Efficient protection against identity fraud
Benefit from an unrivalled control tool, thanks to Open Banking.
Shield instantly detects fake profiles and identity theft by verifying declarative data (name, phone number, email, personal address) and IP address retrieved during a credit application.
But Shield can go even further: thanks to Open Banking, the tool is able to check whether declarative data and bank data are consistent with each other.
Shield offers two independent levels of protection. Combined, they provide optimum protection against fraud.
An optimal customer experience
Algoan Shield identifies fraud risk in a way that is totally transparent to the consumer, as it relies solely on the information usually requested in a customer journey.
An immediate profile validation
Shield instantly calculates a fraud score to enable automatic validation of the analyzed profile or, on the contrary, its manual review.
Open Banking to help detect fraud
Banking data is much more difficult to falsify than declarative data. Using Open Banking data represents a new bulwark against fraud. Shield automatically retrieves the account holder's name, extracts information from bank transactions and compares it with declarative data.
360° protection against fraud
By combining our expertise in Open Banking data enrichment with traditional fraud checks, Shield provides access to the best protection on the market.
Do you have a question about Shield?
See our FAQ or contact us for more information.
How does Shield work?
Shield relies on 6 key elements: first and last name, telephone number, email address, IP address and postal address. For each of these elements, Shield validates its authenticity and checks that it matches the others. For example, it checks that the email address matches the name of the person applying for a loan.
But Shield goes even further, thanks to Open Banking, by checking whether declarative identity data is consistent with information extracted from bank data. For example, it is able to establish whether or not the declared mobile number matches the mobile plan subscription identified in the applicant's banking transactions.
Can Shield be used without Open Banking?
Open Banking is not mandatory, and Shield can operate on just a few identity elements such as a person's first and last name, and postal address.
However, Open Banking enables Shield to provide enhanced and optimal protection against fraud, as Open Banking data is retrieved directly from the applicant's banking institution, drastically limiting the possibilities of fraud.
Our product is capable of extracting several signals from this banking data to detect any suspicious behavior and assess fraud risk.
How is Shield integrated into the customer journey?
Shield works via API, enabling you to obtain a response in real time. So the customer experience is not impacted.
All you need to do is implement a system of rules using the indicators and risk score delivered by Shield, to determine the authenticity of the applicant's profile, and carry out a manual review of the suspicious profiles if you wish.
What types of fraud does Algoan Shield protect against?
Shield protects against synthetic identity fraud, in which real (but stolen) identity data is combined with fictitious information to create new identities.
Shield also acts as a shield against traditional identity theft. This type of fraud involves stealing an individual's personal information to impersonate them in order to gain access to financial resources or other benefits.
Therefore, this product offers comprehensive protection against the types of fraud associated with credit applications.
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