Ekata Solutions
Account Opening
Onboard more customers with higher confidence and lower friction while reducing account opening fraud
Ekata’s account opening solutions elevate the customer onboarding experience for ecommerce companies, marketplaces, and financial institutions.
To learn how to meet your customer acquisition goals by confidently identifying good customers while simultaneously eliminating fraud, contact us today.
“Ekata’s Account Opening Solution is very helpful as it helps us to identify more legitimate users before going through a digital KYC process.”
-Mark Ross-Smith, CEO of Status Match
How it Works
Your business needs to inform the way you use our Account Opening solutions. Perhaps you’re a financial institution seeking to verify an applicant’s identity at account opening? Or an eCommerce company interested in sorting good customers from bad actors? Whichever scenario, building risk rules around the information your customers initially provide enables you to reduce friction for good customers and deny access to bad actors.
Below is a high-level look at the way the Account Opening helps you sort customers during the account opening process.
Features
By calling our Account Opening solutions at the start of this flow, you gain access to scores and insights that enable you to build the rules that send customers down the flow that matches their risk profile. The feature selection aligns with your business needs, but will include, at minimum, the following:
| Identity Validity Checks Verify the identity of customer details provided by the applicant. |
Risk Flags and Scores Leverage model-derived predictions — Identity Risk Score, Identity Network Score, and IP Risk flag — in your risk models to assess the riskiness of an application. |
| Activity Detection Catch the most recent activity of an identity element to determine the riskiness of the location, address, and phone. |
Scalability Support massive, sustained query-per-second volume requirements while retaining reliably low latencies. |
The Right Solution for your Industry
Choose an account opening solution tailored to your pain points. Check out the benefits that apply to your industry:
Financial Services
Improve Customer Acquisition Rates
Ekata data provides risk scores and identity insights at the beginning of the account opening process to expedite the user experience for good applicants—helping you meet your customer acquisition goals — while preventing bad actors from wreaking havoc.
Provide application details to gain critical insights that help you initially verify the identity of applicants around the world and confidently assess their risk.
Verify customers with confidence
Ekata Network and Identity Risk Scores are predictive signals that give you the confidence to convert good customers faster with low-friction onboarding.
Prevent synthetic identity fraud
Use real-time risk indicators to stop bad actors from manipulating accounts and performing bust-out credit fraud before losses occur.
Reduce abandonment for thin-file customers
Leverage predictive data to more efficiently bring on customers with limited financial history from internal or traditional sources.
Ecommerce
Stop Fraud from Eating into Your Bottom Line
As more customers move online and fraudsters become more sophisticated, ecommerce companies benefit from assessing fraud risk before a customer gets to the check-out page.
Provide minimal sign-up details to enable quick and confident sorting of customers into low-risk and high-risk buckets that allow you to tailor their experience on your platform.
Keep sign-up flows simple
Determine risk with minimal information, enabling good customers to start transacting fast.
Stop promo fraud
Ensure sign-up incentives, referral bonuses, and loyalty discounts are only provided to the people growing your business.
Flag risky users during sign-up
Flag risky users without preventing account opening by adding friction to their experience to deter fraudulent transactions.
Marketplaces
Maintain Platform Integrity and Consumer Trust
As fraudsters seek new places to gain a foothold, ensuring they’re not allowed entry into your marketplace in the first place is key — and an identity verification solution that assesses risk upfront without adding friction can help.
Provide minimal sign-up details to enable quick and confident sorting of users into low-risk and high-risk buckets that keep bad actors off your platform.
Maintain your reputation
Weed out bad actors during the account opening process to ensure they can’t behave in a way that damages your company’s hard-won reputation.
Stop promo fraud
Ensure sign-up incentives, referral bonuses, and loyalty discounts are only provided to the people growing your platform.
Protect your users
Reject high-risk applications to help ensure the safety of your user base.
Resources: ebook
Synthetic Identity Theft: A Fast-Growing Crime That Threatens Every Business
In this eBook, learn why synthetic identities can be difficult to detect, how fraudsters use this tactic to exploit various types of businesses, and what best practices you can take to battle synthetic identity theft.
Resources: eBook
Reining in Promo Fraud: A data-driven approach for distinguishing between valid and fraudulent activity
Learn how taking a data-driven approach to distinguishing valid from fraudulent activity — especially when it comes to promotion abuse — can help safeguard your company from fraud and lost revenue.
Resources: Case Study
Bunking Case Study
Bunking is a social marketplace that connects like-minded people through flexible shared living stays and once-in-a-lifetime travel experiences. Users can leverage Bunking’s technology to connect with a group of people for a curated, affordable, and revolutionary shared living experience.
Contact an Expert
See how the Account Opening API can increase revenue for your business. Contact us to find out more.