With identity fraud losses reaching nearly $23billion in 2023, organisations need to improve identity checks. For the most effective results, this background check must be integrated seamlessly into the onboarding process to ensure consumers don’t have a bad experience and in turn loss their business. Looking to tackle this challenge, Trustfull, the digital risk intelligence company has launched its Silent Onboarding solution.
The Trustfull solution provides a first line of defence against the rising threat of synthetic identity fraud by harnessing hundreds of digital signals to pre-screen customers without interfering with the user experience.
Synthetic identity fraud involves creating a fictitious identity by combining genuine contact details sourced from data leaks with fake information created ad hoc. Synthetic identities are used to commit a wide range of digital and financial crimes such as money laundering, payment frauds and promo abuse.
Combatting synthetic identity fraud
This context has sensibly increased the need to integrate traditional active identity checks, such as verifying an ID document or a video recording, with complementary fraud prevention measures that employ passive identity checks to identify fraud attempts at sign-up.
Trustfull’s Silent Onboarding combines phone, email and IP address intelligence gathered from publicly obtainable sources into a real-time digital risk score. Suspicious users are promptly identified and blocked using silent checks, reinforcing existing identity verification with an additional layer of security.
The Silent Onboarding solution features a single API for seamless integration into existing account opening processes and a user-friendly digital risk intelligence platform. Core functionalities include an advanced identity graph to visualise suspicious connections between users based on digital identifiers, a no-code rule engine with customisable risk models with full explainability, and actionable insights to refine risk strategies over time.
“At Trustfull, we’re committed to empowering businesses with robust fraud prevention solutions,” said Marko Maras, CEO of Trustfull. “Silent Onboarding is our contribution to the fight against synthetic identity fraud, acting as a first line of defence for all digital sign-ups.”
Trustfull’s Silent Onboarding marks only the initial step in the company’s mission to ensure business safety and compliance across all digital customer interactions, from initial sign-up, to subsequent logins and transactions.
Headquartered in Milan, Trustfull provides solutions to accurately detect fraud and financial crime attempts throughout the customer journey. Clients and partners of Trustfull include:
- Nexi
- Twilio
- Refinitiv
- Sisal
- Banca Sella
- Younited
- Cofidis
