RISK INTELLIGENCE

Account Insights

Identify fraud risks such as Account Takeovers, Authorised Push Payments and Synthetic IDs using account behaviour analysis

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Several types of fraud, such as Account Takeovers, Authorised Push Payments and accounts built from Synthetic Identities can be difficult to detect in real-time. This is because payments to or from such accounts look legitimate and will pass a regular verification test.

However, fraudsters who evade detection can financially ruin individuals and businesses before they notice a single dollar missing. Businesses can also find themselves liable for reimbursements, the cost of replacing goods and customer attrition by simply missing the warning signs associated with fraud.

Behaviour analysis, however, can help identify fraudulent activity while it’s happening and prevent these losses.

LSEG Risk Intelligence - Account Insights

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Account behaviour analysis works in tandem with regular bank account verifications. When a bank account is verified prior to receiving or sending a payment, the metadata of this inquiry is stored to build a picture of regular account usage.

Frauds such as Account Takeovers, Authorised Push Payments or use of an account tied to a Synthetic Identity will have behaviour outside of that regular range. For example, fraudsters who have taken over an account or ‘activated’ their Synthetic IDs will move fast to generate as much cash as possible before being detected. This spike in usage will be seen by bank account verification network, and be visible to Account Insights users.

Where a risk is identified, the results of Account Insights can be used to automate decision making within your payment systems or for any manual reviews that may be required.

Account Insights use LSEG proprietary data, based on historical inquiries to LSEG’s Account Verification solutions, which offers leading coverage of bank account verification data in the US. It is trusted by over 1,200 customers, including 4 of the largest 10 US banks, 9 of the 10 largest US insurance companies and 24 of the Fortune 100.

Example data points used with Account Insights to identify fraud risks include:

Total times seen in last 5 mins, 1 hour, 6 hours and other intervals to 1 year, which can be used to identify a clustering effect associated with Synthetic IDs
Number of customers who have seen this account, where large amounts can identify Synthetic or Takeover risks
First time seen, where previously unknown accounts may indicate a risk associated with an Authorised Push Payment or other types of fraud
Number of name combinations used with an account, where large numbers can indicate an Account Takeover

Account Insights are suitable for payer and payee verifications across a wide range of business applications, where there is a need to validate payments to customers, suppliers, vendors and others.

Actionable Data

Account Insights provides a large range of data points to identify fraud issues, which can be used to automate decisioning or for any manual reviews.

Live Data Insights

Identify fraud risks happening in real-time, with ability to see inquiries on account within the previous 5 minutes.

Large, proprietary network

Insights are built on historical inquiry information to LSEG Bank Account verification, which has the leading coverage of bank account verification data in the US.