Ekata Expands Account Opening Solution to Help Online Businesses Assess Risk at Account Creation
Ekata, a global leader in digital identity verification, today expanded its account opening solutions to help online businesses worldwide quickly identify and flag risky account sign-ups. Powered by a proprietary data set and machine learning, Ekata's account opening solutions assess the risk of new accounts in real-time, enabling businesses to create streamlined onboarding experiences for legitimate customers and reject or add friction to high-risk customers. Ekata’s new capabilities expand its existing account opening solution for financial services and fintech companies.
Increasingly, fraud occurs earlier in the customer journey at the account creation stage, not just during transactions. In the past year alone, more than half of ecommerce companies experienced an increase in promotion abuse, with individuals creating multiple accounts to take advantage of limited-time promotions, causing significant loss to retailers. Marketplaces have also seen more malicious users impacting platform integrity via policy abuse. This type of activity is driving the need for stronger measures to keep those actors off a platform entirely or limit their movement.
According to Ekata’s research, almost one quarter of shoppers abandon their shopping cart because they’re asked to create an account — streamlining the sign-up process is key to combating this figure and onboarding more customers. By only requiring phone or email and an IP address to make a risk assessment, companies can use Ekata’s new solution to maintain low-friction sign-up flows that don’t require customers to enter their name or physical address.
Ekata’s account opening solutions have demonstrated success in helping online businesses catch suspected fraud early and quickly, as well as confidently onboard more verified customers:
- For one ecommerce company that experienced a targeted fraud attack, nearly all fraudulent actors (91%) using email addresses with custom domains were identified during account creation — preventing them from engaging in further fraudulent activity.
- A sizable increase in approval rates (17%) was achieved using Ekata’s account opening solutions.
- One customer captured more than half of true fraud (55%) during the initial step of the sign-up process.
- The new solution returns a response in less than 100ms, which enables real-time risk assessment during account sign-up.
According to Darren Cody, product manager at Bunking, a social marketplace that connects people through flexible shared living stays and travel experiences, “Ekata has been instrumental in helping Bunking proactively finetune our fraud solution to safeguard marketplace trust and safety. With easily provided personal information, we’re able to create different workflows based on risk profiles — eliminating any potential onboarding friction for good customers while protecting our community.”
“Our account opening solutions are hugely successful in helping financial institutions streamline onboarding and prevent fraud during account creation. We’re thrilled to expand these solutions to businesses in the ecommerce and marketplace spaces, especially with account opening fraud on the rise across the globe,” said Jordan Reynolds, VP of Market Strategy, Ecommerce and Marketplaces at Ekata. “Online businesses typically rely on their own internal data to understand the risk of an account, but this takes time and multiple interactions with a customer. Our solution provides risk assessments in real-time, helping businesses onboard more customers at scale and stop fraud in its tracks.”
To learn more, visit the Ekata website at https://ekata.com/products/account-opening-api/.
Ekata Inc., a Mastercard company, empowers businesses to enable frictionless experiences and combat fraud worldwide. Our identity verification solutions are powered by the Ekata Identity Engine, which combines sophisticated data science and machine learning to help businesses make quick and accurate risk decisions about their customers. Using Ekata’s solutions, businesses can validate customers’ identities and assess risk seamlessly and securely while preserving privacy. Our solutions empower more than 2,000 businesses and partners to combat cyberfraud and enable an inclusive, frictionless experience for customers in over 230 countries and territories.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Molly Strong, Corporate and External Communications
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release
Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination
Ipsen: ASCO 2022: New Cabometyx ® Data Show Encouraging Results in Monotherapy and in Combination Across Different Tumor Types Including Metastatic Non-Small Cell Lung Cancer26.5.2022 23:00:00 CEST | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced encouraging data to be presented for the multi-targeted tyrosine kinase inhibitor (TKI), Cabometyx® (cabozantinib), across a range of cancer types at this year’s American Society of Clinical Oncology Annual Meeting (ASCO 2022) to be held on 3-7 June. Data presentations will include findings in metastatic non-small cell lung cancer (NSCLC), as well as established indications of advanced renal cell carcinoma and radioactive iodine-refractory differentiated thyroid cancer (RAI-R DTC). These data show that the therapeutic potential of Cabometyx as a key treatment option in a broad range of tumors is continuing to be realized. Updated outcomes from the multicenter Phase Ib COSMIC-021 trial evaluating the combination of Cabometyx plus atezolizumab in an expanded patient population in metastatic NSCLC demonstrate encouraging clinical activity with manageable toxicity in people previously treated with an immune checkpoint inhib
New Better Dispensing Videos from Nordson EFD Explain Jetting Technology and How to Choose the Right Solution26.5.2022 19:00:00 CEST | Press release
Nordson EFD, a Nordson company (NASDAQ: NDSN) and leading precision fluid dispensing systems manufacturer, introduces a new Better Dispensing™ How-To Video series. These three highly educational videos presented by EFD application specialist, Tom Muccino, provide best practices for choosing between contact dispensing and non-contact (jet) dispensing, and how to select the best jetting valve for a manufacturing application. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220510006079/en/ xQR41 Series MicroDot™ needle valve (left) and PICO Pµlse XP jet valve (right). (Photo: Business Wire) “One of the main differences is that with jetting, your valve never touches the surface of the part. Instead, your fluid “flies” or “jets” out of the valve, which is above the part,” Muccino explains in the first video. “This makes jetting perfect for fragile or complex parts.” Nordson EFD provides a wide range of contact and non-contact (jet
Medisca Drives Worldwide Access to Thyroid through Distribution License with SUANFARMA26.5.2022 18:17:00 CEST | Press release
On March 16, 2022, Medisca, a global supplier of pharmaceutical ingredients and equipment, entered into an exclusive agreement with SUANFARMA, a European-based manufacturer and distributor of pharmaceutical ingredients, for the global supply and distribution of Thyroid Powder, USP, by leveraging its exclusive partnership with pharmaceutical manufacturer, Sichuan Deebio Pharmaceutical Co., Ltd (Deebio). “Partnering with Deebio in June 2021 was a huge milestone for the pharmaceutical compounding industry as it allowed us to secure and stabilize the supply of high quality Thyroid Powder for the US market,” said Panagiota Danopoulos, Senior Vice President of Global Strategy & Innovation at Medisca. “After going to market, we immediately realized that the demand for Thyroid Powder extended outside of our usual distribution channels to compounding pharmacies,” continued Danopoulos. “And we had the capacity to upscale supply to make this critical ingredient accessible to various markets, chan
Merck to Present Latest Research From Oncology Portfolio at ASCO 202226.5.2022 18:00:00 CEST | Press release
Merck, a leading science and technology company, today announced the latest research representing the Company’s innovative oncology portfolio has been accepted for presentation at this year’s American Society of Clinical Oncology (ASCO) Annual Meeting, June 3-7, 2022. Data encompass Company-sponsored, investigator-sponsored, and external collaboration studies. Abstracts to be shared at the meeting include data for the Company’s licensed medicines BAVENCIO® (avelumab), TEPMETKO® (tepotinib) and ERBITUX® (cetuximab), and its oncology pipeline. The presentations span key tumor types including advanced urothelial carcinoma (UC), advanced renal cell carcinoma (RCC), metastatic non-small cell lung cancer (NSCLC), metastatic colorectal cancer (CRC), and head and neck cancer (SCCHN). “We look forward to coming together with the scientific community at ASCO 2022, where we will share the latest data from our portfolio, which demonstrate our determination to make a real difference in the lives of