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Refinitiv Introduce a Single API Solution To Approach Growing $712.4billion Fraud Problem in the US

Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has announced that the EPIC Platform from GIACT and World-Check are now together and accessible via a single API. The integration brings together the comprehensive risk intelligence from World-Check with the unprecedented capability of GIACT to deliver a multi-dimensional view of consumer and business identity, payments, and compliance risk, across the customer lifecycle.

Nearly half (47%) of US consumers were impacted by identity theft in the past two years, with resulting losses increasing 42% year-on-year to $712.4billion in 2020, according to Aite Group. Concurrently, both traditional and emerging fraud risk, alongside complex compliance requirements, has delivered record financial losses and reputational risk to organisations across almost every industry.

The integration announced is set to address all manner of fraud and risk-related threats and inefficiencies by combining industry-leading solutions into a single API that can be deployed across an organisation.

“For over a decade, legacy solutions have failed to adequately protect financial institutions, businesses and consumers from identity and payments fraud,” said James Mirfin, Global Head of Digital Identity and Fraud Solutions at Refinitiv. “Until today, no one has been able to deliver a fraud and risk mitigation solution that spans the customer lifecycle. Refinitiv responded to the industry’s calls by combining the power of the EPIC Platform and World-Check into a single comprehensive solution that eliminates gaps in the fraud prevention process; helps protect financial institutions, businesses, government entities and others against the latest fraud threats; and improves customer experience through real-time, fact-based decisioning.”

Through a customisable, single API, organisations will be equipped with the following advances:

  • Refinitiv’s cutting-edge technology and access to a real-time network of identity verification, authentication services and compliance screening.
  • Access to a holistic set of enrollment, payment, identity, compliance, screening, and mobile solutions built on a single platform
  • Ability to proactively identify and mitigate both traditional and emerging risks, including payments, identity and vendor fraud; money laundering, bribery and corruption; as well as enforcements and fines.
  • Ability to address newer, more sophisticated fraud threats, including identity theft; synthetic identity fraud; true name fraud; account takeover; business email compromise; and others.
  • And the capability to better attract and retain customers, safeguard their reputations, and protect supply chain and vendor relationships.

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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