OneSpan, a global leader in software for trusted identities, e-signatures and secure transactions, announced the launch of its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including account takeover and new account fraud.
Account takeover and new account fraud are the top two types of fraud challenging financial institutions and in the U.S. alone, ID fraud accounted for $16.8 billion dollars in fraud losses in 20171. Risk Analytics protects against these and other fraudulent activities across online and mobile channels using machine learning-based risk analysis, a form of artificial intelligence.
This analysis identifies fraud in real time, predicts risk levels and takes immediate action when fraud is detected. The use of machine learning enables risk scoring to streamline processes, reduce operational costs tied to manual review and ultimately improve the user experience through fewer false positives.