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Fraud is the silent disruptor, adding complexity to rising deposit costs, fierce competition, and the demand for seamless digital experiences. While your bank focuses on growth, fraudsters are relentlessly innovating to exploit vulnerabilities. To stay ahead, you need proactive solutions that not only protect your assets but also build trust, giving accountholders the confidence to store their money with you. But the right fraud-fighting tools do more than reduce risk — they create seamless, secure experiences that strengthen relationships, enhance your reputation, and set your bank up for long-term success. So, what does that look like in practice?
Let’s Start With the Problem: Increasingly Sophisticated Fraud Threats
“Our research suggests that last year alone, the number of newly opened credit card accounts by potentially synthetic identities increased by 47%,” said TransUnion® Senior Director Sean Flynn.
Synthetic identity fraud is particularly tricky, as it combines real and fabricated information to create convincing fake identities. These identities can easily bypass basic verification checks and encourage the criminal to open new accounts under false pretenses. These accounts are then used to access financial products from credit cards to loans, and banks are stuck with the costs of fraudulent transactions, defaults, and chargebacks.
Not only does this type of fraud threaten your bottom line, but it can also usher in regulatory scrutiny, costly case resolutions, and a wave of distrust among customers.
How Do You Combat Such a Complex Fraud Environment?
“As fraudsters leverage new technologies like generative AI, organizations need more than just point solutions — they need comprehensive visibility into the complex web of digital identities,” explained Socure Head of Product Strategy Krisan Nichani.
An advanced, multi-layered fraud mitigation strategy is necessary to protect your bank, maintain customer confidence, and safeguard long-term growth in the face of such agile security threats.
AI-powered identity verification, device risk assessments, and behavioral analytics — all these features play a role in identifying fraudulent activity.
But Finding These Tools Is Only Half of the Solution
Once you find these features, you must ensure that they seamlessly integrate with your existing operation. After all, a frictionless process is essential to maintain efficiency and smooth customer experiences.
MeridianLink® Marketplace makes finding MeridianLink®-compatible fraud solutions fast and easy. There, you can access our third-party integrated solutions to find the right option for your bank.
Our MeridianLink Marketplace Fraud Mitigation Partners Include:
TransUnion® TruValidate™
An all-in-one identity verification solution that orchestrates identity, device, and behavioral insights to help organizations interact with legitimate consumers while mitigating fraud risk with a broad range of features including identity insights, digital risk assessments, omnichannel authentication, and fraud analytics.
Socure ID+
The predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities and reduce fraud risk in real time.
Equifax® The Work Number®
Refreshed every time an employer submits payroll files, The Work Number can be used to instantly draw upon proprietary information to validate whether or not an applicant-provided SSN matches against information in The Work Number database.
FIS ID Authentication (IDA)
Using multiple non-credit data sources, ID Authentication generates a real-time, multiple-choice questionnaire using personal background information that only the applicant would know to quickly authenticate identity prior to opening an account or issuing authorization.
FIS ID Verification (IDV)
A web-based solution protecting against identity fraud, while supporting FI compliance, by cross-referencing more than 82 billion records from multiple independent data sources to assess whether the presented identity information is accurate.
Experian® Cross Core®
An integrated, digital identity and fraud platform that combines risk-based authentication, identity proofing, and fraud detection into a single cloud platform. Flexible decisioning workflows and advanced analytics allow users to make real-time risk decisions throughout the consumer lifecycle.
Experian® Precise ID®
With the flexibility to choose the best combination of fraud analytics, identity verification policies, and verification workflows, Precise ID accurately identifies a wide range of fraud risks, including real-time identity theft, synthetic identity, and first-party fraud, along with tools that facilitate confirmation when risks are detected.
Ready To Learn More? Connect with our team to explore hundreds of partner integrations on the MeridianLink Marketplace.
