Ekata, a digital identity verification platform, has debuted a new tool for account onboarding.
The new service, the Account Opening API, helps firms reduce losses from synthetic identity fraud during the online application process, the company says.
The goal is to give issuing agencies “a better chance at detecting and deterring fraudulent accounts, while still allowing valid accounts without excess friction,” says Bhavana Mathur, vice president of product management at Ekata.
According to the company, Account Opening API features:
In addition, the Account Opening API helps institutions secure personal lending, prevent credit bust-out and reduce application abandonment, the firm claims.