Solution Brief
Application and identity fraud
Detect and prevent identity & digital fraud in real time across the customer journey
The issue
Application and identity fraud are among the biggest concerns for financial institutions as they try to integrate new technologies into existing operations. Institutions must quickly find a way to more effectively manage identity verification and authentication during online onboarding processes – but not at the cost of the customer experience. This is a difficult and delicate balance. Making security checks too burdensome risks upsetting that balance, which can be devastating to the business.
In recent years, thousands of data and service providers have emerged to provide tools to verify users’ identities and provide more effective, seamless authentication processes. But the data points needed to collectively build a comprehensive profile of a digital persona are challenging to use together effectively. Furthermore, managing multiple relationships among data providers and integrating diverse data sets in real time can be a slow, costly IT effort.
The challenge
Managing the sudden shift to digital
Many organizations are unprepared to offer consistent, seamless experiences between in-person and online channels – and are playing catch-up when it comes to full digital access for purchases, accounts and applications.
Verifying digital customer identities
Identity proofing is more important than ever, but many organizations struggle with adapting to and integrating new technologies to quickly verify each customer and stop fraudulent behavior.
Managing multiple identity providers
Onboarding and systematically managing relationships among multiple identity providers is costly, unwieldy and inefficient.
Providing a seamless customer experience
It’s difficult to authenticate online customers without disrupting their experience and creating customer friction.
Instant approvals
In today’s world, customers expect instant decisions, especially on credit-related applications. Competition among businesses to satisfy the transient banking relationships of today often means that they need to continuously improve to capitalize upon application requests quickly and efficiently.
Our approach
Knowing your customer’s identity is the foundation for providing effective security in a convenient and personalized manner that engages customers in a meaningful way.
SAS approaches the problem by providing software and services to help you:
Give consumers speedy, virtual access
Deliver convenience without compromise by confidently verifying your customers’ digital identities.
Design and deploy new workflow, orchestration and decision strategies
Our fraud platform allows users to quickly implement new strategies that combine AI, machine learning models, complex business rules, anomaly detection and intelligent decision making. This combination can effectively stop first-party, third-party and synthetic ID fraud before bad actors open new accounts.
Reduce total cost of ownership
Get reliable, scalable and secure computing capacity for identity verification and fraud detection through our cloud-based services.
Detect fraud earlier
Identity assessment at relationship initiation or account application provides the earliest opportunity to eliminate fraud actors and reduce bottom-line fraud.
SAS difference
The SAS identity fraud solution combines AI-driven data orchestration with an industry-leading decision engine for accurate, real-time results. We provide:
Convenient digital identity verification with low levels of customer friction
- Whether customers are logging into an account or completing an application, you can quickly validate their identity.
Easy integration and management of third-party providers
- Our centralized platform makes it simpler, quicker and less costly to onboard and manage multiple identity providers.
- Prebuilt adaptors cover digital, biometric, public and behavioral identity providers.
Holistic decision making capabilities
- Enrich customer data, as well as rules or decisions, using data from one or more third-party information providers.
Real-time detection of new identity fraud trends
- SAS uses a combination of rules, anomaly detection, AI, machine learning and other statistical approaches to detect identity fraud in real time.
- Layered methods reduce false positives and intelligently spot emerging tactics that don’t resemble historical patterns.
Continuous improvement
- Compare approaches to your identity strategy using champion/challenger models as well as A/B testing of data and service providers.
- Deploy what works best in seconds.
SAS facts
>90%
of the top 100 global banks use SAS
30-80%
reduction in false positives at financial institutions, which improves the customer experience
35%
or more improvement in SAS customers’ fraud detection rate