Velocity is a Significant Predictor of Fraud
The Kevari velocity network captures the repeated submission of identity attributes from financial institutions that contribute new-account inquiries and profile change requests.
Fraudsters frequently target multiple financial institutions, either because they try and fail and they’re modifying their approach and going to the next institution, or they’re successful and they want to perpetrate as much fraud as they can.
With Kevari velocity data, you get a view across thousands of institutions nationwide. Your investigator might notice, “Hey, there are five requests from John Smith at five different financial institutions in the past week. That’s not normal behavior; something’s going on.”
Velocity helps investigators identify those scenarios where the application data looks right, but the fact that they took that data to five different institutions in a short period of time raises a red flag.
What also raises a red flag is when a name, SSN, address combination that matches the credit bureau header is presented in rapid succession but with various different phone number/email combinations.
Additionally, velocity can help identify legitimate consumers. If the velocity data reports that the network has only ever seen John Smith at one address, with one SSN and at one financial institution, it raises the likelihood that the activity is legitimate, normal consumer behavior.
To learn how to put the Kevari velocity network to work for you, reach out to us by completing the form on this page.
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