AuthenticID’s New Velocity Checks Put the Brakes on High-Frequency Fraud

Seattle-based AuthenticID has launched Velocity Checks, a new feature designed to enhance the detection of high-frequency fraud attempts. The solution integrates into AuthenticID’s existing identity verification platform and leverages biometric and document analysis to identify cases where fraudsters use multiple identities linked to the same headshot or biometric information.

By analyzing ID and selfie headshot images submitted by users and comparing them to a database of previously stored images, Velocity Checks can detect fraudulent activities in real-time.

Fraudsters often attempt to bypass security protocols by using a single headshot across different identity documents or account registrations with varying names. Velocity Checks uses image comparison algorithms to detect these patterns, allowing organizations to intercept and prevent fraud before significant losses occur.

“Bad actors are constantly changing their tactics,” said Blake Brozowski, AuthenticID Senior Product Manager. “Fraudsters have often circumvented security and authentication protocols by using a single headshot with multiple identities. With Velocity Checks, this type of attack can be detected and stopped before an organization faces greater fraud loss.”

The system is designed to segment and flag potentially fraudulent transactions within a configurable timeframe, enabling fraud analysts to review suspicious activities. Additionally, Velocity Checks allows organizations to analyze trends, including how often users trigger identity verification actions, which helps in recognizing emerging fraud patterns. The solution offers organizations a new tool to identify both individual bad actors and fraud rings that deploy multiple sets of identity documents with identical headshots.

AuthenticID plans to continue evolving the Velocity Checks solution by developing new algorithms to keep up with advancing fraud techniques. This ongoing innovation, led by AuthenticID’s Identity Fraud Taskforce, aims to ensure that companies can adapt to changing fraud landscapes, meet regulatory requirements, and deliver a secure yet seamless experience for their customers.

AuthenticID’s Chief Digital Officer and Chief Information Security Officer, Chris Borkenhagen recently joined ID Tech Editor in Chief Alex Perala and Communications Director Tony Bitzionis on the ID Talk podcast, where he helped to illustrate the company’s rigorous and thoughtful approach to the multi-faceted threat of digital identity fraud.

The discussion touched upon on a range of topics, including centralized versus decentralized data storage, the threat of account takeover attacks, the benefits and drawbacks of comprehensive data privacy legislation, and the implausibility of claims to “unhackable” security.

–

October 2, 2024 – by Tony Bitzionis