The program seeks to show how IDSPs can effectively share data connected to compromised credentials, accounts and identities via a shared signals coordination platform.
Initially focusing on fake or fraudulently obtained documents, phase one of Project Shield will involve developing a shared signals pathway 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. This will be done through a real-time API and asynchronous alert system already deployed by banks that subscribe to National SIRA.
Phase two will involve testing lessons learnt using a wider pool of IDSPs.
Sharing signals is a widely supported way to improve verification processes and reduce fraud.
However, the technology has raised concerns about data privacy and protection, as well as the need for a framework that allows IDSPs to distribute and deploy shared signals.
“Our aim with this initiative is to demonstrate that these concerns can be addressed, allowing certified IDSPs to confidently leverage the significant benefits of shared signals to fight fraud in an increasingly digital era”, said Chris Lewis, head of Solutions at Synectics. “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.”
Fighting financial crime
Banks and other financial institutions are increasingly looking into new ways to combat fraud.
In a previous interview, Raffael Maio told RBI that sharing information about fraudulent activity with other companies helps prevent similar fraud from occurring in the future.
“By sharing information and insights on a global level, we can more effectively address the cross-border nature of fraudulent activities. Our ultimate goal is to create a worldwide community to fight fraud together”, Maio told RBI.
John Abbott, chief commercial officer at Yoti, commented: “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”, Abbott said.