New account fraud prevention: feature updates in Plaid IDV
Blog post from Plaid
Plaid has introduced several updates to its Identity Verification (IDV) system to combat the rising threat of new account fraud, which saw significant increases in both victim count and financial losses. These enhancements target various stages of the verification process, including document verification, personal identifiable information (PII) verification, and case management. By implementing advanced features such as AI detection of manipulated ID images, requiring uploads of both sides of an ID, and utilizing large language models (LLM) for email and data source verification, Plaid aims to effectively identify fraudulent activities. The system allows for error correction during account setup to improve pass rates and provides comprehensive case management tools that visualize location anomalies and offer detailed fraud categorization. These updates are designed to be self-serviceable, requiring no additional integration, thereby facilitating a robust defense-in-depth strategy for organizations looking to enhance their fraud detection capabilities.
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