First-Party Fraud Detection: The Fraud KYC Can't See

First-party fraud involves individuals using their genuine identities to commit fraud, effectively bypassing traditional identity verification methods like Know Your Customer (KYC) checks, which focus on verifying identity rather than intent. This type of fraud includes behaviors such as bust-out credit, friendly fraud, never-pay accounts, and application misrepresentation, which are often only detectable through behavioral monitoring post-onboarding. Didit's Transaction Monitoring system addresses this gap by analyzing transaction behaviors in real-time, applying velocity rules, and anomaly detection to flag suspicious activities before financial losses occur. The system uses a real-time decision-making engine that assigns transactions one of four statuses—APPROVED, IN_REVIEW, DECLINED, or AWAITING_USER—where the latter allows for auto-remediation by pausing transactions and requesting user verification, minimizing false positives and unnecessary account closures. The service charges $0.02 per transaction with no minimums and includes 11 pre-configured rule bundles for various fraud and compliance scenarios, while also allowing for custom rule creation to address specific fraud patterns.

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