Precise ID® by Experian is a comprehensive identity verification and fraud detection platform designed to empower businesses to confidently pursue growth while mitigating a wide range of fraud risks. By integrating real-time identity verification with advanced analytics, Precise ID enables organizations to accurately identify threats such as identity theft, synthetic identities, and first-party fraud. The platform offers flexibility, allowing users to tailor fraud analytics, define identity verification policies, and create step-up verification workflows that align with their specific business requirements. Key Features and Functionality: - Fraud Detection and Identity Verification: Utilizes robust fraud detection models to identify specific fraud trends, enhancing overall approval rates and reducing applicant attrition. - Flexible Fraud Prevention: Allows customization of fraud analytics, identity verification policies, and step-up verification workflows to meet unique business needs. - Precise ID® Model Suite: Includes machine-learned fraud risk models that detect first-party, third-party, and synthetic identity fraud. - Compliance Support: Assists in meeting regulatory requirements such as KYC, CIP, GLBA, FCRA, FFIEC, PATRIOT Act, and FACTA. - Step-Up Verification Solutions: Offers additional verification methods, including one-time passcodes, knowledge-based authentication, financial account ownership verification, and document verification through mobile image uploads. Primary Value and User Solutions: Precise ID addresses the critical need for businesses to manage fraud and identity risks effectively while maintaining a seamless customer experience. By providing real-time identity verification and advanced fraud detection capabilities, the platform enables organizations to: - Reduce Fraud Losses: Accurately identify and mitigate various types of fraud, including identity theft and synthetic identities. - Enhance Customer Experience: Implement flexible verification processes that balance risk management with customer convenience. - Ensure Regulatory Compliance: Meet industry standards and regulations through comprehensive identity verification and fraud detection measures. By leveraging Precise ID, businesses can confidently expand their operations, knowing they have a robust system in place to detect and prevent fraudulent activities.