US-based SentiLink has launched Facets, a solution that allows US financial institutions to improve fraud models and onboarding flows. The solution comes as an addition to SentiLink’s scores targeting synthetic fraud and ID theft and provides feature-specific intelligence derived from proprietary identity data and its consortium of banks, credit unions, and fintechs.

Facets aims to enable SentiLink’s partners to improve their models and accelerate how they make risk-based decisions. Considering that financial fraud techniques increase in complexity, financial institutions are turning to machine learning-powered automation to aid in expediting their ability to discover fraudsters. However, data being used to make decisions influences the fraud and risk models, with high-quality data allowing financial institutions to more precisely identify cases of fraud and deliver better business outcomes.

More information about Facets SentiLink’s officials highlighted that through Facets they’ve unlocked a new level of intelligence that partners can use to improve their models, identify fraudsters at account opening, and securely serve their customers. Facets’ main objectives are to enhance financial institutions’ models and to better equip them to deal with quickly evolving fraud issues. Facets are numeric attributes that do not require additional feature engineering when used in a fraud model and they deliver key-value pairs via the API response for easy analysing. By using Facets, financial institutions can choose the attributes that work best for detecting fraud within their customers to improve accuracy.

While being tested by SentiLink partners, Facets significantly enhanced their model’s ability to accurately detect fraud. Facets’ benefits and features SentiLink’s Facets solution provides deeper insights into identities through attribute bundles that may help organisations reduce the ever-evolving threat of suspicious activities. Some of the key benefits and features of the solution include: Ability to flag nuances that indicate synthetic fraud and identity theft; Access to a range of indicators that financial institutions can use to predict the identity of an individual; Access to over 250 data points from across more than 300 financial institutions and fintechs that SentiLink works with; Enhancement of in-house fraud models with flexible, intelligent data points for targeting the nuances of fraud and creating more actionable insights for data-driven decisions.

Datos Insights highlighted that identity fraud continues to impact the lives of American consumers, with 25% of them indicating they had been a victim of identity theft in 2022. Moreover, 70% of them said that the fraud was related to the creation of an account in their name. This results in an increased need for financial institutions to review and improve their control frameworks to deal with these new challenges.

About SentiLink As a provider of innovative identity and risk management solutions, SentiLink enables institutions and individuals to transact safely with one another by preventing synthetic fraud, identity theft, and emerging forms of first-party fraud when creating an account. Back in October 2022, Persona combined its identity orchestration engine with SentiLink’s fraud solutions to maintain KYC compliance and prevent fraud. Through this collaboration, the two companies facilitate the process of solving identity verification issues. Organisations can integrate SentiLink’s API through Persona’s decision-making engine with minimal effort or in-house coding required.

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