New Risk Ident Partnership Expands Network
- Blog
- The Identiq Team
We are excited to announce that Risk Ident, the German market leader in fraud prevention software, has partnered with Identiq to extend our network to their client base, allowing them to collaborate together and fight fraud while maintaining privacy.
Risk Ident offers its customers the innovative fraud management solution, FREDA, which combines automatic detection and prevention of risky or fraudulent transactions with manual review management. Privacy is a crucial aspect for Risk Ident, especially considering data privacy laws like GDPR in Germany. As a result, Risk Ident does not exchange personally identifiable information (PII) or sensitive data among its clients. However, the ability to validate identifying information against another company’s existing database holds immense value. This is where Identiq comes in with its fully anonymous and private validation capabilities. By leveraging Identiq’s network, Risk Ident’s customers can collaborate to verify known, legitimate transactions without compromising privacy. This collaboration ensures that customers are who they claim to be, leading to more approved transactions and the identification of potential risks.
At Identiq, we have built a privacy-focused network based on multi-party computation technology. This means that all data is fully anonymized, maintaining the confidentiality of our clients’ information. When a member encounters uncertainty regarding a customer or a transaction, they can send a one-time fully anonymized query through the Identiq network to validate identity, payment, and transaction details. This query is then distributed among other network members, and a trust score is generated based on the consensus of the network. The higher the level of trust and familiarity among members, the higher the trust score.
This newly established collaboration between Risk Ident and Identiq allows Risk Ident’s clients to query their internal network of members as well as Identiq’s existing network, unlocking previously inaccessible insights. Before, such collaboration was unattainable without compromising privacy. By integrating Identiq’s network into Risk Ident’s extensive client base, companies can leverage the collective wealth of data to uncover legitimate transactions, combat fraud, and drive revenue growth.
With RISK IDENT and Identiq working together, our clients now have an expanded network they can tap into, empowering them to make better risk-based decisions and fight fraud efficiently—all while maintaining complete privacy.
