Ekata today expanded its account opening solutions to help ecommerce companies and marketplaces 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. This enables businesses to create streamlined onboarding experiences for legitimate customers and to reject or add friction to high-risk customers. These new capabilities expand Ekata’s existing account opening solution for financial services and fintech companies.
Balance Customer Acquisition with Fraud Prevention
In the past year, more than half of ecommerce companies experienced an increase in promotion abuse — 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 these bad 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. This means that, even in the face of rising fraud, a streamlined sign-up process is still key to meeting customer acquisition goals. By only requiring phone or email and an IP address to make a risk assessment during sign-up, companies can use Ekata’s new solution to confidently identify fraud while maintaining low-friction sign-up flows.
Account Opening by the Numbers
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.
- One customer captured more than half of potential fraud (55%) during the initial step of the sign-up process.
- This solution is fast (<100ms), which enables real-time risk assessment during account sign-up.
How Bunking Built Trust
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.”
Ekata’s expanded account opening solutions provide risk assessments in real-time to onboard more customers at scale while stopping fraud in its tracks — making it the perfect solution for ecommerce companies and marketplaces.
We’re committed to building products that make your risk-decisioning process easier. To see how our account opening solution for ecommerce businesses and marketplaces can help your company meet its revenue goals, reach out to your Ekata representative or contact us directly.