The industry’s first biometric-based velocity check to catch fraudsters who use the same identity multiple times.
Bad actors, whether individuals or fraud rings, are constantly changing their tactics to evade cybersecurity and identify verification protocols. They could be breaking through and causing large fraud losses quickly by using identical visual data—like a headshot or a selfie—with different identity documents. This method can often bypass traditional security measures, especially when fraudsters use this technique frequently in a short period of time.
Reduce your company’s risk of fraud with a biometric-based solution that stops fraudsters in their tracks.
What are Velocity Checks?
The Velocity Check tool leverages sophisticated image comparison algorithms to detect when bad actors attempt to make a transaction or open an account with multiple identities using the same headshot or selfie. In this fraud technique, while a bad actor may use a different combination of identity documents, PII, or names with each instance, the headshot is the same. Once submitted, the Velocity Check tool analyzes the ID or selfie headshot image and compares it to the customer’s database of stored images from prior identity transactions. If the image has been used in the past 48 hours, or within a timeframe determined by the customer, the transaction will be flagged for review based on the set criteria for the Velocity Check. Whether you want these transactions to be denied or just bucketed for additional review, workflows can be set based on custom criteria within the decisioning.
The Velocity Checks tool is the industry’s only biometric-based velocity check that addresses this common and increasing type of fraud. Users can not only flag this type of fraud but can also create a specific segment to easily review transactions that receive a possible match.
Benefits of Velocity Checks
Minimize Fraud Loss
By comparing information from the current transaction to the biometric data gathered in past transactions, you can ensure fraudsters aren’t using the same image across multiple identity documents before they pass through your system multiple times.
Confidence Your Customers Are Who They Say They Are
Keep bad actors out without bogging down good customers with friction.
Trend Analysis
See the frequency in which a user is performing activities that require identity verification actions to evaluate risk and fraud loss.
Use Cases for Velocity Checks
Account Opening &
Onboarding Process
Financial Transactions
& Large Purchases
Workforce
Authentication
Here’s how Velocity Checks work.
Bad actor attempts authentication using the same headshot or selfie in a predefined timeframe.
Velocity Checks flag matching transactions that have a match for additional review by customer-driven fraud teams to validate the potential bad actor. Once a bad actor is determined, it’s a great opportunity to enroll the fraudster into Fraud Shield.
Organizations can analyze trends, including the frequency a user triggers identity verification actions.
Velocity Checks can be used with any other tool in AuthenticID’s comprehensive suite of identity verification and fraud prevention solutions.
Velocity Checks by AuthenticID
The industry’s only biometric-based velocity check, adding a new weapon for organizations to identify both individual bad actors as well as fraud rings using multiple sets of identity documents with the same headshot. The solution will compare headshots in a configurable timeframe and will segment and flag transactions that have a match for users to review. Velocity Checks also offers organizations the ability to analyze trends, including the frequency of a user triggering identity verification actions.
Read the Velcoity Checks Product Sheet to learn more (no sign-up required) >>>>>>
Frequently Asked Questions about Velocity Checks
Velocity Checks monitor a specific set of data. In this case, it is the images submitted by users and compare them to a stored database of previously used images. The advanced image algorithms identify identical images to stored transactions over a 48-hour comparison timeframe, as fraudsters will often repeatedly use the same image with multiple account details over a short period of time. Once flagged, the image triggers the velocity check rule to flag the attempt as potential fraud. From there, organizations can stay ahead of fast-occurring, trending fraud.
Velocity Checks can be used in conjunction with an organization’s existing or new identity verification and/or fraud detection platforms to allow for a robust fraud prevention and detection strategy. Velocity Checks increases the chances of identifying individual bad actors or fraud rings using multiple sets of identity documents with the same headshot. Organizations can gain better visibility into their system’s fraud patterns and fraudster behavior and monitor these high-velocity transaction attempts while establishing and monitoring these identity fraud trends.
Velocity Checks can be used to detect when fraudsters use the same image with multiple sets of identity documents to open fraudulent accounts and more. In addition, this tool can be used to help fight fraud types such as account takeover fraud, synthetic identity fraud, and more.
When using AuthenticID’s capture to take a picture of a headshot on an ID or a Selfie, both deepfake injection attack algorithms and liveness detection is leveraged to help prevent deepfakes and generative AI images.
Yes, Velocity Checks can be applied in any authentication workflow. Authentication workflows can be set up through web and mobile based experiences and prompted during online, in store/branch or through customer contact center verifications.
Our Numbers
What to Expect with AuthenticID
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-to-1ROI fraud prevention
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%PII compliant
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%+Accurate counterfeit detection
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%Automated verifications
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