In this vlog, our CMO, Michael Cichon, is joined by our CSO, Mike Engle, to discuss how digital identity verification can be used to combat synthetic identity fraud and account takeover. If you are...
The Business Challenge
Detecting stolen and synthetic identities right at the initiation of new account creation or authentication can yield significant benefits, making fraud targets more manageable. However, strengthening fraud controls frequently results in an off-putting experience for genuine customers.
In the context of the growing threat of synthetic identity fraud (SIF), which is a sophisticated form of identity theft involving the use of personally identifiable information (PII) to fabricate a false or “synthetic” identity, the challenges are exacerbated. SIF is particularly challenging to detect due to its complexity and the surge in “face-less” online transactions.
Utilizing a sophisticated self-service KYC identity verification process, 1Kosmos delivers an architectural advantage A single platform anchored to a privacy by design certified framework. Learn More that not only streamlines onboarding and accelerates customer acquisition but also effectively addresses the complex issue of synthetic identity fraud. Additionally, customers receive a user-friendly digital wallet that reduces the risk of account takeover and financial fraud, enhancing security and transforming the login process into an enjoyable experience.
The BlockID Advantage
Verify Identity Anywhere, Anytime with Over 99% Accuracy.
In response to the critical need for accurate identity onboarding and secure access, 1Kosmos has developed the BlockID platform to identify synthetic identities and mitigate new account fraud. The two primary categories of synthetic identities that 1Kosmos can prevent are as follows:
- Manipulated Synthetic Identities: This occurs when an individual subtly modifies real Personally Identifiable Information (PII), often their own, to establish a new identity with the intention of concealing unfavorable credit history.
- Manufactured Synthetic Identities: This involves a fraudster pilfering PII, typically available on the dark web, and amalgamating it with other stolen identity data from different individuals or generating fake PII.
Implement Non-Phishable Customer Multi-Factor Authentication
Traditional MFA solutions that rely on SMS, push notifications and email not only present too much friction to the transaction but come with well-known security loopholes that lead to account takeover and fraud. These solutions provide proof of possession, not proof of identity. As a result, consumers are getting phished more often as they routinely get emails, SMS messages, and phone calls trying to trick them into disclosing account credentials, personal information, or downloading malware.
1Kosmos mitigates these problems because our approach ties verified identities to the user’s biometric that was captured at enrollment. Our exceptional user experience is warm and friendly. As a result, every access attempt physically verifies the user identity, leaving no chance for impostors to login, defeating ATO attacks and fraudulent transactions.
Empower Users to Control Their Personal Information
The 1Kosmos NIST certified solution enhances security by eliminating administrative access to centralized ‘honeypots’ of user personal information. This architectural advantage Our immutable distributed ledger eliminates centralized PII honeypots. Learn More involves sharding, encrypting, and storing information in a private blockchain. Additionally, the locations of these encrypted data blocks are secured, providing an extra layer of protection for the integrity of decentralized digital identities.
The 1Kosmos BlockID blockchain creates an immutable audit trail, meaning events are logged in perpetuity and cannot be manipulated, giving IT a detailed and indisputable picture of all changes to identity and access attempts.
Build Customer Trust and Loyalty Through Enterprise Grade Security
After identity verification and customer enrollment, organizations often issue weak credentials like usernames and passwords. 1Kosmos BlockID enhances this process with an authentication platform that supports biometric, passwordless multi-factor authentication, offering a significant an architectural advantage Our immutable distributed ledger eliminates centralized PII honeypots. Learn More .
Authentication methods provided can be deployed based on risk to the authentication activity.
- “LiveID” advanced biometric authentication
- Device biometrics such as TouchID and FaceID
- Time-based One-Time Password (TOTP)
- One-Time Password (OTP) and Offline Access OTP
- SMS and Email
- Push Notification
- FIDO2 Tokens
- Offline Access
- U2F – Universal Second Factors such as Universal Serial Bus (USB) and near-field communication (NFC)
Insights
Learn how Indisputable Digital Identities are Created with Biometrics and a Blockchain
In today's fast-paced digital world, efficient and secure user onboarding is a crucial aspect of any organization's IT strategy. Imagine users maintaining countless account credentials to log in to...
Streamlining Self-Service User Onboarding with 1Kosmos MFA Integration
In an era where identity theft and fraud are rampant, understanding the complexities of customer identity verification is crucial for businesses, especially in the financial sector. This involves m...