Fraud & Risk Mitigation
Products that proactively guard against fraud
Our Fraud & Risk products safeguard assets and provide continuous support against fraudulent data activities
According to the FTC, fraud-related losses grew from $1.8 billion in 2019 to $5.8 billion in 2021. The Association of Certified Fraud Examiners reports that U.S. Businesses alone will lose an average of 5% of their gross revenues to fraud.
So, the big question is – how do you protect your business from becoming a target of fraud, as well as remain compliant with the various state and national regulations.
Enformion has the answer. Developed with state-of-the-art machine learning and artificial intelligence (AI), our Fraud and Risk products empower you to predict, prevent, and protect your company and your clients from fraud and its devastating effects.
Onboarding, Acquisition & Verification
Phone Risk Score
“A new study shows that phone fraud cases have increased almost 550% over the last 12 months.”
The Phone Risk Score uses a unique scoring algorithm based on machine learning and AI to determine the likelihood of a phone number being associated with high risk or suspicious activity – such as a number being spoofed by swapping the SIM card. Such activity is reported in real-time, not within a 30-day billing cycle, so the Phone Risk Score results are always current to date.
Because fraudsters are creating more complex ways to hijack cell phones and their data, it is crucial to have a product like Enformion’s Phone Risk Score to safeguard against fraudulent or compromised phone numbers.
ID Monitoring is a service that continuously tracks numerous customer profile attributes for any changes in data. Monitoring across multiple customer management processes can be time-consuming and complex – our automated service does the hard work for you. If any modifications in customer data are identified, you will receive an instant notification.
This product is beneficial for all industries, but it is particularly helpful to financial, retail, and collection & recovery institutions, which have the highest percentages of reported fraud.
Household Composition Indicator
Our Household Composition Indicator ensures beneficiaries of social service organizations maintain their eligibility status by verifying the current number of residents/dependents reported in a household as well as the current address. This corrects outdated addresses and provides verification when multiple residents claim the same address. This product simplifies and streamlines the eligibility process, making it popular among several government organizations and services including Medicaid, SNAP, Social Security, Unemployment, Child Support, and Housing.
Underwriting, Data & Process Management
A Device ID is a hashed, unique identifier created from several mobile attributes (device version, type, operating sys, plug-ins, user characteristics, etc.) associated with a mobile device.
Device ID risk is the probability score of a device being suspicious (spoofed, taken over, etc.). This product gives you the confidence to make informed decisions backed with data that is customized to your requirements.
Device ID Risk
“KYC and AML non-compliance can result in massive fines, as was the case with Goldman Sachs in 2020, where the fine reached over $2.9 billion dollars.”
The KYC (Know Your Customer) policy stipulates that institutions must comply with international regulations against money laundering and terrorist financing. KYC was initially only imposed on financial institutions, but now non-financial industries, fintech, and even non-profit organizations are liable to oblige.
Using a dynamic combination of AI and machine learning technologies, our KYC Monitoring product does the heavy lifting for you – verifying the identity, risk profile, and financial position of your clients, while maintaining compliance with the KYC policy. With real-time data and analytics, this product allows you to streamline your investigation and achieve positive findings in less time.
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