Transformation in Account Onboarding Process: Entrust and Mastercard Implement Smarter Fraud Protection
Entrust, a leading provider of trusted identity solutions, has expanded its partnership with Mastercard. This collaboration aims to deliver stronger protection and measurable business results, particularly in the face of growing challenges like deepfakes, synthetic identities, and mounting pressure for efficient fraud protection.
The expanded partnership focuses on enhancing fraud prevention through intelligent pre-screening. By leveraging real-time risk insights from Mastercard Identity's network, the partnership seeks to identify threats early and automate remote onboarding for customers.
Minh Nguyen, Vice President of Product, Identity Verification at Entrust, stated that the partnership helps ensure businesses can leverage Mastercard's insights through their platform to stay ahead of emerging threats.
Mastercard Identity applies a multi-layered approach that contextualizes data from authoritative sources, historical usage, and machine learning to deliver a more comprehensive analysis. This approach enables the detection of unusual behavioral patterns and anomalies that signal potential fraud.
Mastercard Identity insights (powered by Ekata) will be integrated into the Entrust Identity Verification Security Platform. These insights use machine learning-powered data analytics to separate bad actors from good users during the application process.
Entrust Identity Verification adapts to each user's risk profile, allowing low-risk individuals to progress while applying additional checks only when needed. This approach helps businesses customize their verification workflows to treat low-risk, medium-risk, and high-risk verification attempts differently.
Dennis Gamiello, Executive Vice President, Global Head of Identity at Mastercard, stated that the partnership expansion enables a proactive, personalized approach that strengthens security while keeping the user experience seamless.
The first Engage-qualified partner offering both the Digital First and the Identity program is Entrust. This unique position allows Entrust to address today's most urgent challenges in regulated and non-regulated sectors through an innovative, multi-layered approach.
According to the Entrust Future of Global Identity Verification report, 66% of organizations say that identity fraud prevention and customer experience are competing priorities. The partnership between Entrust and Mastercard aims to strike a balance between these two needs.
One Buy Now Pay Later provider reported a 50% reduction in application abandonment and a 60% increase in passive identity verification using Mastercard's signals. These results underscore the potential benefits of the partnership for businesses.
In conclusion, the expanded partnership between Entrust and Mastercard aims to combat the challenges of the digital age by delivering a more secure and efficient digital onboarding experience. The collaboration seeks to reduce manual intervention costs, streamline the user experience, and provide businesses with the tools they need to stay ahead of emerging threats.
