Credolab today announced a strategic partnership with Mastercard to empower consumer lenders and credit card issuers to streamline onboarding for genuine consumers. Credolab's behavior biometrics and device-based solutions together with Mastercard's identity insights will allow financial institutions to more easily differentiate between genuine customers and possible fraudulent actors, enabling them to expand their customer base while reducing risk and fraud.

In today's digital world, where data breaches and synthetic identity are on the rise, and KYC actors can be hired on the dark web, adding additional identity insights and understanding behavioral patterns becomes a must. By adding Mastercard's identity insights to Credolab's anti-fraud insights and alternative risk scores, financial institutions will further optimize and enhance their digital onboarding workflows with dynamic identity data to accurately assess fraud risk in real-time. This enhanced verification process not only mitigates identity fraud with higher efficiency, but also ensures that legitimate consumers have a great onboarding experience, decreasing chances of drop-offs.

Through innovative technologies and its partnership with Credolab, Mastercard helps financial institutions better serve existing – and new – customers. Mastercard's advanced technologies can help businesses reach the underbanked – those who have little or no access to financial institutions. With limited banking or credit history to refer to, these customers can become a blind spot to traditional and credit-driven identity verification practices, which forces financial institutions to remediate with high-friction identity proofing solutions such as document requests or ID card scans. Mastercard is making financial empowerment a reality for more people worldwide, reaffirming its commitment to bringing one billion people into the digital economy by 2025.

"By combining Credolab's device and behavioral analytics with Mastercard's Identity Solutions, we are empowering our clients with the tools they need to make better decisions in today's dynamic digital landscape," said Peter Barcak, CEO & Founder at Credolab.

This comprehensive suite of tools includes:

• Risk-Scoring Identity Elements: Identify and risk-rate data linkages per applicant and, in turn, determine which verification workflow is most appropriate, reducing drop-off and fraud rates. This enhances the application process.
• Advanced Velocity Checks: Detect device, IP, phone, and email velocities, enhancing fraud detection capabilities and reducing first payment defaults during onboarding resulting from fraud.
• Prioritizing Privacy: To ensure data is properly protected, only permissioned and privacy-consented data is used.