MINNEAPOLIS (June 21, 2019) – New-account fraud (NAF) and account takeover (ATO) remain the most pressing problems for financial institutions struggling to fight fraud. Minneapolis-based ID Insight – a SaaS data and analytics firm providing next-generation fraud solutions to financial services companies – is tackling financial fraud aggressively on behalf of its clients, among them several of the largest U.S. banks.
ID Insight is attending the 30th Annual ACFE Global Fraud Conference – June 23-28 in Austin, Tex. – with a sharp focus on the most urgent needs of the industry: creating new predictive models for identifying and eliminating financial fraud.
The ID Insight innovations on display at ACFE include a score-based solution that examines identity attributes, crime dynamics, historic mobility patterns, previous fraud activity and account-opening inquiry velocity to identify out-of-pattern behaviors indicative of first-party fraud, identity fraud, and synthetic fraud.
“There is a perfect storm causing an acceleration of new account and account takeover fraud, and the forecast for the future doesn’t look much brighter,” said Adam Elliott, founder and president of ID Insight. “Fraud activity today is far more organized and automated than in past years, and we are helping banks respond with similarly well-organized and automated fraud controls.”
Since 2017, the number of banks using ID Insight technology to fight fraud has more than tripled. Visit ID Insight in Booth #512 during the show or contact Adam Elliott (email@example.com) to schedule an in-booth demo of the company’s newest solutions.