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New reusable ID and risk assessment tools give companies more power to fight fraud

New reusable ID and risk assessment tools give companies more power to fight fraud

San Francisco digital ID startup Persona is adding a passkey product to its suite of verification tools, allowing users to store Personal Identity Information (PII) that can be used for access across devices and browsers, says a press release.

Dubbed “Reusable Personas”, the tech is built on W3C and FIDO-approved passkey authentication, and will eliminate the need to re-submit personal information across multiple logins. “Once users opt in to create a Reusable Persona,” says the release, “the PII they enter will be securely stored via passkey, which Persona cannot access without user consent. This data can then be reused across Persona’s growing network of customers, reducing friction for users while maintaining risk assurance for businesses.”

Rick Song, the CEO of Persona, says the concept of reusable identities has been around for a while, but that attempts to integrate them have fallen short of addressing rapidly-evolving risk and compliance requirements. “With Reusable Personas,” Song says, “companies now have a flexible, dynamic solution that frees them from having to accept a decision made only with the information stored on a reusable identity. They can automate requests for additional checks or decrease friction, based on risk signals. In turn, end users can finally experience the full benefits of reusable identities –  stronger privacy, security, and utility.”

The company says Reusable Personas enables faster identity verification for customers, reducing onboarding time by up to 80 percent, and enabling businesses to keep their IDV processes dynamic and responsive. Businesses can also run additional step-up verifications based on existing checks, plus silent, proprietary usage-based signals stored on the Reusable Persona, for “holistic risk evaluation”. The system offers universal compatibility across integrations, operating systems and browsers, and a privacy-first approach that will not share biometric data without explicit consent.

Veriff’s new system assigns a risk score to IDV sessions

At the Money 20/20 USA conference, the global identity verification provider Veriff unveiled a new feature to its Fraud Intelligence platform, which evaluates individual ID verification sessions for fraud risk and detects suspicious patterns, according to a release.

The RiskScore IDV system analyzes a user’s document, face biometrics, device, network, and “various signals generated throughout the end user’s IDV session” and compares them against previous fraud patterns. It then assigns a score of 0-100 for that particular session’s overall risk. That data can be ported into existing risk-management systems to improve organizations’ fraud prevention efforts.

“Organizations are faced with an evolving landscape of fraud risks that threaten their business, communities, compliance efforts, and brand reputation,” says David Divitt, Senior Director of Fraud Prevention & Experience at Veriff. “Veriff’s new RiskScore feature enables organizations to seamlessly integrate the scoring system into their strategies and empowers them to make faster decisions and easily detect new, less-defined threats.”

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