BankID, a prominent Swedish digital identity platform, has launched a new anti-fraud feature that allows relying parties to detect potential high-risk transactions using advanced risk signals.
In response to the growing prevalence of online fraud and unauthorized remote authentication, BankID’s latest feature aims to ensure transactions are authenticated by the correct individual in a user-friendly manner. The platform’s new risk indication feature provides companies and authorities with increased security for their services, ultimately protecting end-users.
The risk indication leverages multiple security controls to reduce fraud risks. Relying parties receive a weighted risk value from the security checks, which they can use to determine their response. Depending on the risk value and their own risk analysis, parties can either act on the information provided or automatically cancel high-risk transactions.
For over two decades, BankID has developed a secure, reliable, and user-friendly digital identity platform in collaboration with banks. This platform has significantly reduced fraud and related costs for banks while supporting thousands of digital services and millions of users. The continuously updated solution not only addresses current fraud threats but also offers opportunities for expanded online sales and new revenue streams for resellers.
BankID’s commitment to security and usability promises to bolster the protection of digital transactions and enhance the overall integrity of online services.
