First, let's clear the air it's all under privacy protection guidelines and no violation occurs for identity scan which is simply risk profiling or profile validation using open-source intelligence (OSINT).  

Risk monitoring with social profile is key to more effective risk profile management.  

Why do brands need Identity scan for risk monitoring? 

The key issue is that no social information is used for Risk Profiling. This leads to financial losses and scams that can be prevented by being more vigilant and proactive. For instance, RBI Reported 13,000 Bank Fraud Cases across India, the total value of various Bank fraud has been reported to ₹302 Billion! Banks face massive challenges due to synthetic identities. It includes cases of account takeover, app fraud, money laundering, false documentation & mismatched Information etc. Identifying these frauds requires high operational costs and a complex investigation process.  

Identity Scan for Fraud Prevention and Risk Mitigation 

Identity scan help validate customers involved in transactions, reducing the risk of fraudulent activities such as identity theft and impersonation. It is also critical to comply with regulations regarding identity verification, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Identity fraud protection help brands comply with these regulations and ensure no fraud takes place using their platforms.  

Identity scan with the help of open-source intelligence enable brands to assess the risk associated with transactions, identify customers, and detect suspicious behavior or discrepancies. It also helps ensure that sensitive customer information is protected and only accessible to authorized individuals, reducing the risk of data breaches and identity theft. 

Risk monitoring by validating customers without any privacy intrusion demonstrates a commitment to building trust & transparency. It also enhances the brand reputation. 

How does Identity scan help in risk monitoring? 

Identity scan tech enables businesses to use social media measurement for identity verification. With an evolving and growing database repository built with proprietary Open-Source Intelligence data harvesters, help collect and analyze digital user data to provide brands with identity verification using social risk parameters.  

The data is harvested from the open web, google search, social media channels such as Instagram, X (formerly Twitter), Facebook, and the dark web including data breach. Social Data Referencing and Profile Risk Creation can also be used for lead enrichment for better targeting and mitigating risks.  

How does Identity scan work? 

Synthetic Identity Fraud is a combination of genuine and false information to establish credibility therefore it's imperative for business to use social media measurement for identity verification.  

Intelligent Data Gathering with advanced AI & ML driven technology runs a scan across the web & own repository to pull out data, categorize, interlink and enrich. A risk profile is created by correlating the available public information from the open-sources and databases to identify a genuine profile from a fraudulent one. 

Case Study on Identity Scan Using OSINT 

A leading card company in India was looking to profile customers to issue new credit cards with an average 3 lakhs limit. It must analyze the credibility of the consumer in the limited time span to reduce risk and improve lead quality. 

With Identity scan solution it started filtering the applications and assessing risk profiles. This leads to contact search & enrichment, finding the registered owner of mobile SIM, registration circle/location, mobile carrier information, social Media footprint and digital presence score. This helps build Risk Score and provide insights on effective digital presence, financial risk and fraud probability.  

They detected 14% risk profile among applicants and classified 74% as low risk, 22% as medium risk and 4% as high risk with potential sanctions of Rs 13.6 Crore! The lending card company was able to make better card issuance & credit limit decision reducing in parallel the possibilities of credit risk. 

Identity Scan to Detect Mule Accounts and UPI Frauds 

Opens source intelligence (OSINT) with AI/ML-driven tech can detect frauds across the digital spectrum, this includes validating contact numbers and accounts associated with it. Prevent transaction laundering, mule account fraud, and UPI fraud.  

The risk and stakes are high. Identity scan can make risk monitoring more effective for BFSI sector to prevent transaction laundering and brand can utilize it for lead enrichment.  The integration of identity scan technology into risk monitoring strategies offers a comprehensive solution.  It can help BFSI sector and Law enforcement agencies combat the rising financial fraud and security breaches.  

With open-source intelligence (OSINT) in a privacy-protected manner, businesses can strengthen their defenses against various threats such as synthetic identity fraud, and other scams. 

Conclusion  

Brands must embrace Identity scan for risk monitoring to mitigate staggering financial losses caused due to fraudulent activities. The ability to validate customer identities and assess risk profiles in real-time ensures compliance with regulatory requirements. With meticulous risk profiling and analysis, all stakeholders can be safeguarded from potential losses while enhancing the quality of their decisions. 

As we navigate an ever-evolving digital landscape the need for proactive risk monitoring solutions has never been more pressing. Identity scan technology empowered with AI and ML algorithms enables businesses to stay one step ahead. Identity scan holds the key to a more secure and resilient future for the BFSI sector and beyond. 

Embracing identity scan tech boosts brand safety, stands guard against financial fraud, builds trust and transparency in the digital ecosystem. Ensure a safer and more secure tomorrow with effective risk monitoring and profiling for businesses and consumers alike.