Experian Adds Mastercard’s ID Verification Tool to Ascend Platform

Experian added Mastercard ’s identity verification and fraud prevention technology to its Ascend analytics platform.

The collaboration will bolster identity verification services for the more than 1,800 Experian customers using Ascend, in industries such as financial services, automotive, health and digital marketing, helping them prevent fraud and cybercrime, according to a Thursday (June 26) press release .

“When acquiring new customers, our clients want a frictionless process where both ID and fraud, as well as credit risk, can be assessed as part of a single request that streamlines and speeds the customer experience,” Experian Software Solutions Executive Vice President of Identity and Fraud Greg Wright said in the release. “Success is measured by helping our clients grow their business while making fast, efficient decisions. By enabling clients with advanced analytics solutions that bring credit, identity and fraud data into the Ascend Platform, we help them achieve their strategic goals while also driving greater financial inclusion for consumers.”

Identity verification helps prevent fraud and cybercrime, the release said. While 96% of decision makers see identity verification as an important tool in preventing fraud, “27% of businesses report that their current identity verification strategy negatively impacts legitimate customers and their experience.”

The PYMNTS Intelligence report “ How FinTechs Are Fighting Identity Theft and Identity Fraud ” found that identity-related issues account for 42% of all suspicious activity seen by financial institutions.

“This underscores the central role of identity in fraud attempts and the critical need for robust identity verification processes,” PYMNTS reported in April.

Meanwhile, the Federal Reserve , the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. are trying to crack down on fraud, especially check theft and scams.

In a notice published this month in the Federal Register, the regulators pointed to a rise in check fraud, with increasing levels of this crime in recent years, despite overall declines in check usage .

“Checks can be stolen, altered or forged,” the notice said. “For instance, the physical nature of paper checks makes them susceptible to theft while in transit or when left in unsecured locations. Products and services to detect altered or forged checks during the clearing process have varying degrees of effectiveness, given that checks do not inherently include explicit security features.”