IDology helps enterprises fight digital identity fraud with cross-industry data

To address digital identity fraudulent activities, GBG company IDology has launched GBG Trust, a “real-time” cross-industry monitoring platform. The company says continuous data monitoring will equip organizations to selectively escalate transactions that meet specific risk criteria for additional identity verification.

According to IDology, the platform leverages data from a network of more than 650 companies across 28 sectors. Furthermore, the system provides a wide range of 30 billion unique attribute monitoring configurations, enabling enterprises to establish specific rules to identify fraudulent patterns.

“GBG Trust extends the power of IDology’s extensive cross-industry network to give enterprises more robust onboarding intelligence to improve efficiency, optimize cost, reduce risk and, most importantly, deliver secure customer experiences that drive loyalty and revenue,” says James Bruni, managing director at IDology.

The software is designed to improve KYC checks (through ExpectID) by analyzing data attributes, identifying irregular patterns, and detecting recurring incidents. GBG Trust monitors combinations of these data attributes to flag suspicious activities.

For instance, it searches for inconsistencies such as the same identity associated with different dates of birth at the same address, or a single mobile number linked to multiple individuals at different addresses. Some data attributes would include name, address, device, identity document, bank account details, etc.

“As fraud tactics and technology evolve, a comprehensive and multi-faceted fraud protection strategy is critical,” Bruni adds.

IDology states that the framework restricts the frequency of unsuccessful attempts in dynamic knowledge-based authentication (KBA) and document verification procedures before terminating the transaction. According to the company, this protocol prevents potential fraudulent actors from bypassing security protocols.

Before the implementation, enterprises can create custom thresholds tailored to their specific risk profiles and operational needs. These thresholds can be based on the data and insights from the IDology network of cross-industry intelligence. Organizations can analyze the potential impact of adjustments to velocity rules to ensure that the new configuration aligns with their risk thresholds, the company states.

IDology considers that traditional single-enterprise databases offer a limited perspective on fraud activities and behavioral trends. Even the company’s latest Global Fraud Report shows that 81 percent of the companies believe cross-sector intelligence and collaboration can enhance fraud prevention.

Article Topics

digital identity  |  financial services  |  fraud prevention  |  GBG  |  identity verification  |  IDology  |  KYC