Digital identity solutions, sometimes called identity trust or verification solutions, determine the “trustworthiness” of a customer’s digital identity during events like account creation and checkout.
The solution may collect one or more identity attributes such as payments data, location data, biometric data, email addresses, and more. Then, using AI and machine learning, it compares these identifiers to global network data to determine digital identity risk and trust.
A low-risk, high-trust interaction suggests the user’s digital identity is trustworthy. And a high-risk, low-trust interaction suggests the digital identity may be engaging in fraudulent activity.
When an event occurs on an e-commerce website, a digital identity solution can use advanced AI and machine learning to evaluate it against global network data. It then produces a risk score that businesses can use to automatically approve or decline an event or hold it for review.
Kount’s Identify fraud solutions combine digital identity data and Equifax’s physical identifier data to build complete customer personas and produce the most accurate risk assessments. With complete, 360-degree insights into customer personas, businesses can enhance the buying experience across every stage of the customer journey.
A global fraud survey found that businesses manually review up to 8% of orders. But an AI-driven digital fraud solution can automate decisions and virtually eliminate manual reviews. It can even stop new account fraud, promo abuse, e-gift card fraud, BOPIS fraud, and more — all while providing frictionless customer experiences.
Chargeback protection solutions give businesses access to tools that notify them as soon as customers initiate disputes. Knowing when customers initiate disputes means businesses can intercept and deflect chargebacks automatically and refund purchases or stop shipments quickly to prevent inventory loss.
Digital identity solutions take a proactive approach to fraud prevention