Entrust recently unveiled our expanded partnership with Mastercard, launching our Account Opening Risk solution at Mastercard’s RiskX event in Rome, showcasing how we’re transforming new account opening with intelligence fraud defense. In this blog post we’ll dive under the hood of the Entrust Account Opening Risk solution, walking through how your business can build smarter identity verification and fraud prevention experiences that don’t force you to choose between stopping bad actors and rolling out the red carpet for genuine customers.
Financial institutions walk a tightrope across preventing increasingly sophisticated fraud and competing on user experience expectations
In today’s fraud and compliance climate, most financial services providers have built identity verification into their customer onboarding processes. However, fraud sophistication and consumer expectations of the user experience are evolving at a rapid pace, putting businesses on the back foot.
Our recent Future of Global Identity Verification report outlines that 69% of surveyed organizations agree that identity fraud attempts are on the rise, with account creation among the top fraud concerns for businesses globally. At the same time, two out of three of the surveyed organizations see customer experience and identity fraud prevention as competing priorities.
Behind this problem is the rise in the sophistication and volume of fraud attacks – from synthetic identities to deepfakes – enabled by artificial intelligence (AI) technology, built to exploit weaknesses in identity verification processes that rely on databases and static snapshots of a customer’s identity. To stem the rising tide of fraud, businesses introduce additional verification challenges to most – if not all – of their customers. These additional checks drive friction and reduce conversion rates, while also putting businesses under additional stress with manual reviews and maintaining multiple providers, driving up the cost per acquired customer.
Entrust and Mastercard are combating these challenges head-on by delivering intelligent pre-screening that leverages real-time risk insights from Mastercard Identity’s powerful network to identify threats early and enabling seamless step-up to additional verification signals – such as AI-powered document verification and biometric liveness – only where required, helping businesses to automate remote onboarding for new customers at scale.
The right insight at the right time for your customer base – in one workflow
The Entrust Account Opening Risk solution builds on our suite of identity verification solutions – across AI-powered document verification, biometric liveness detection, and identity databases – with Mastercard’s expansive identity network. Combined with our no-code Workflow Studio, we give businesses the tools to identify the right level of risk at the right time in the identity verification journey, and make the right choice of what to do next, whether that’s letting a genuine customer access a product or service, or stepping up to additional verification methods without missing a beat.
During the onboarding process, the end-user provides standard information such as their name, phone number, email address, and physical address. Entrust securely processes this data and connects with the Mastercard Identity network to generate a risk score, pulling insights from the information provided and uniquely applying a multi-layered approach that contextualizes data from multiple sources and applies machine learning to deliver comprehensive risk analysis. And while other approaches would stop at the risk score and leave your teams to decide on next steps, Entrust gives you the tools to craft the ideal user experience based on your risk tolerance.
- See no sign of risk? Approve the customer in seconds, reducing the time to onboard and driving higher conversion rates when it matters most.
- See a risk score higher than you’d like to approve right away? Leverage additional identity verification signals such as document verification and biometric liveness detection to drive higher assurance without the need for manual review.
Example Account Opening Risk journey for a Financial Services provider
Each of these approaches is automated end-to-end for your business, and fully customizable to your needs. Simply drag-and-drop the verification methods you’d like to use, then configure if-else conditions to route customers based on their Mastercard Identity risk score. You can dial your risk threshold up and down in the workflow editor for seamless updates that don’t divert engineering resources away from your core business.
Delivering value when it matters most for you and your customers
The Entrust Account Opening Risk solution gives financial institutions – from the largest banks through to smaller fintechs – the tools to meet the demands of user experience and fraud prevention without turning it into a balancing act of competing priorities. Get the right level of insights on customer risk at the right time and make the right decision, treating every customer uniquely rather than funneling account opening through a one-size-fits-all approach, helping to:
- Proactively defend against sophisticated fraud at scale: Mastercard Identity insights enable organizations to separate bad actors from genuine users during the application process with machine learning-powered data analytics based on inputs such as name, phone number, email address, and physical address. These signals help surface inconsistences and suspicious patterns, helping you to detect and block threats early.
- Seamlessly approve qualified customers with the right insight at the right time: Adapt to each user’s risk profile, allowing low-risk individuals to progress while applying additional checks only when needed. This helps to reduce drop-off rates, improving conversion. Additionally, expand your customer reach by reaching more customers with a thin credit file, compared with database-only approaches.
- Optimize internal operations and reduce costs: By automating the identity verification process based on real-time fraud scores, businesses can minimize manual reviews and allocate their resources more efficiently, seamlessly handing off to step-up checks where required, driving down time to resolution and reducing the cost to acquire each customer.
The future of customer onboarding starts today
For Fraud, Product, and Compliance teams who want to dive deeper on the Entrust Account Opening Risk solution with Mastercard Identity, you can learn more on our solution page or try our live demo.
Want to hear from the experts? Catch our webinar with Mastercard on turning fraud prevention into your competitive advantage – register today or watch on-demand.
To learn how Entrust can help you streamline account opening and fraud prevention, explore our Account Opening Risk solution with Mastercard Identity.
