
Relying on personal customer data is causing a Digital Identity Crisis.
Sources: Federal Trade Commission, 2.22.2022.; FiVerity 2021 Synthetic Identity Fraud Report. Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise Aite’Novarica. The Changing Face of Identity Theft

The Digital Identity Crisis threatens online lending businesses.
Online lending has become indispensable to the landscape of modern business. But as lenders’ digital presence has grown, so has the target on their backs as identity fraud has skyrocketed. Why? Part of the issue is how much personal information is compromised. With more legitimate PII than ever in the hands of fraudsters, it’s increasingly unreliable as a single source of identity verification online.

Behavior is impossible to fake.
Behavioral analytics measure how familiar an applicant is with the PII they input. So, instead of relying solely on PII to inform identity, online lenders have a primary identity pre-screen (an applicant’s familiarity with PII) that sits ahead of any PII checks run in a traditional fraud stack, saving lenders money, improving genuine customer conversion and making sure applicants are who they say they are.