Veriff Introduces RiskScore for Better Fraud Detection

Veriff, a worldwide provider of identity verification (IDV), unveiled a novel feature named RiskScore at the Money 20/20 USA conference. The feature is designed to facilitate organizations in assessing the potential risk of fraud during each identity verification session, thereby enabling more informed decision-making.

Understanding RiskScore

RiskScore by Veriff offers a practical numerical value on a scale of 0 to 100, indicating the overall risk associated with an IDV session. Throughout the IDV process, Veriff examines the user’s document, facial biometrics, device, and network, along with past fraud patterns. This comprehensive analysis results in delivering an industry-leading fraud assessment and protection.

The RiskScore, derived from various signals generated during the user’s IDV session, can be integrated into an organization’s risk management system. This integration allows for further investigation and decision-making, thus enhancing the organization’s ability to identify and combat fraud attempts.

Addressing Current Fraud Challenges

David Divitt, Senior Director, Fraud Prevention & Experience at Veriff, highlighted the necessity of this new feature. He noted that organizations are constantly dealing with an evolving fraud risk landscape that poses threats to their business, communities, compliance efforts, and brand reputation. As such, these organizations need to keep their fraud prevention solutions up-to-date to stay ahead of fraudulent activities.

RiskScore aims to address these challenges by allowing organizations to integrate the scoring system into their strategies. This integration empowers them to make faster decisions and identify new, less obvious threats more effectively.

RiskScore as Part of Veriff’s Fraud Intelligence Offering

Veriff’s RiskScore is an integral part of the company’s latest Fraud Intelligence offering. This offering equips organizations with robust tools and expertise to counter fraud attempts and efficiently verify more genuine users.