Multilingual big data and text analytics company Hello Soda has announced the launch of Fraud Web, a new software solution built to combat identity fraud committed through the untraceable internet.
Fraud Web identifies the risk of consumer data being available for sale on the dark web and issues high, medium and low risk alerts so that organisations can gauge the likelihood of ID theft. Businesses can utilise this insight to notify customers if their data is for sale, or to block accounts that may be used fraudulently and prevent subsequent losses.
As well as risk alerts on the exposure of consumer data, including contact details and card information, Fraud Web also provides email address and phone number validation to ensure that the customer details businesses have are active and up-to-date.
Additional features of Fraud Web include screening of politically exposed persons (PEP)s and companies affected by financial sanctions. These checks can help organisations carry out proper due diligence with new and existing clients and be compliant with anti-money laundering (AML) and ‘Know Your Customer’ (KYC) guidelines.
James Blake, CEO at Hello Soda, said: “It’s great to see two major players in the dark web get shut down recently – AlphaBay and Hansa – but it’s only the tip of a very large iceberg.”
“The average cost of a single stolen data record for any business is $154. In order to ensure that your business and your customers are safe from the dangers of the dark web, save them stress and save you losses, you need to implement ways of detecting when data is at risk. Businesses have a duty to look after their customers and look out for fraud, and doing so will build trust and benefit both companies and their customers.”
Hello Soda is an international big data company headquartered in Manchester, UK, with offices in Austin, Texas and Bangkok. Their multilingual software solution PROFILE utilises advanced analytics techniques including psycholinguistics and artificial intelligence to derive unique consumer insights for more informed decision-making, benefiting both businesses and consumers. Since Hello Soda was founded in 2013, PROFILE is now used by over 70 clients in five continents for ID verification, fraud, financial inclusion, and personalisation.