TowerData’s Next Step in Fraud Prevention ...
Over the past few months, we’ve been hard at work behind the scenes with some exciting advancements in our fraud prevention solution. But how did we get here, and why are we your best choice for a premier fraud prevention product?
Why focus on fraud prevention now?
The need for fraud prevention in the digital world is critical now more than ever. Why? Thinking about your own behavior, consider how you complete transactions and how this has changed over the last 5 years?
The changes you’ve made in your transactional habits are the same changes happening across the board in all industries, especially in financial, retail, and hospitality. Why is this happening?
There are 3 primary reasons:
- Young adults are extremely comfortable with digital transactions
- During the pandemic, baby boomers shifted to a more digital transaction experience (banking, grocery shopping, etc)
- The proliferation of mobile devices – they’re easy to use, accessible, and have vast capabilities that are constantly improving.
Because of this, businesses now need to strike a balance between CX, where organizations obtain enough data to make decisions but not so much it creates friction in the registration or purchase process. Sure, first name, last name and even an address can qualify as easy requests on a form, but highly secure personal information, like an SSN, isn’t something someone’s likely to submit via a web form.
At the end of the day, striking the balance comes down to asking for one vital piece of data everyone uses: the email address.
Why is the email address important?
Today, anyone transacting in a digital space has an email address; it’s ubiquitous! Virtually every account experience, from downloading an app to creating a login, requires an email address.
Because we all have an email address and we all use it in a variety of applications, there’s a major opportunity to use the email address as a central figure in identifying fraud. This is where our services come in to help!
At TowerData, we specialize in the history, behavior and linking of data across platforms associated with an email address. We do this by leveraging our extensive database; every month we process 2 billion monthly email activity signals, over 360 million unique emails, and 4 million unique domains.
When our solution is paired with the fact that we recognize 98% of all North American email addresses, our customers can quickly and easily secure their databases from fraud using a single, comprehensive tool or adding our raw data to in-house algorithms.
Why are we confident in the power of the email address?
Don’t just take our word for it – we know for a fact that the email address is a key component of any fraud prevention program because we’ve done our research! An in-depth analysis of our extensive customer data confirms that 40% of fraudsters use a new email address and 10% of those email addresses are fake or invalid.
These figures, coupled with the validity of an email and knowledge of how long that email has existed, can help you easily weed out a significant portion of fraud from your database. With easy, fast and secure access to the data you need to prevent fraud and protect the integrity of your database, TowerData is the best choice.
Stay tuned for our continuing series on fraud prevention, including more content on email data’s role in the space, use cases across industries, and exciting product updates!
In the meantime, if you have any questions about using TowerData’s fraud prevention tools at your organization, reach out to our team!