Ekata, a global leader in digital identity verification, has expanded its account opening solutions to help online businesses worldwide quickly identify and flag risky account sign-ups.
Powered by a proprietary data set and machine learning, Ekata’s account opening solutions assess the risk of new accounts in real-time, enabling businesses to create streamlined onboarding experiences for legitimate customers and reject or add friction to high-risk customers.
Ekata’s new capabilities expand its existing account opening solution for financial services and fintech companies.
According to Ekata’s research, almost one quarter of shoppers abandon their shopping cart because they’re asked to create an account — streamlining the sign-up process is key to combating this figure and onboarding more customers. By only requiring phone or email and an IP address to make a risk assessment, companies can use Ekata’s new solution to maintain low-friction sign-up flows that don’t require customers to enter their name or physical address.
According to Darren Cody, product manager at Bunking, a social marketplace that connects people through flexible shared living stays and travel experiences, “Ekata has been instrumental in helping Bunking proactively finetune our fraud solution to safeguard marketplace trust and safety. With easily provided personal information, we’re able to create different workflows based on risk profiles — eliminating any potential onboarding friction for good customers while protecting our community.”
“Our account opening solutions are hugely successful in helping financial institutions streamline onboarding and prevent fraud during account creation. We’re thrilled to expand these solutions to businesses in the ecommerce and marketplace spaces, especially with account opening fraud on the rise across the globe,” said Jordan Reynolds, VP of Market Strategy, Ecommerce and Marketplaces at Ekata. “Online businesses typically rely on their own internal data to understand the risk of an account, but this takes time and multiple interactions with a customer. Our solution provides risk assessments in real-time, helping businesses onboard more customers at scale and stop fraud in its tracks.”
