Secure and reliable identity verification is always going to be a top priority in financial services, but as digital advancements occur, consumers become more and more demanding of convenient processes. With an abundance of digital data available, is there really any reason to rely so heavily on traditional paper sources anymore?
Earlier this week we had the pleasure of exhibiting our ID and personalised data solutions at the 3rd Money2020 Europe in Amsterdam.
Taking place over the course of 3 jam-packed days, starting first thing Monday 4th June and running until Wednesday afternoon, the event saw the largest tech organisations showcasing their new user-friendly technology for the financial market.
Hello Soda’s advanced data analytics platform will now be available through TruNarrative – a financial crime platform and decision engine used by banks, alternative finance, lenders, and gaming companies
The valuable addition of Hello Soda via the TruNarrative App Store will increase the availability of solutions for TruNarrative users all through a single integration.
Using advanced machine learning and natural language processing, Hello Soda provides businesses with real-time additional insights to verify consumers and improve accept rates and fraud detection.
“We are excited to be supporting TruNarrative’s mission to make safe commerce simpler for businesses across various sectors. The amazing thing about TruNarrative is that they enable businesses to access multiple solutions through just a single integration and we truly believe that our platform will complement TruNarrative’s existing services.” – James Blake, CEO Hello Soda
“The inclusion of Hello Soda within our offering really opens up a whole new world of possibilities for our customers. The additional level of insight that Hello Soda provide will be revolutionary in improving verification rates and fraud detection – we are excited to promote it.” – Mark Courtney, TruNarrative
TruNarrative was founded in 2016 with a single mission: to make safe commerce simpler. With a head office in Leeds, TruNarrative also has offices in London, New York and Singapore
TruNarrative aims to transform the financial crime process for identity, KYC, fraud detection and AML by continually providing products built on state-of-the-art technology, bringing the best of data science to ambitious companies of all sizes.
MORE LIKE THIS
We like to keep things exciting in the Hello Soda office, so what better way to bring out everyone’s competitive side than a pool tournament? But who were the winners?
The Hello Soda pool tournament winners are… our Business Development Director, Phil, and our Director of NLP & Data Science, Iustin!
Get in touch with Phil today to congratulate his winning status (or to find out how you could benefit from our solutions).
Keep your eye out next quarter to find out which Hello Soda tournaments are coming up.
MORE LIKE THIS
How to increase collections success
Imagine being able to increase the probability of collecting by 250%. A great frustration in the collections industry is not being able to reach your consumers, not just that but not knowing which to contact first. Perhaps this is due to the contact details you hold being out of date or incorrect, perhaps this is due to a lack of knowledge surrounding their affordability or perhaps you can just never catch them at the right time on the right day. Here we discuss how to increase collections success.
These issues are even more of a problem now with regulations limiting the number of times that collectors can contact an individual as well as when they can contact them.
So how can you priotise your contact list for the maximum chance of success?
With Discovery, you can turn the limited amount of contact information that you have into a plethora of detail.
- active contact points
- up-to-date location data
- whether an individual is employed – and therefore more likely to repay on time (by up to 2.5x)
…toto increase collections success by prioritising based on highest propensity to collect.
Additionally, Discovery can be used to price entire collections books in the bidding and acquisition process to help you to determine whether it is worth bidding on.
This all works through you inputting a single unique identifier per individual (such as an email address) which can be done in batch. This acts as a jumping off point from which Discovery traverses from one piece of publicly available piece of data to another. It then returns a detailed and applicable report which can be easily integrated into your CRM to help segment and prioritise collections.
So there you have it, how to increase collections success by verifying whether your customers have active contact points, whether they are employed, and other insights into their online activity.
MORE LIKE THIS
A massive 51% of purchases are now made online, with that statistic being much higher in younger populations. We are at a stage where consumer behaviour is in limbo between the online world and the offline world, and the increasing demand for convenience and efficiency means that it is essential for businesses to implement more efficient and innovative verification systems – soon.
Many young consumers, including millennials, and even more so Generation Z, have grown up with technology at their fingertips, and the ability to get whatever they want with a click of a button
MORE LIKE THIS
It was the cover story of The Times on Saturday, and has been an infamous point of discussion since the internet became mainstream, but what is the dark web, how can I protect data from the dark web, and why should we be worried?
“Searching on the Internet today can be compared to dragging a net across the surface of the ocean. While a great deal may be caught in the net, there is still a wealth of information that is deep, and therefore, missed. The reason is simple: Most of the Web’s information is buried far down on dynamically generated sites, and standard search engines never find it.” – Michael K. Bergman
The dark web refers to a huge area of the internet, untraceable by standard web browsers, and only accessible through encryption tools such as Tor. Tor hides the identity and location of the user, and is usually used by the website host as well as by the user, meaning that a huge amount of unlawful transactions involving fraudulent identity documents can take place covertly.
Research revealed by The Times this Saturday reported a shocking number of forged identity documents, including passports, utility bills, driving licenses and bank statements, were on sale on the dark web for anywhere from as little as £7 for a passport scan, or £752 for a physical UK passport.
Research leaders, Dr Lee and Dr Andres Baravalle, spent three months searching through the Agora marketplace, known as “the king of the dark web”, finding more than 30,000 illegal products on sale, many of which were fake or real identity documents. The academics found a trade of nearly £2 million in identity documents, including EU identity cards for £142 and driving licenses from EU countries for £419.
Recently Yahoo! Admitted that their database of over 500 million accounts was raided by hackers, leaving millions vulnerable to identity fraud and theft. Now they are being sued in California for failing to take due care of sensitive information under the Unfair Competition Act as well as negligence for poor security. Information stolen from the Yahoo! Database include users’ names, email addresses, telephone numbers, passwords, and encrypted and unencrypted security questions and answers.
Our unique software solution can be used to identify whether your customers’ data is for sale on the dark web, providing high, medium, and low risk alerts surrounding the likelihood of ID theft so that you can quickly and efficiently identify fraud and alert your customers.
With our software you can protect data from the dark web risks, and prevent millions in losses from identity fraud.
Get in touch to find out more