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
Attracting, onboarding and converting customers through digital channels requires the ability to confidently identify your customers. But how do you identify someone you don’t know and haven’t met?
Ekata’s account opening solutions provide the insights to help businesses separate potential bad actors from good customers during the application process. We do this by using sophisticated data science and machine learning to help you make quick and accurate risk decisions about the identity of your customers.
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
Consumers demand instant gratification in all digital transactions, including opening an account online.
Ekata data expedites the user experience for good applicants to help you meet your customer acquisition goals while preventing bad actors from using stolen or synthetic identities to gain instant credit, seek loans, launder money, or execute bust-out schemes.
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.
Reduce abandonment for thin-file customers
Utilize a dynamic data set of identity elements, linkages, and real-time behavior patterns to confidently validate applicants – even those with a limited financial history.
Prevent identity fraud
Leverage the power of machine learning to analyze probabilistic risk indicators and determine if the applicant is a real person and is who they claim to be.
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
Contact us to see how account opening solutions from Ekata can help you onboard more customers, while closing the door on fraudsters.