Identiq

Fraud Solution Profile

Has created a network with some of the largest B2C companies in the world, which allows its members to validate information without sharing any sensitive customer information whatsoever. Members simply ask the network – “Do you trust this user?” And when many companies respond “Yes!” then they can too – even if they’ve never seen that user before – and give the user a totally frictionless experience. Companies leverage one another’s data – without ever sharing it. It’s totally anonymous, enabling true collaboration and real results. 

Companies need to know which users and details are legitimate, compromised or fraudulent. This makes access to information beyond a company’s own data absolutely vital. Until now, companies have never been able to work together directly, in an automated fashion, due to privacy concerns and the need to protect competitive information or trade secrets. 

Working with data brokers has never been a great solution, with problems including poor data freshness and reliability, misleadingly partial understanding of a consumer’s online life, high costs which mean fraud fighters don’t query as often as they might like, and serious data privacy concerns. Moreover, before Identiq, good customers had to prove themselves over and over.

Companies on Identiq’s network can query the other companies on the network whenever they see a new user, or new user details. Companies who recognize and trust the user respond, and then the company asking the question can trust that user, too, leveraging fresh, first-party user data – every time. 

It’s positive validation, identifying the good customers reliably and immediately. Fraud fighters can then concentrate their efforts on the small number of “grey area” users who merit further investigation, while good users get a frictionless experience even the first time they’re on a site – because while they might be new to one site, they’re already trusted by others. 

The clever bit is, it’s anonymous – no one on the network knows what queries are being asked, which companies are asking, which companies are asking, or what the answers are to any other company’s queries. Companies can leverage one another’s data – without ever sharing it. Even Identiq never sees any personal user data from any of the companies on the network. 

It sounds like magic, but it’s actually Privacy Enhancing Computation at work, a technological development so significant that Gartner chose it as a Top Strategic Trend for 2021.