Companies must rethink their approach to address new customers and new online behaviors
PALO ALTO, CA (July 30th, 2020) – Adara, the market leader in permissioned data and verified identity, has released a new ebook entitled “Rethinking Fraud Prevention and Identity Verification Post Covid-19.” The guide, built on research and years of identity verification expertise, exposes the vulnerabilities that current approaches have. COVID-19 caused millions of people to move previously offline behaviors online, including banking, telemedicine, and shopping. These new behaviors break from old patterns, which backwards-looking data sources are not able to effectively analyze. Adara shows why companies must also include real-time and predictive data sources to become more effective.
“With millions of new transactions occurring online that have no previous patterns, identity verification and fraud prevention strategies can no longer be based solely on past data. Companies must also include a variety of data sources that can verify current behavior, location and other key factors, as well as provide high-confidence predictions of future behavior,” said Nguyen Nguyen, VP Partner Development & Technical Services at Adara.
April 2020 saw a 200% jump in new mobile banking registrations, while mobile banking traffic rose 85%, according to Fidelity National Information Services (FIS). These new behaviors do not match past patterns that would be captured by standard fraud data sources. At the same time fraud is increasing in volume and sophistication to take advantage of this new online behavior. Companies must increase their own sophistication to keep themselves and their customers protected and to improve the online customer experience.
Adara data provides the most accurate deterministic data set for companies. With billions of transactions from more than 290 global companies, Adara is able to help brands gain more confidence in a person’s identity in a way that complements current fraud detection and identity verification practices.
- Accurate detection: Adara’s insights are from transaction categories such as travel and homebuying that are reliable, time based, and provide insight about location, spending ability and stability.
- Prediction at scale: Adara intent data delivers certainty about future travel and plans to move to a new home, offers accurate certainty about future behavior, and probabilistic models that help identify patterns across segments to better predict future behaviors of customers at scale.
“Adara’s highly predictive data across major, important behaviors such as travel and homebuying provide certainty about future behavior that can be applied to an entire audience for scalable, accurate fraud prevention,” said Layton Han, CEO at Adara.
Adara enables consumer brands to grow market share by leveraging our 1 billion high-fidelity identities, ethically sourced through our data consortium. We utilize a single source of data to deliver a seamless customer experience from routine transactions through to refined personalization and we drive optimal customer decisions using advanced data science and real-time deterministic data. All fueled by our data consortium of more than 290 globally recognized brands.
Adara: More Customers, Less Friction, Better Outcomes.