TSYS releases biometric authentication platform to hamper synthetic ID fraud, account takeover
Payment solutions company TSYS has announced a new authentication platform to prevent synthetic ID fraud and account takeover.
TSYS Authentication Platform delivers customer identity verification in real-time. The system integrates customer experience data taken from direct cardholder touchpoints. The platform benefits from next-gen technology such as biometrics and machine learning algorithms to verify identity, ensure seamless customer experience and deliver informed feedback about remote customer interaction or transactions, the company explains.
TSYS further states that “It’s effective at combatting synthetic identity fraud because it does not rely on reported data, which inherently creates inefficient lag time in the verification process.”
For now, the platform is only available in Europe, but the North America launch is planned for 2020. TSYS boasts a partnership with over 130 card issuers worldwide.
“At TSYS, we understand how various transactions are connected because we work with a global network of card issuers representing millions of individual accounts,” said Justin Griggs, senior vice president of product strategy and commercialization, TSYS Issuer Solutions. “If a device has been compromised in Ireland, for example, we can use that information to flag a remote login attempt in North America. We have real-time knowledge of potential fraud issues, and now we’re using that information to help our clients authenticate their customers and transactions across any use case.”
The TSYS Authentication Platform ensures its customers are compliant with European Union’s Payment Service Directive 2 (PSD2) and Strong Customer Authentication (SCA).
To develop the product, the company partnered with Featurespace to integrate Adaptive Behavioral Analytics, with fraud prevention company Emailage, with InAuth for online transaction authentication, and with Payfone to integrate its proprietary Trust Score for passive authentication and predictive identity.
TSYS future plans include adding facial recognition, document scanning and behavioral biometrics, and the use of differentiated datasets.