Covering Disruptive Technology Powering Business in The Digital Age

The world is generating an unprecedented amount of data at an astonishing rate. With billions of people coming online, interacting, and creating a staggering 3.5 quintillion bytes of data each day, the question arises: are we overwhelmed with an excess of information?

While it may appear so, this surge of data actually presents a unique opportunity. For instance, data has emerged as a crucial weapon in the fight against fraudulent activities, providing invaluable insights, patterns, and indicators that can help detect, prevent, and respond to fraudulent incidents.

The crucial factor ultimately lies in how effectively data is utilised. Without the appropriate tools and strategies to navigate the vast and relentless influx of information in today’s world, organisations may find themselves akin to being adrift at sea without the essential floating devices. In this precarious scenario, the risk of drowning under the sheer weight of unutilised and unstructured data becomes a daunting reality.

Tackling Fraud Head-On by “Connecting the Dots”

Effective and accurate identity verification is vital in the fight against fraud—a huge problem that cost organisations in the Asia Pacific region and the US as much as USD $700 million in Q4 of 2022 alone—with the fraudsters mainly concentrated in Malaysia, Indonesia and Vietnam.

The primary objective of identity verification is to address two fundamental questions:

1. Is the person real?
2. Is the person whom they claim to be?

To effectively address these two pivotal questions, an identity verification platform must tackle a plethora of interconnected inquiries, including:

• Does this email belong to the customer?
• Is this physical address valid?
• Does the customer’s IP address originate from a high-risk location and correspond to their physical address?
• When was the email first seen in a digital interaction?
• How frequently has the email address been used in the past week?
• Is there any record of this email address being associated with the provided IP and phone number?
• And more, much more.

How will all these questions be answered?

By carefully analysing a vast array of data from diverse sources and locations, incorporating a multitude of digital elements that, when combined, can paint a comprehensive picture of an individual’s identity.

These encompass personal identifiers like name, phone number, IP address, physical address and email address. In addition to biometric data, such as fingerprints or facial scans, which provide an additional layer of verification, behavioural data plays a pivotal role in distinguishing fraudsters. For example, behavioural indicators, such as the speed of form input, presence of copy-paste actions, mouse movement, browser version, and more, offer valuable insights that aid in identifying suspicious activities and separating genuine users from potential fraudsters.

On top of that, incorporating and cross-referencing all that information with third-party data sources, watch lists, public records, and government databases further enriches the data pool, enabling a more accurate assessment of an individual’s identity.

However, a problem arises when a company lacks sufficient data or visibility, impeding its ability to effectively “connect the dots” on the backend while continuing to provide a seamless experience for your customers on the front end. While enhancing data is an important step, it is crucial to ensure its correct and thoughtful utilisation. Otherwise, inundating your systems with excessive data and checks can result in slowdowns and a negative customer experience.

Unlocking Trust: Redefining Identity Verification

This is where innovative solutions like the Ekata Identity Engine shine, providing a purpose-built solution to enhance your current identity verification data, resulting in more dependable identity verification and enhanced fraud prevention measures.

Ekata Identity Engine is composed of two distinct & mutually exclusive data sources:

• Ekata Identity Graph. This obtains sourced, licenced and authoritative data that validates a person’s identity elements, like their name, physical address, email and contact details and analyses how this information is linked to one another.
• Ekata Identity Network. This collects global, behavioural and pattern-based data and cross-checks it with identity verification data obtained by the Ekata Identity Graph to find out how customers behave online.

These two distinct data assets are employed not only to validate the identity of the elements utilised but also to analyse their digital interactions and behaviours, ensuring a comprehensive understanding of individuals’ identities and enhancing the accuracy of the verification process.

By precisely evaluating the risk associated with an online identity, you can ensure a seamless customer experience, minimise friction, and effectively safeguard against fraudulent activities.

Click the link below to discover how Ekata can empower your business with ample data for conducting effective identity verification and fortifying protection against fraud.

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