Veriff Launches Fraud Protection Packages

Identity verification provider, Veriff, has introduced its new Fraud Protect & Fraud Intelligence packages. These packages offer organizations state-of-the-art tools and expertise to mitigate fraud attempts and efficiently verify authentic users. Each package is designed to meet the unique needs of a customer based on their business nature, risk requirements, and in-house fraud detection capabilities.

Utilizing Advanced Machine Learning Models

Both packages utilize advanced machine learning models, behavioral insights, and Veriff’s in-house fraud detection expertise. These resources enhance an organization’s ability to counter constantly changing fraud attempts. During the identity verification process, Veriff analyzes the user’s document, face biometrics, device, and network. It also considers previous fraud patterns to provide top-tier fraud protection.

David Divitt, Senior Director, Fraud Prevention & Experience at Veriff, emphasized the importance of regularly updating fraud prevention solutions due to the evolving landscape of fraud risks that threaten businesses and their reputations.

Fraud Protect: Mitigating Threats

Fraud Protect helps organizations mitigate threats such as impersonation, synthetic identities, identity document fraud, velocity or bonus abuse, and multi-accounting during the remote identity verification process. Key features include enhanced detection of advanced fraud, access to fraud expertise, and greater insight and control.

The package employs tactics such as proactive blocklisting of repeat offenders, geolocation blocklisting to prevent unauthorized access from a specific territory, and document validation checks to mitigate new or evolving tampering methods.

Fraud Intelligence: Minimizing Fraud

Fraud Intelligence expands on Fraud Protect by offering additional signals to minimize fraud and help fraud operations teams stay ahead of the ever-evolving threat landscape. Key features include a consolidated view of risk to empower decision-making and the prevention of previous unauthorized access.

The package provides a RiskScore based on data insights, representing the overall risk associated with an identity verification session. This score, along with additional risk intelligence, can be incorporated into a customer’s own risk management system for further investigation and decision-making. The package also includes a feature called FaceBlock Import, which allows organizations to import their blocklist to prevent repeated fraudsters and those who breach community guidelines.