Nilson Report

Issue 1221 | Jun 2022

FEATURED COMPANIES

Companies featured in this issue include:

Europe’s Global Network Cards—Market Shares in 2021

Europe Global Network Cards—2021 with change vs. 2020

Market Shares of Purchase Transactions 2001-2021

Commercial Bank Credit Cards in Canada—Visa and Mastercard

Commercial Bank Credit Cards in Canada—Cards by Product

Investments & Acquisitions—May 2022

Europe’s Global Network Cards—2021 with change vs. 2020

Credit, debit and prepaid cards issued in Europe with Visa, Mastercard, American Express and Diners Club brands generated $4.217 trillion in purchase volume in 2021. On a local currency basis this was an increase of 22.1% over 2020.

Visa
$2.441 trillion, +16.2%
Mastercard
$1.684 trillion, +32.0%
American Express
$0.086 trillion, +18.2%
Diners Club
$0.005 trillion, +11.4%

Full access to the Europe Global Network Cards results is available when you subscribe to the Nilson Report.


Error
Thank you! Your free copy of this issue is now available in your email inbox.
The Nilson Report may contact me about
products and services of interest.

I have read and understand The Nilson
Report's Privacy Policy.

< BACK TO NEWSLETTER ARCHIVE

POSTED JUN 20, 2022 | PRINT

Early Warning Services’ Verify Identity

Protecting financial institutions from criminals that combine valid and fake personally identifiable information (PII) to create a synthetic identity is the goal of Verify Identity from Early Warning Services. Criminals use synthetic identities to open deposit, credit card and personal loan accounts.

A growing number of files at US credit bureaus are synthetic identity-based accounts. While firm figures are not available, it is believed that $15,000 in credit losses occur per account with synthetic PII.

Synthetic identity files can also include manipulated accounts where consumers with problem credit histories amend their valid PII with some fake information to obtain new credit.

Fraud using synthetic identity PII typically originates with criminals opening a deposit account. To attack that problem, Verify Identity leverages Early Warning’s National Shared Database of positive and negative deposit account information on American consumers. That database receives information from nearly every major US financial institution. 

The National Shared Database provides access to billions of records related to account owner, account status, balance and transaction information, prior fraud events and account charge-offs.

Customers using Verify Identity are given a predictive score on the likelihood that new account opening data submitted for review contains synthetic or manipulated PII. The lower the score, the more likely the individual is not submitting completely valid PII. Users also receive key factors and a summary of attributes contributing to the score provided. 

After a predictive score is assessed, users can request a behavioral score as a second layer of defense. That overlay predicts the likelihood that the account will be closed for first-party fraud or account default within nine months of opening. 

Early Warning’s owners are Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, US Bank and Wells Fargo. Most have committed to Verify Identity. They and other customers can access all or part of the Verify Identity service through an API. All analysis of data takes place at Early Warning. 

Users of Verify Identity pay using a subscription model.

INTERVIEWED FOR THIS ARTICLE

Robin Love is VP Product Management at Early Warning Services in Scottsdale, Arizona, robin.love@earlywarning.com, www.earlywarning.com.

Prior issues: 1208, 1197, 1191, 1186, 1178, 1171, 1169, 1160, 1158



© Copyright 2022 Nilson Report

You have 0 free articles remaining. Subscribe today. View Subscription Offer
New subscribers receive over 130 articles in the 22 issues published each year,
plus the last five years of issues (that's over 1,200 articles) on a searchable flash drive.