AuthenticID Releases Velocity Checks to Address High-Frequency Fraud Attempts
Press Contacts
Kristine Champion
SVP of Marketing, AuthenticID
press@authenticid.com
AuthenticID, a global leader in identity verification and fraud prevention solutions, announced the release of Velocity Checks, a new tool that integrates with its comprehensive identity verification and fraud prevention platform. The solution leverages biometric and document analysis to detect multiple identities for fraudulent activities in real-time.
Fraudsters can use different names with the same image so that identical visual data (like headshots or biometric information) is paired with multiple identity documents or account registrations with differing names. Velocity Checks uses sophisticated image comparison algorithms to analyze ID and selfie headshot images submitted by users and compares them to an organization’s database of stored images from prior users and visits. In doing so, the solution can detect fraudulent activities where a single person uses multiple identities, especially in a short span of time.
“Bad actors are constantly changing their tactics,” said Blake Brozowski, AuthenticID Senior Product Manager. “Fraudsters have often circumvented security and authentication protocols by using a single headshot with multiple identities. With Velocity Checks, this type of attack can be detected and stopped before an organization faces greater fraud loss.”
AuthenticID’s Velocity Checks solution is the industry’s only biometric-based velocity check, adding a new weapon for organizations to identify both individual bad actors as well as fraud rings using multiple sets of identity documents with the same headshot. The solution will compare headshots in a configurable timeframe and will segment and flag transactions that have a match for users to review. Velocity Checks also offers organizations the ability to analyze trends, including the frequency of a user triggering identity verification actions.
AuthenticID will continue to develop new algorithms and future updates to Velocity Checks to ensure new fraud techniques can be identified and stopped. Further, the Identity Fraud Taskforce at AuthenticID will drive innovation forward in its technology to ensure companies can stay ahead of changing fraud techniques and regulatory requirements while delivering best-in-class customer experience.
For more information on AuthenticID’s full suite of identity verification solutions, visit www.AuthenticID.com.
About AuthenticID
AuthenticID is a pioneer in the Identity Proofing and Fraud Detection space. AuthenticID’s fully- automated solution protects identities and mitigates fraud without sacrificing user experience. Founded in 2001, AuthenticID has deep domain expertise in verifying government-issued identification documents with the market’s most powerful, next-generation, automated AI platform for fraud detection and identity verification. AuthenticID’s patented platform is used by the world’s leading financial services firms, wireless carriers, and identity verification platforms.
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