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Identity and Account Takeover Prevention

Recognizing the entry points for Identity and Account Takeover protects clients and their consumers.


When a consumer applies for an account, changes an address or phone number, adds an authorized user or requests a new card while away from home, how can businesses know they are dealing with a genuine consumer and not a fraudster attempting to takeover an account?

In 2010, nearly 11 million people in the US alone were victimized by identity fraud with resulting losses reaching $37 billion. New accounts opened under assumed identity represent almost half of all fraud (46%), which takes longer to detect since consumers have no knowledge of the account1.

Adeptra provides the ability to offer consumers the convenience of automated self-service and the peace of mind of knowing fraudsters can no longer take advantage of these channels. We are your first line of defense, monitoring incoming phone calls, online log-ins and new account applications against Adeptra's Fraud Watch List to isolate fraudulent attempts. The Fraud Watch List is a database of phone numbers, mailing addresses and IP addresses associated with known perpetrators of fraud. This database is populated by a consortium of leading global financial institutions.

Adeptra also offers methods of authentication beyond the standard verification of address, birth date or social security number. Adeptra's Knowledge-Based Authentication uses progressive questioning through a partnership with Experian to ask client-tailored, multiple choice questions that are unique to individual consumers and unlikely to be known by someone attempting to takeover an identity.

Consumer awareness and education is a powerful weapon in the fight against fraud. In the event of a data breach, clients need a way to quickly inform consumers who may have been affected so that they can aid in the detection of fraudulent use. Adeptra delivers a secure web interface to upload consumer records on demand for immediate notification through Adeptra's Mass Compromise Communications.

Orchestrating all of this is Adeptra's Decision Engine. It has the power to consolidate data managed by Adeptra - either internal to an organization or from a third-party - and provide a comprehensive view of a consumer and their relative risk of compromise.

There are many ways to protect consumers from the negative effects of fraud through Adeptra and all of them build a positive consumer experience.


References:
  1Javelin Strategy & Research 2011 Fraud Survey Report: Consumer Version February 2011

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