Best Antifraud Solution—Startup
As the fraud prevention ecosystem has grown in sophistication to match the evolving threats, the CNP Awards have grown with it. The Best Antifraud Solution—Startup category was introduced during the pandemic year of 2020 and this year was awarded by an online vote of customers to an Israeli company founded in 2018.
Identiq provides a network merchants can use to verify the identities of online users. It first began onboarding customers in late 2020 and is adding clients quickly.
Companies that sign on with Identiq add users they know are legitimate to a database. All members of the network then have access to the database they can use to verify if a user is legitimate.
The Tel Aviv-based company says it has created a network that allows its members to validate information without sharing any sensitive customer information whatsoever. No one on the network knows what queries are being asked, which companies are asking, or what the answers are to any other company’s queries. Companies leverage one another’s data—without ever sharing it. It’s totally anonymous, enabling true collaboration and real results.
Collaboration means merchants can stay ahead of attack trends and compromised data early on, while providing a seamless experience for known good users. But typically, companies are forced to work alone.
When a company on Identiq’s network sees a new user, its fraud team can ask the rest of the network if they already know and trust that user. If many companies do, then that user can likely be trusted. On the other hand, if no network member has ever seen that user before, the fraud team can perform checks to see if it really is someone new to the internet (a young person or elderly person coming online, maybe) or whether it’s all fake. Similarly if a known name, phone and email are suddenly being used with a credit card, device and IP they’ve never been seen with before, further investigation from the fraud team can flag synthetic identity or ATO.