Consumer identity management is dependent on effective identity risk assessment capabilities. Continuous assessment is essential for an effective fraud program as well as instrumental in managing the customer’s experience throughout their life cycle. A sound and trusted digital identity solution is essential to curb first-party fraud, such as synthetic identity fraud.
Goals and Objectives
Establish a real-time, continuous identity risk score enriched with internal and external data. This score will be used for real-time transaction risk scoring and will be updated with each transaction. Establish a network view of identity and entity relationships.
Hardware: Enterprise hardware
Software: Analytics, AI, and application platforms (physical and behavioral biometrics and predictive analytics)
Innovation accelerators: Cognitive machine learning
3rd Platform technologies: Big Data and analytics
Use Case Summary
Data-driven identity risk scoring solutions play multiple roles, including aggregation of traditional and nontraditional data sources and advanced risk analytics assessment of single identities and networks of relationships. These solutions are used for application assessment, onboarding, and account opening as well as continuous identity risk assessment in coordination with transaction monitoring.