RISK IDENT

RISK IDENT specialises in fraud prevention software for large e-commerce, telecommunication and financial businesses. Our result-driven anti-fraud products utilise extensive domain knowledge and machine learning technology to greatly reduce account takeovers, identity theft, mobile fraud, and loan / application fraud.

From on-boarding the world’s most capable engineers and data scientists to developing a collection of dependable anti-fraud products, everything RISK IDENT does is to help businesses and consumers conduct online transactions in a safe, convenient and trustworthy environment.

Tackling a fraud epidemic

International fraud rates have quickly escalated from ‘epidemic levels’ to record-breaking levels, and nobody is safe from potential damage. Fraudsters have developed sinister ways to steal personal information on unassuming victims in order to carry out their online scams. Methodical methods include combing social media sites for password hints and other personal information (a mother’s maiden name, for example), remotely hacking computers, and outright buying valuable information on the dark web.

Fraudsters then use this stolen identity data to either create new online accounts or hijack existing accounts, the latter of which is known as account takeover fraud (ATO) – an extremely difficult type of fraud to detect.

Meanwhile, hackers have stolen extremely sensitive customer data from Equifax, Uber, Yahoo and many other companies around the world in past years, leaving credit records and other valuable information from more than 140 million consumers exposed. Banks and businesses have ultimately paid with an upsurge in loan applications and payments using stolen credentials.

Unfortunately, there’s no magic eraser for fraud. But the harder companies make it for fraudsters to cash in on financial wins, the less likely they will be hit with such criminal activity. And that’s where RISK IDENT comes in: utilising huge stores of transaction data, the company has developed optimal fraud identification capable of automatically analysing millions of transactions, identifying patterns, calculating risk and accurately picking out fraudulent transactions in real-time.

Fraud prevention software products

RISK IDENT’s three main products – DEVICE IDENT, FRIDA and EVE – can be deployed as single solutions or part of a perfect fraud-eliminating team. All three anti-fraud products are highly scalable and can be integrated with minimal effort.

DEVICE IDENT is a device fingerprinting solution that identifies customers’ devices through their unique characteristics and analyses them independently of their personal data. It can be used for any transaction, whether browser-based or within a native mobile app.

Features include:

• Real-time fraud detection
• High-quality device pool
• Advanced, customisable technology
• Mobile SDK (known as DEVICE INTELLIGENCE)

FRIDA is a self-learning, comprehensive fraud prevention solution that supports fraud managers by intelligently linking a wide range of input sources so fraudulent connections are quickly acknowledged. It only analyses individual transactions and immediately establishes statistical connections between transactions. This is imperative in identifying and acting on emerging fraud trends before they can do damage.

Additional features include:

• Automatic scoring of every transaction in real-time
• Access to all relevant information in one tool
• Reliable decisions based on transparent transaction assessments
• Machine-learning algorithms for ongoing improvement of fraud detection
• Intuitive, user-friendly design

EVE is a standalone software application that applies selected machine-learning risk assessment algorithms to evaluate different input streams in real-time. EVE has been designed to fulfil the needs of numerous industries. Banks, for example, can use EVE to fight account takeovers and reduce fraud during loan application processes. Features include:

• Intelligent algorithms and advanced machine-learning techniques that detect connections between transactions and spot complicated and previously unidentified fraud scenarios
• Automatic linkage and interpretation of information in real-time with instant delivery of adjustable and transparent results
• Result-driven performance powered by advanced analytics such as statistical pattern recognition and proprietary algorithms
• Integrated heat maps that show geographical fraud clusters at a glance
• Graphical Junction Trees that highlight complex fraud networks

An expert fraud fighting team

The RISK IDENT team bears extensive technical experience. More than half of the company’s staff works in data science and engineering. Meanwhile, FRIDA, DEVICE IDENT and EVE are all backed by exemplary customer support that includes experienced, dedicated teams well-versed in the fraud, payment, telecommunication and financial industries. Knowledgeable experts are available to help unravel even the most complicated fraud situations, ensuring peace of mind to each and every RISK IDENT customer.

Each customer is supported by a dedicated Product Expert who consults and supports with all business and technical topics. The Product Expert also manages on-boarding, solution configuration and change management. RISK IDENT also has Technical Integration Managers on hand to assist in the more complex solutions, as well as to define customer interfaces and configure integration layers.

A strong understanding of data privacy and data protection

RISK IDENT’s anti-fraud solutions are special because they retain a strong German attitude toward data privacy: the company’s key products can be hosted on-premises, enabling clients to retain all customer data locally for added security.

Your international fraud prevention partner

In 2017, RISK IDENT secured more than €40bn in transaction volume and saw an 80% growth in turnover. The company also expanded to the US and opened a new headquarters at Cambridge Innovation Center (CIC) in Boston. RISK IDENT won the 2018 FinTech Breakthrough Award in the category Best Financial Transaction Security Company.

To learn more about becoming a satisfied RISK IDENT client, visit our website. You can also sign up for our Fraud Check, which allows your business to use our DEVICE IDENT product in order to create a comprehensible benchmark report of your current fraud prevention setup, as well as recommendations for improvements.