven to identify more than 75% of previously undetected fraud. By continuously learning from fraud analysts and investigators, the platform improves the detection of synthetic identity fraud over time. The platform’s APIs make it fast and easy to integrate historical and other account origination data.
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Fraud.net

Products/Services: Application AI, AppStore
Description: Fraud.net’s platform of artificial intelligence-powered products is a one-stop shop to mitigate synthetic identity fraud through comprehensive identity verification and behavioral analyses. The Application AI product, along with complementary tools, improves account authentication without increasing customer friction by analyzing vital identity factors during account creation. This tool also cross-verifies critical identity data and flags high-risk behavior. In addition, with Fraud.net’s AppStore, multiple APIs provided by third-party vendors are housed within a single platform, providing a one-click tool to easily mitigate synthetic identity fraud without toggling between disparate siloed applications. This platform is powered by Fraud.net’s Collective Intelligence Network, a privacy standard-compliant anonymized data consortium to arm AI and machine learning tools with as much information as possible.
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FRPA

Products/Services: Fraud-Viewer
Description: The Financial and Retailers Protection Association (FRPA) is a nonprofit that provides online and in-person awareness training and training alerts, including on synthetic identity fraud. FRPA’s online fraud reporting system tracks financial crimes and alerts its subscribers about synthetic identity fraud and other criminal activity to identify and help prevent further losses. Subscribers include financial institutions and local, state and federal law enforcement agencies. FRPA’s other services include guidance and training on investigations and education about current fraud and trends. FRPA covers upper Michigan, Wisconsin, Minnesota, North and South Dakota, Montana, Iowa and Nebraska. FRPA also works with other associations on common issues and support for legislation direction.
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ID.me

Products/Services: Identity Gateway
Description: ID.me is a provider of online identity verification and portable digital credentials to over 95 million users. Identity Gateway is proven effective at stopping fraud while increasing equitable access to the digital economy. To address synthetic identity fraud, ID.me’s Identity Gateway incorporates industry-leading controls; machine and deep learning models; authoritative data sources; variables sourced from hardware devices, telecommunications providers and financial records; and biometrics. ID.me’s platform is authorized against the NIST 800-53 standards and achieved a FedRAMP Moderate Authorization to Operate (ATO) published on the General Services Administration (GSA) Marketplace. Independently assessed to adhere to the digital identity guidelines contained in NIST SP 800-63-3, ID.me is the longest-standing holder of the Kantara Initiative Trustmark for Identity Assurance Level 2/Authenticator Assurance Level 2. ID.me is the only credential service provider to offer self-serve, video chat and in-person identity verification.
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iProov

Products/Services: Genuine Presence Assurance^®
Description: Genuine Presence Assurance (GPA) delivers cloud-based, secure and passive biometric face authentication with industry-first anti-spoofing technology. Active threat mitigation via iProov’s Security and Operations Centre provides resilience against sophisticated emerging attacks. GPA uses controlled illumination to confirm the right person (the user matches the image from a trusted photo ID document or previously enrolled biometric) and a real person (reflection of light from the skin confirms it is a genuine human biometric, not a spoof, that is authenticating right now). The illuminated color sequence creates a one-time biometric which cannot be reused or recreated, validating the authentication is taking place in real time.
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Kount

Products/Services: Kount Command, Kount Control
Description: Powered by the largest fraud and trust data network with billions of interactions annually, advanced AI and two types of machine learning, Kount’s synthetic identity fraud prevention solutions analyze data from every interaction to help businesses block and prevent fraud. Businesses across industries choose Kount’s solutions to protect real digital identities, increase trust among existing customers, reduce fraud losses from false digital identities, protect internal resources and improve business operations, improve the number of completed customer transactions and detect high-risk account creations.
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LexisNexis Risk Solutions

Products/Services: TrueID^®, Fraud Intelligence, ThreatMetrix^®, Emailage^®
Description: LexisNexis Risk Solutions detect synthetic identity fraud for identity proofing at account opening and analyze existing customer risk through portfolio analysis and review of digital identity risk across the customer lifecycle. TrueID provides automated document capture and authentication and confirms the authenticity of the identity through a series of forensic security checks. LexisNexis Risk Solutions also provide fraud analytic and digital identity solutions at account opening to detect synthetic identity fraud using industry consortia and alternative data. The Fraud Intelligence Synthetic Score provides a comprehensive view of identity with a cross-industry consortium of near real-time consumer application activity of over 2 billion applications, including known fraud events. ThreatMetrix combines digital identity insights built from billions of transactions, leverages machine learning and custom analytic models to identify fraud risks and good consumer activity. ThreatMetrix transactions are fed into the LexisNexis^® Digital Identity Network™, comprised of more than 78 billion transactions, 9 billion devices, 3 billion digital identities and digital attributes from over 200 countries and territories. Emailage helps businesses validate and assess the risks associated with consumer email addresses.
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NICE Actimize

Products/Services: IFM-X New Account Fraud
Description: The IFM-X New Account Fraud solution connects an organization’s current identity verification data and tools using advanced analytics to create an identity risk score. By using application data and monitoring all payments channels, the solution’s early monitoring functionality detects complex fraud emanating from stolen and synthetic identities, as well as mule activity, with high accuracy. IFM-X New Account Fraud provides identity proofing and early account monitoring that uses “zero trust” dynamic risk-based profiling supported by advanced AI. It offers a seamless transition into the ongoing monitoring phase that includes all the intelligence acquired during both the application stage and early monitoring period.
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Onfido

Products/Services: Onfido Real Identity Platform
Description: Onfido Real Identity Platform is an end-to-end flexible identity framework designed to secure trust between businesses and their customer at onboarding and throughout the customer lifecycle. The Real Identity Platform powered by Atlas AI technology brings together award-winning document and biometric solutions, a carefully curated library of identity verification services and signals, and innovative anti-fraud measures. The Real Identity Platform enables businesses to confidently verify identities globally at minimum friction to the users, detect synthetic identities, prevent sophisticated fraud attacks and address compliance needs at scale.
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Resistant AI

Products/Services: Document Forensics, Transaction Forensics
Description: Resistant AI layers on top of existing systems and processes to protect the onboarding and transaction monitoring systems of financial services from manipulation and attack. It subjects every customer interaction to forensic analysis to detect synthetic identities and more. Two scalable modules – Document Forensics and Transaction Forensics – can be deployed jointly (Identity Forensics) or separately. Document Forensics analyzes any digital document to detect signs of forgery; compares all submissions to find forgery patterns and uncover document reuse, template farms and mass fraud attempts; then analyzes session data from the onboarding process (device fingerprints, etc.) and personal identifiable information to highlight behavioral anomalies and identity overlaps to stop serial onboarding attempts. Transaction Forensics is a practical application of AI that simplifies the rules used to detect financial crime to surface fewer but higher-quality alerts for review.
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SentiLink

Products/Services: Synthetic Fraud Scores, eCBSV
Description: Synthetic Fraud Scores target falsified and manipulated identities used to apply for consumer and business financial accounts. An identity is tagged as synthetic when the name, date of birth and Social Security number do not correspond to any real person. Scores are based on a machine-learning (gradient-boosted trees) model to generate predictions about synthetic identities. It is trained to target all types of synthetic fraud based on hundreds of thousands of synthetic fraud labels assigned by SentiLink’s internal Risk Operations team. SentiLink also provides access to the SSA’s eCBSV, which validates name/DOB/SSN combinations and is very effective at detecting synthetic identities, and as a treatment strategy. SentiLink was the first company to use the new service.
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Socure

Products/Services: Sigma Synthetic Fraud
Description: Sigma Synthetic Fraud is a purpose-built synthetic identity fraud detection solution that delivers holistic protection through multi-layered controls to block harmful synthetic identities at account creation and in existing portfolios. Socure’s multi-layered approach employs both advanced machine learning (ML) and human-in-the-loop label analysis to mitigate complex synthetic patterns. Expert fraud investigations provide clean, corrected labels for unlabeled or mislabeled raw data. The labeled data becomes training data to improve model performance. Thus, the model is trained to think like a fraudster and applies machine-human intelligence to continuously become smarter at detecting rapidly evolving synthetic threats.
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TransUnion

Products/Services: TruValidate Synthetic Fraud Model
Description: TransUnion is uniquely positioned to provide best-in-class models for fraud risk decisioning and offers a state-of-the-art manual review tool to help confirm or clear identity resolution. TruValidate solutions verify and resolve consumer identities with high match rates and minimal step-up challenges to understand risk implications. The TruValidate Synthetic Fraud Model assesses comprehensive identity risk, such as stolen or synthetic identities, across phone and digital channels, and can be used to verify individually or as part of a larger identity verification solution.
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Trust Stamp

Products/Services: Biometric Authentication
Description: Trust Stamp provides identity authentication and synthetic identity detection to several Fortune 500 financial institutions/core banking providers. This solution includes privacy-enhanced biometric authentication using an Irreversibly Transformed Identity Token^TM (IT2). This solution includes document authentication and comparison of document image with live capture and tokenization of applicant biometrics. This process identifies synthetic identities through several processes that include matching against other established account identities and barcode analytics.
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Federal Reserve Financial Services (FRFS) is merely the host for the information and providers listed above and takes no responsibility for the content or accuracy of any information presented. FRFS has not evaluated or judged the submissions other than to establish that they meet the Rules for Participation. FRFS does not support or endorse any providers, and the inclusion or exclusion of a provider should in no way imply any recommendation or endorsement by FRFS. None of the providers supplying information in this list have any special or exclusive relationship with FRFS, and no relationship should be implied.

The Federal Reserve expects to periodically update this list with additional service provider submissions that meet the criteria for inclusion. For more information, see the Service Providers Call for Participation and Rules for Participation.