- The first of-its-kind pilot is set to prove the feasibility of real-time fraud intelligence sharing between Identity Service Providers (IDSPs), the outcome of which could have major implications for fraud prevention, and help boost mainstream Digital Identity adoption.
Stoke-on-Trent, 05 June, 2023 — Data insight specialist, Synectics Solutions, has announced that it has joined forces with leading IDSPs Mitek and Yoti on ‘Project Shield’.
This ground-breaking proof of concept (POC) initiative aims to show how IDSPs can efficiently and securely share data connected to compromised credentials, accounts, and identities, via a shared signals co-ordination platform.
In so doing, the project will pave the way for establishing the first ever fraud intelligence sharing network specifically for digital identities, helping IDSPs and relying parties protect themselves and members of the public using digital ID solutions from risk.
Participation in the pilot is not restricted. If you are interested in participating please contact Chris Lewis at Synectics Solutions.
Why shared signals?
The use of shared signals is widely supported as a way to improve verification processes, reduce fraud and build trust in digital identities. It is also highly likely to be a requisite for certification under the UK Digital Identity and Attributes Trust Framework (UKDIATF).
However, the use of shared signals also raises legitimate concerns – most notably in terms of privacy, data protection, and the need for a standardised framework for sharing and using shared signals.
“Our aim with this initiative, explains Synectics’ Head of Solutions Chris Lewis, “is to demonstrate that these concerns can be addressed, allowing certified Identity Service Providers to confidently leverage the significant benefits of shared signals to fight fraud in an increasingly digital era. Protecting their customers and ultimately the general public.
“To do this, we’re blending the real-time awareness benefits associated with a fraud signals framework, with the longer-term fraud prevention implications of a shared threat intelligence platform where data persists beyond the immediate threat.”
How the project will work
Focussing initially on test data relating to the use of fake and/or fraudulently obtained genuine documents, Phase 1 of Project Shield will see a dedicated shared signals pathway created using Synectics’ National SIRA platform.
The pathway will test Yoti and Mitek’s ability to create, send, and subscribe to receive specific signals to/from each other, using a real-time API and asynchronous alert system already successfully utilised by banks subscribing to National SIRA.
John Abbott, Chief Commercial Officer at Yoti comments: “While this is a relatively simple test scenario, it will potentially show how collaboration between Identity Service Providers can create a cohesive, shared framework which can identify and prevent fraud. We’re pleased to be part of this important project and play our part in protecting individuals from the growing risks of fraud.”
Chris Briggs, Sr. Vice President of Identity at Mitek adds: “At Mitek, we’re fully committed to advancing solutions that fight fraud and the many forms it can take. We also realize that in an increasingly digital world, the ability to prevent the spread of fraud across a Digital ID ecosystem will require cooperation and communication across identity service providers. That’s why we’re excited to help Synectics pioneer a solution that would support the many relying parties who use our services in their efforts to tackle financial crime and improve the customer experiences they offer. We know this will also be good news for members of the public who want to simplify their online interactions without compromising on security.”
Phase 1 of Project Shield will test the proposed shared signals framework over the summer, with Phase 2 – where lessons learned will be tested using a wider pool of IDSPs – provisionally planned for the end of 2023.
Chris Lewis comments: “Mainstream adoption of Digital Identity has so many benefits – from making customer journeys simpler to promoting greater levels of financial inclusion. By giving people more ways to legitimately demonstrate they are who they say they are, you open doors to vital products and services that may otherwise have remained shut.
“Project Shield has the potential to address many questions, by giving IDSPs a workable framework to flag and learn of fraud concerns. With this joint initiative, we hope that Project Shield will prove that it can deliver the many benefits of a safer, more reliable digital identity ecosystem.”
Notes to editors
About Synectics Solutions
Synectics Solutions works with data, and lots of it. 1/3 billion records to be precise. That data is used as a force for good by partnering with public and private sector organisations to build data sharing syndicates that provide meaningful insights and help contributors solve common problems. The challenges that Synectics Solutions help to solve are around organised financial crime, money laundering, customer identification and financial inclusion, which can only be addressed through collaboration.
Synectics Solutions is trusted by tier one banks, insurance companies and the likes of the Cabinet Office. Very few organisations can combine data and advanced technology in that way.
Synectics has been in business for almost 30 years. Over that time, they’ve won a number of accolades for being technological pioneers – including The Queen’s Award for Innovation – and along the way they’ve helped to identify and save organisations over £7.8 billion that could otherwise have been lost to error, fraud or wider financial crime.
Synectics is fully ISO27001 certified, is a UK Government Specified Anti-Fraud Organisation, and has the infrastructure, expertise and experience required to carry out the many business-critical data solutions for some of the world’s most regulated organisations.
About Yoti
Yoti is a digital identity technology company that makes it safer for people to prove who they are, verifying identities and trusted credentials online and in person. They now provide verification solutions across the globe, spanning identity verification, age assurance, document eSigning, access management, and authentication. Yoti provides a comprehensive set of age assurance solutions to meet business, market and regulatory requirements. Yoti is the leading global provider of age assurance, having performed over 593 million checks using its facial age estimation service across gaming, gambling, retail, dating, social media, live streaming, e-commerce and adult content services. Yoti is certified to ISO/IEC 27001:2013 for ID Verification Services, ISAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes.
About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital access and identity verification, specialising in global customer onboarding and fraud detection. Mitek’s advanced identity verification technology and market-leading approach to KYC configuration means Mitek is trusted by tier 1 banks, fintechs, marketplaces, gaming operators and e-commerce sites across North America and Europe.
Contact
Claire Evans at Intelligent Conversation: claire@weareic.com or +44 (0)7896547206
