Trustfull Combats Synthetic Fraud

Trustfull

Trustfull, a digital risk intelligence firm, has unveiled Silent Onboarding, which aims to bolster defences against the increasing incidents of synthetic identity fraud.

The decision to develop Silent Onboarding was driven by the substantial rise in identity fraud, which soared to nearly $23bn in losses last year. This alarming trend, primarily fuelled by synthetic identity fraud, necessitates a more robust approach to fraud prevention at the point of customer onboarding.

Trustfull operates at the forefront of digital risk management, providing cutting-edge tools designed to identify and counteract financial crime and fraud. The company’s solutions are vital for businesses seeking to secure their digital and financial transactions throughout the entire customer lifecycle.

Silent Onboarding employs a sophisticated system of passive identity checks that pre-screen potential customers using a myriad of digital signals. This innovative approach integrates seamlessly into existing account opening procedures, enhancing user experience by not interfering with sign-up processes while still effectively identifying and blocking fraudulent activities.

Key features of Silent Onboarding include a user-friendly digital risk intelligence platform, an advanced identity graph to track suspicious user connections, and a no-code rule engine that allows businesses to customize and explain risk models. These features are designed to provide businesses with actionable insights and adapt their risk strategies effectively over time.

Clients and partners of Trustfull include major industry players such as Nexi, Twilio, Refinitiv, and Banca Sella, among others. These collaborations underscore the company’s credibility and the robustness of its solutions in managing digital risk and preventing financial crime.

“At Trustfull, we’re committed to empowering businesses with robust fraud prevention solutions,” said Trustfull CEO Marko Maras. “Silent Onboarding is our contribution to the fight against synthetic identity fraud, acting as a first line of defence for all digital sign-ups.”

Keep up with all the latest FinTech news here.

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.