EDGE announces enhanced identity verification and fraud prevention capabilities
Summary
For its core credit risk analytics offering, EDGE enriches bank transaction data consisting of deposits, withdrawals, and descriptions to create attributes that predict the likelihood of loan repayment or default. "Early customers that have tested these attributes on top of our existing account verification trust signals are seeing incremental reduction in fraud rates with low false positives." Within the EDGE portal, fraud analysts and application processing agents can review validation results and supporting evidence. The companys enhanced fraud prevention offering furthers this important mission by reducing fraud rates and resulting losses for lenders which translates to lower borrowing costs that benefit unserved and underserved populations missing or misrepresented in traditional credit data. The platform was launched by the lenders, entrepreneurs, and data scientists who pioneered data-driven digital lending for Everyday Americans.