• by Ray Schultz , October 16, 2020

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:

• Identity risk score — This is based on data from five identity elements: Email, name, phone, address, IP, and data on usage patterns.
• Identity network score — A predictive risk score based on usage patterns of identity elements across Ekata’s network.
• Network signals — This consists of three signals that help a firm assess the riskiness of the location address: the IP last seen, the phone last seen), and the relationship of the phone and email provided.

In addition, the Account Opening API helps institutions secure personal lending, prevent credit bust-out and reduce application abandonment, the firm claims.