FinServ

BlockID for Financial Services: Eliminate account takeovers and synthetic identities

The 1Kosmos BlockID mobile app provides the highest levels of identity proofing (IAL3) and authentication (AAL3) on the market per the NIST 800-63-3 Guidelines. 

 


Fact: For every dollar of fraud loss, financial services companies incur $3.25 in costs...

 

Identity-related fraud.

There is an upward trend regarding the volume of improvised identities, stolen or fabricated, which are used to establish all forms of relationships with financial institutions. The nature of the ever increasing digital transformation in financial services means more personal information is accessible to criminals, whether through major data breaches or attacks on individual accounts.

Synthetic identity fraud has become more pronounced over the past five years. The failures of current identification and authentication systems have enabled the creation of new, fake identities that use real data points stolen from multiple people (real SSN with the name of a different person at yet a third person’s physical address).

And once identity is stolen...

... Well, basically everything goes. Once hackers and other criminals  have established fraudulent relationships with financial institutions, there's a full menu of financial crime possibilities. (Source: Fiserv) For example, a fraudster can take out a loan and not pay it back, make a small deposit and take advantage of overdraft services, or establish a mortgage, while avoiding being caught during the income verification process.

A few stats: According to McKinsey, synthetic identity is the fastest-growing form of financial crime in the United States. According to LexisNexis Risk Solutions, 61% of fraud losses for large banks stem from identity fraud. In 2019, criminals were able to steal over $15 billion via synthetic fraud, with over 15 million consumers directly impacted.


With 1Kosmos BlockID, your customers will always be who they say they are. So will your employees!

  • 1Kosmos BlockID enrolls identity attributes that include the user's biometrics. We reach the highest level of assurance (IAL3) in terms of identity assurance per the NIST 800-63-3 Guidelines. The creation of a synthetic identity becomes virtually impossible.
  • We authenticate users by reaching the highest level of assurance (AAL3) per the NIST 800-63-3 Guidelines. 
  • The utilization of advanced Biometrics to secure the identity of your customers and employees. A hacker cannot reproduce and therefore compromise the analysis and result of a liveness test, for example.  
  • A distributed ledger that is virtually uncompromisable and that initiates peer-to-peer transactions while ensuring the immutability of the data stored is the answer to risks associated with systems hacking.
  • The combination of advanced Biometrics to enroll and authenticate your customers and employees and distributed ledger technology guarantees data is securely stored while facilitating all exchanges between your consumer and your platform or between your organization and your employees.
  • Users' and employees' data is stored encrypted.

Data Storage and The BlockID Private Blockchain Ecosystem.

Our private Blockchain-based data storage architecture promotes trust between your organization and your customers for all transactions purposes and more and mitigates internal fraudulent issues.

Leveraging the BlockID Private Blockchain Ecosystem entails storing the customers and employees biometric information in a virtually incorruptible system to ensure they are who they say they are at all times throughout the process. Employees' and customers' data stored in our distributed ledger aren't subjected to data breaches. 

The immutability of a distributed ledger is leveraged to record service provider-customer interactions. The document can never be modified, leaving an auditing trail, and therefore creating trust between all parties involved.

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Contact us to learn more about BlockID for Financial Services.


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chose 1Kosmos BlockID

“Cybercrime is a daily threat to every organization and government across the globe...These Verizon solutions (powered by 1Kosmos BlockID) offer a significant step forward in cybersecurity protection.”
Alex Schlager, Executive Director and Chief Product Officer of security services at Verizon Business