Supplier News
UK – IDVerse launches fraud prevention solution FraudHub
By William - 5 March 2024
Identity verification solutions IDVerse has announced the global launch of FraudHub, a product designed to ‘revolutionise fraud detection and prevention for businesses worldwide’.
After two years of testing with global telcos and banking institutions, FraudHub is set to be available for general use for current IDVerse customers in early March.
FraudHub represents the next evolution of IDVerse’s identity verification solution, offering businesses an additional layer of protection against repeat fraud attempts. Unlike traditional fraud detection systems which operate in isolation, FraudHub provides businesses with contextual insights by analysing patterns within their user base.
IDVerse’s CTO, Matt Adams, commented: “INTERPOL has IFRS, but FraudHub is possibly the IFRS for the rest of us, empowering businesses large or small with cutting-edge, ethical face recognition security solutions that protect privacy.”
With FraudHub, businesses gain the ability to identify repeat fraud attempts by recognising similarities in faces or ID details across transactions. This empowers businesses across all industries to proactively detect emerging fraud trends and mitigate potential threats to their platforms.
By integrating FraudHub with IDVerse’s existing solution, businesses can stay ahead of evolving fraud tactics and innovate beyond emerging trends. FraudHub addresses critical challenges faced by compliance and risk teams, offering a comprehensive solution to reduce fraud attempts and mitigate financial losses.
The new product enables businesses to detect and prevent fraud on a broader scale, thereby empowering them to safeguard their operations and protect their customers’ interests.
