Emailage and Featurespace Partner to Tackle Application Fraud
August 2019 by Marc Jacob
Emailage has teamed up with Featurespace, the world in risk detection and fraud prevention, to protect global eCommerce and financial services organizations from the growing threat of online application fraud.
Application fraud grew by £29.4m (or 159 per cent) last year, according to UK Finance. Application fraud occurs when criminals use stolen or fake documents to open an account in someone else’s name. The main driver of this is a result of data harvesting through various phishing techniques. With this intrusive form of fraud on the rise, businesses need new fraud prevention methods which can analyze the digital identity of the applicant.
Through the partnership, the ARIC platform will integrate Emailage’s global consortium of data and risk assessment scores to detect and report application fraud in real-time. In turn, this will improve the accuracy of customer authentication to identify and defend against fraudsters acting as legitimate customers at new account opening, while also facilitating compliance with new payment regulations. Emailage’s email risk assessment technology leverages data inputs from a vast global network generating digital identities from a user’s email address. The business ensures best-in-class data science techniques are combined with state-of-the-art machine-learning technology to build a multi-dimensional profile of online purchasers and applicants to render a fraud risk score. This helps its clients build better-informed fraud decision making processes. As a result, Emailage has helped organizations across the globe mitigate $2.8bn in fraudulent purchases and fake applications.
Digital identities established by Emailage are then fed through the ARIC platform, enhancing the machine learning models and rules used to automatically identify risk and catch new attacks as they happen.