Ekata - Detailed Review
Finance Tools
Ekata - Product Overview
Overview of Ekata
Ekata, now a part of Mastercard, is a leading provider of identity verification and fraud prevention solutions, particularly in the finance and ecommerce sectors. Here’s a brief overview of what Ekata offers:
Primary Function
Ekata’s primary function is to provide predictive identity verification, enabling businesses to assess identity risk, approve transactions, and investigate fraud on a global scale. This is crucial for preventing fraudulent activities, such as synthetic identity fraud, credit bust-out, and other forms of cybercrime.
Target Audience
Ekata’s solutions are primarily targeted at businesses in the ecommerce, payments, and financial services sectors. Its customer base includes major companies like Lyft, Equifax, Microsoft, Alipay, Stripe, and various high-growth consumer marketplaces, e-retailers, travel/hospitality companies, and financial institutions.
Key Features
Identity Engine
Ekata’s product suite is powered by the Ekata Identity Engine (EIE), which uses complex machine learning algorithms to correlate behaviors with identity. It analyzes multiple data elements such as name, phone, email, address, and IP to derive unique data links and features from billions of real-time transactions.
Account Opening API
This API helps mitigate losses from synthetic identity fraud by identifying potential bad actors during the online application process. It provides comprehensive risk scores based on static and dynamic data insights across five core identity elements.
Identity Risk Score and Identity Network Score
These scores combine dynamic data and usage patterns of identity elements to predict the risk associated with an identity. This helps in detecting and preventing fraud from the outset.
Pro Insight
A SaaS solution for manual fraud review, allowing businesses to cross-check and verify identities manually when needed.
Global Data Network
Ekata’s solutions are backed by a global data set of over 7 billion identity elements and 5 billion digital interactions, enabling quick and accurate risk assessments.
By leveraging these features, Ekata helps businesses reduce manual review time, verify identities faster, and improve the overall customer experience while combating fraud effectively.
Ekata - User Interface and Experience
The User Interface of Ekata’s Finance Tools
The user interface of Ekata’s finance tools, particularly within products like Ekata Pro Insight, is designed to be intuitive and user-friendly, facilitating efficient fraud detection and identity verification.
Ease of Use
Ekata Pro Insight is a cloud-based solution that streamlines the process of assessing identity risk and investigating fraud. The interface is laid out to provide manual review teams with a comprehensive and single view of all relevant data points. This includes combining various data sources such as merchant or in-house data with Ekata’s own identity graphs and networks, making it easier for users to judge the fraud risk associated with a transaction.
Key Features and Visual Aids
The platform includes several features that enhance the user experience:
- Identity Risk Score and Network Risk Score: These scores are presented on a clear and understandable scale, with the Identity Risk Score ranging from 0-500 and the Network Risk Score categorized as low, medium, or high. This helps users quickly assess the risk level of a transaction.
- Top Positive and Negative Signals: The interface highlights the key signals that contribute to the risk score, listed in order of importance. This feature helps users identify the most critical factors influencing the risk assessment.
- Network Signals and Pair Signals: These provide dynamic context to the risk scores by showing how different identity elements interact with each other. This visual representation aids in identifying patterns over time.
- Distance Calculation Map: An interactive map visualizes the distances between various identity elements such as IP addresses, shipping, and billing addresses. This map helps in identifying any discrepancies or anomalies in the location data.
Learning and Support
To ensure users are comfortable with the platform, Ekata offers a “Learning Mode” within their Identity Review 360 product. This self-guided tour helps users familiarize themselves with the platform’s features and functionalities step-by-step, making it easier to get started.
Overall User Experience
The overall user experience is enhanced by the clarity and organization of the interface. Users can access full identity review results for any transaction directly from the platform, which streamlines the fraud investigation process. The reviews from users indicate that the product is easy to use and that the support team at Ekata is highly praised for their assistance, further contributing to a positive user experience.
Ekata - Key Features and Functionality
Introduction
Ekata, now a part of Mastercard, offers a suite of AI-driven solutions primarily focused on identity verification and fraud prevention, particularly in the finance, ecommerce, and payments sectors. Here are the main features and functionalities of Ekata’s products:Identity Verification
Ekata’s core feature is its identity verification capability, which uses AI and machine learning to validate identities in real time. This is achieved through the Ekata Identity Engine, a powerful tool that goes beyond simple identity validation by providing customer intelligence. It assesses whether an interaction is risky or not, allowing businesses to approve transactions securely and seamlessly.Transaction Risk
The platform includes a Transaction Risk product that helps businesses assess the risk associated with each transaction. This is done by analyzing various data points to predict the likelihood of fraud, enabling companies to make informed decisions about approving or rejecting transactions.Account Opening Solution
Ekata’s Account Opening solution is integrated into partnerships, such as with Advance.ai, to facilitate smooth customer onboarding. This solution validates customers’ identities seamlessly and securely, reducing friction in the onboarding process and improving conversions while combating fraud.Risk and Credit Scoring
Through its partnerships, Ekata provides risk and credit scoring capabilities. These tools help businesses evaluate the creditworthiness of customers and assess other risks associated with transactions, which is crucial for financial services, fintech, and payments sectors.Global Data and Risk Insights
Ekata delivers global data and risk insights to its customers, enabling them to make better-informed decisions. This includes access to a wide range of data points that help in identifying potential risks and mitigating fraud on a global scale.AI Integration
The AI integration in Ekata’s products is central to their functionality. Machine learning algorithms analyze large volumes of data to identify patterns and anomalies, which helps in detecting fraudulent activities. The AI-driven approach ensures real-time verification and risk assessment, making the process efficient and accurate.Customer Privacy
Ekata’s solutions are designed to maintain customer privacy while providing businesses with the necessary insights to manage risk. The platform ensures that customer information is validated and interactions are approved without compromising privacy.Industry-Specific Solutions
Ekata serves various industries, including ecommerce, payments, and financial services. Its solutions are tailored to meet the specific needs of these sectors, such as managing transactions, customer onboarding, and fraud prevention.Conclusion
In summary, Ekata’s AI-driven products are focused on enhancing identity verification, transaction risk assessment, and fraud prevention, all while ensuring customer privacy and providing global data insights. These features are crucial for businesses looking to secure their transactions and improve customer trust. Ekata - Performance and Accuracy
Evaluating Ekata’s AI-Driven Finance Tools
Evaluating the performance and accuracy of Ekata’s AI-driven finance tools, particularly in the context of identity verification and fraud prevention, reveals several key strengths and areas for consideration.
Performance
Ekata’s solutions are powered by machine learning (ML) analytics, which play a crucial role in assessing user behavior and identity attributes. Here are some performance highlights:
- Real-Time Risk Scoring: Ekata’s ML-powered analytics can deliver accurate risk scores in real time, enabling organizations to streamline transaction processing and reduce the need for manual intervention.
- High-Volume Transaction Handling: During peak shopping seasons or periods of elevated transaction activity, Ekata’s system can handle a large volume of transactions efficiently, helping to prevent fraud without adversely affecting the customer experience.
- Automation and Efficiency: The tools integrate directly into workflows, automating processes such as transaction approval and account opening, which significantly reduces manual review time and increases productivity.
Accuracy
The accuracy of Ekata’s solutions is bolstered by several factors:
- Comprehensive Data Analysis: Ekata combines deterministic and probabilistic assessments to analyze vast amounts of data on user behavior and identity attributes. This approach helps identify suspicious activity that traditional methods might miss.
- Historical and Current Data: The system assesses customer identity elements against historical and current data for both legitimate and fraudulent transactions, providing a comprehensive probability for fraud.
- Global Fraud Insights: By leveraging global fraud insights and combining behavioral, personal, and device data, Ekata’s solutions can accurately assess identities and their associated fraud risk from the first customer touchpoint.
Limitations and Areas for Improvement
While Ekata’s solutions are highly effective, there are some areas to consider:
- Data Siloing: Although Ekata’s system contextualizes data from various sources, the average person having over 160 online accounts can still pose challenges in gathering and integrating all relevant data points.
- Continuous Adaptation: Fraud methods are constantly evolving, so Ekata must continuously update and refine its ML models to stay ahead of new fraud tactics. This requires ongoing investment in data science and machine learning capabilities.
- Balancing Security and Customer Experience: Ensuring that the fraud prevention measures do not introduce friction for legitimate customers is a delicate balance. Ekata’s solutions aim to achieve this, but it remains a critical area for ongoing improvement.
Compliance and Data Management
Ekata also addresses compliance and data management effectively:
- Compliance with Regulations: The solutions are designed to comply with various legal obligations, including Know Your Customer (KYC), Anti-Money Laundering, and other regulatory requirements.
- Data Retention and Security: Ekata has clear policies on data retention and security, ensuring that customer data is protected and used appropriately to prevent fraud and cyber threats.
Conclusion
In summary, Ekata’s AI-driven finance tools demonstrate strong performance and accuracy in fraud prevention and identity verification. However, the dynamic nature of fraud and the need for continuous adaptation in ML models are areas that require ongoing attention and improvement.
Ekata - Pricing and Plans
Service Tiers
Ekata provides three main service tiers: Basic Monitor, Essential Advise, and Enterprise Complete.Basic Monitor
- Support: Support ticket SLA of 16 business hours
- System Outage Notifications: Included
- 24/7 Escalation: Included
- Proactive Monitoring: Usage Trend Monitoring, Latency Monitoring, QPS Monitoring, Error Monitoring, Duplicate Alert
- Account Management: No dedicated Account Manager
- Queries Per Second (QPS) Cap: 16
- Security: Standard Security Package
- Annual Audit: Not available
- Percent of Your Invoice: 8%.
Essential Advise
- Support: Support ticket SLA of 8 business hours
- System Outage Notifications: Included
- 24/7 Escalation: Included
- Proactive Monitoring: Same as Basic Monitor
- Account Management: Dedicated Account Manager, Onboarding / Integration QA, Solutions Reviews
- Queries Per Second (QPS) Cap: 32
- Security: Customized Security Package, Remote Annual Audit
- Single Sign-On (SSO): Included
- IP Whitelisting: Included
- Percent of Your Invoice: 12%.
Enterprise Complete
- Support: Support ticket SLA of 4 business hours
- System Outage Notifications: Included
- 24/7 Escalation: Included
- Proactive Monitoring: Same as Basic Monitor
- Account Management: Dedicated Account Manager, Onboarding / Integration QA, Solutions Reviews, Product Roadmap, Customized Identity Review 360 Tracking
- Queries Per Second (QPS) Cap: 256
- Security: Customized Security Package, On-site Annual Audit
- Single Sign-On (SSO): Included
- IP Whitelisting: Included
- Percent of Your Invoice: 15%.
Pricing
Ekata does not publicly disclose its pricing on its website. Instead, pricing is quotation-based, and you need to contact Ekata directly to get a customized quote for your business needs.Free Options
There are no free plans or trials explicitly mentioned on Ekata’s website or in the available resources. However, it is recommended to contact Ekata directly for any potential trial or demo options that might be available. In summary, Ekata’s pricing structure is tiered, with increasing levels of support, monitoring, and security features as you move from Basic Monitor to Enterprise Complete. For specific pricing details, you will need to reach out to Ekata for a customized quote. Ekata - Integration and Compatibility
Integration with Other Tools
Ekata can be integrated with a wide range of business systems to support comprehensive identity verification and fraud prevention. For instance, DataGrail integrates with Ekata to automate access, deletion, and portability requests, helping businesses comply with privacy laws such as GDPR and CCPA. This integration ensures that personal data management is streamlined across multiple systems, including Ekata.
Additionally, Ekata’s solutions are accessible via the platforms and tools that businesses already use, with no development required. This includes APIs and other solutions that can be easily integrated into existing fraud prevention and customer onboarding processes.
Compatibility Across Platforms and Devices
While specific details on device-level compatibility for Ekata’s direct use are not provided, its integration with other systems suggests a high degree of flexibility. For example, if Ekata is integrated with a platform like DataGrail, the compatibility would be determined by the requirements of the integrating platform.
However, Ekata’s services are generally delivered through APIs and web-based tools, which are typically accessible on a variety of devices and browsers. This includes the use of their Transaction Risk API and Pro Insight manual review tool, which can be accessed through standard web browsers and do not require specific device compatibility beyond what is common for web-based applications.
In summary, Ekata integrates well with various business systems and tools, ensuring comprehensive identity verification and fraud prevention. Its compatibility is largely dependent on the integrating platforms, but it is designed to be accessible through standard web-based interfaces.
Ekata - Customer Support and Resources
Ekata Customer Support Overview
Ekata, a company specializing in identity verification and fraud mitigation, offers several customer support options and additional resources that can be particularly valuable for users, especially in the context of their finance-related applications.Support Tiers
Ekata provides multiple service tiers, each with varying levels of support to align with different business needs:Basic Monitor
This tier includes support with a 16-business-hour SLA for support tickets, system outage notifications, 24/7 escalation, and proactive monitoring such as usage trend monitoring.
Essential Advise
Offers an 8-business-hour SLA for support tickets, along with all the features from the Basic Monitor tier.
Enterprise Complete
The most comprehensive tier, featuring a 4-business-hour SLA for support tickets, along with additional services like latency monitoring, QPS monitoring, error monitoring, and duplicate alerts.
Account Management
For users on higher tiers, Ekata provides dedicated account management. This includes an assigned Account Manager, onboarding and integration QA, regular solutions reviews, and access to the product roadmap. The Enterprise Complete tier also includes customized Identity Review 360 Tracking.
Security and Compliance
Ekata offers various security packages, including a standard security package and a customized security package. Higher tiers also include annual audits, with the Enterprise Complete tier offering on-site audits. Additional security features include Single Sign-On (SSO) and IP whitelisting.
Billing and Invoice Support
For any questions or issues related to invoices, users can reach out to their dedicated Client Success Manager or submit a request through the Support Case Management system on Mastercard Connect, given that Ekata has migrated its billing services to the Mastercard Consolidated Billing System.
Proactive Monitoring
Ekata’s proactive monitoring includes several key features such as usage trend monitoring, latency monitoring, QPS (Queries Per Second) monitoring, and error monitoring. These tools help in ensuring the smooth operation of the system and early detection of any issues.
Conclusion
While Ekata’s primary focus is on identity verification and fraud mitigation rather than being categorized strictly as a finance tool, the support and resources provided are highly relevant for any financial institution or business using their services to manage identity and fraud risks. These resources ensure that users have comprehensive support to handle their needs efficiently.
Ekata - Pros and Cons
Advantages of Ekata in the Finance Tools AI-Driven Product Category
Ekata offers several significant advantages in the realm of AI-driven finance tools, particularly in fraud prevention and identity verification:Comprehensive Identity Verification
Ekata’s Identity Engine validates five key identity elements: name, IP, address, phone, and email. This comprehensive approach provides a detailed view of a customer’s digital identity, enhancing the accuracy of risk assessments.Real-Time Risk Scoring
The Transaction Risk API generates overall network, IP, and confidence risk scores in under 100 milliseconds. This quick assessment helps in making swift and accurate risk decisions, ensuring a smooth user experience for legitimate customers while preventing fraudulent transactions.Modular Solutions
Ekata offers modular solutions such as the Address Risk API and Phone Intelligence API, which can be integrated with other products to create layered defenses. This flexibility allows businesses to customize their fraud prevention strategies according to their specific needs.Manual Review Support
The Pro Insight tool is designed for manual reviews, auto-populating customer data and providing a top-line Identity Risk Score and metadata flags. This reduces manual review times for risk assessment teams and helps in analyzing billions of behavioral data points to flag risky orders.Network Risk Feature
Ekata’s Network Risk feature, derived from the Ekata Identity Network, acts as a second check to validate identities based on email, IP, or phone data. This adds an additional layer of security to the identity verification process.Graph Visualization
The Ekata Identity Graph product provides graph visualization, which helps in understanding the connections between different identity elements and identifying potential fraud patterns more effectively.AI and Machine Learning
Ekata’s solutions are powered by machine-learning algorithms, which enable the analysis of vast amounts of data to identify and prevent fraudulent activities. This automation is crucial for detecting and preventing fraud efficiently.Disadvantages of Ekata in the Finance Tools AI-Driven Product Category
While Ekata offers several benefits, there are also some notable drawbacks:Limited Global Coverage
Although Ekata is improving its data coverage in emerging markets, it is still largely US-focused, which might limit its effectiveness for businesses operating primarily in other regions.Opaque Pricing
Ekata’s pricing is not transparent, which can make it difficult for potential customers to understand the costs involved and plan their budgets accordingly.No Social Media Footprint Checks
Unlike some competitors, Ekata does not include social media footprint checks as part of its risk scoring, which could be a disadvantage in identifying certain types of fraud.Potential for Friction
Some identity verification solutions can introduce friction into the user experience, such as requiring a photo of a user’s ID or a selfie, which can slow down transactions or onboarding processes.Complexity in Product Offerings
Ekata has a wide range of products, which can make it confusing for businesses to determine exactly what they need. This complexity might require additional time and resources to navigate.Ethical and Privacy Concerns
Like other AI-driven tools, Ekata’s solutions rely on large amounts of data, which can raise ethical and privacy concerns. Ensuring that the data used is unbiased and that customer privacy is protected is crucial. By considering these advantages and disadvantages, businesses can make informed decisions about whether Ekata’s solutions align with their needs for fraud prevention and identity verification. Ekata - Comparison with Competitors
When Comparing Ekata and Its Competitors
When comparing Ekata, a Mastercard-owned company, with its competitors in the AI-driven finance tools category, several key aspects and alternatives come into focus.Ekata’s Unique Features
Ekata stands out for its comprehensive suite of fraud prevention and identity verification solutions. Here are some of its unique features:Ekata Identity Engine
This proprietary engine combines data networks and graph visualization to provide a detailed view of customers, analyzing attributes such as email, phone, name, physical address, and IP.Real-Time Analysis
Ekata’s tools can flag and block suspicious transactions in real-time, using machine learning algorithms to analyze global data.Extensive Data Coverage
Ekata processes over 1.8 billion requests per month in 238 countries, making it a powerful tool for global businesses.Competitors and Alternatives
SEON Technologies
SEON Technologies is a notable competitor that specializes in fraud prevention and risk management. Here are some key differences:Customer Profiling
SEON offers more in-depth customer profiling and flexible rules, along with AML screening. It also provides a free package, which can be attractive for smaller businesses.Technologies Used
SEON leverages machine learning, device fingerprinting, and real-time data analysis to detect and prevent fraudulent activities.Jumio
Jumio provides a complete KYX (Know Your Customer, Business, and Transaction) platform. Here’s what sets it apart:Comprehensive Verification
Jumio offers a full suite of verification services, including face authentication, which can be more comprehensive than Ekata’s offerings.Sift
Sift is known for its single solution product that covers all payment fraud concerns. Here are some unique features:Holistic Fraud Protection
Sift provides a unified platform to manage all aspects of payment fraud, making it a one-stop solution for businesses.Sumsub
Sumsub is another alternative that offers a single verification platform with several benefits:Global Onboarding
Sumsub allows businesses to onboard customers worldwide, speeding up access and reducing costs. It also combines effective verification flows with higher conversion rates.KYC/AML Verification
Sumsub provides KYC/AML verification, payment fraud prevention, and face authentication, making it a versatile tool.aiReflex
aiReflex, by Fraud.com, is a digital risk and trust solution that simplifies fraud defenses:Multi-Layer Defense
aiReflex uses a multi-layer defense coupled with explainable AI to fight fraud and improve customer trust. It includes features like transactional orchestration, adaptive rule engines, and AI engines.Potential Drawbacks of Ekata
While Ekata is a powerful tool, some users note a few potential drawbacks:Data Staleness
The data used by Ekata can become stale over time, particularly in certain international markets, which can lead to false positives and a poor customer experience.Limited International Data
In some markets, the data available through Ekata might be limited, which can affect its effectiveness.Conclusion
In summary, while Ekata offers a robust set of tools for fraud prevention and identity verification, alternatives like SEON Technologies, Jumio, Sift, Sumsub, and aiReflex provide different strengths and may better suit specific business needs, especially in terms of cost, data freshness, and the scope of verification services. Ekata - Frequently Asked Questions
Frequently Asked Questions about Ekata
Q: What is Ekata and what services does it provide?
Ekata is a global leader in digital identity verification solutions, now a part of Mastercard. It enables businesses worldwide to link any digital interaction to the human behind it, helping to combat fraud, build trust, and facilitate frictionless transactions. Ekata’s services include identity verification, fraud prevention, and risk assessment using its proprietary Ekata Identity Engine, which leverages machine learning models and extensive data sets.Q: How does Ekata’s identity verification process work?
Ekata’s identity verification process involves real-time risk analysis using its Identity Engine. When a person initiates a transaction, Ekata calculates a risk score based on device intelligence, identity attributes, and behavioral data. This process evaluates multiple data elements quickly and seamlessly, without adding friction to the customer experience. It helps businesses validate identities, determine if a device is associated with fraud, and assess overall risk.Q: What kind of data does Ekata use for its identity verification?
Ekata uses a global data set of more than 7 billion identity elements and 5 billion digital interactions. This data is organized into the Ekata Identity Graph and the Ekata Identity Network, which provide insights across categories such as device, person, behavior, and payment. These insights are used to generate comprehensive identity risk scores and detailed information on customer data elements.Q: How does Ekata ensure security and privacy of customer data?
Ekata takes security and privacy very seriously. It follows a risk-based approach to information security, compliant with standards like ISO 27001:2005 and AICPA Service Organization Controls (SOC) 2 principles. Ekata also ensures compliance with applicable data protection laws, including GDPR, and has a comprehensive privacy and data protection program in place. Third-party security assessments are conducted to ensure an unbiased approach.Q: What happens when a data subject requests to delete or stop processing their personal information?
When a data subject submits a request to delete or stop processing their personal information, Ekata removes that information from its Identity Network and Identity Graph databases. This action may result in “Null” responses or no results if a customer queries information about that individual in the future. Such requests can temporarily impact performance metrics for Ekata services due to an increase in “Null” responses.Q: Which industries and businesses use Ekata’s services?
Ekata’s services are used by a wide range of global merchants, financial institutions, travel companies, marketplaces, and digital currency platforms. More than 2,000 businesses and partners across over 230 countries and territories rely on Ekata to combat cyberfraud and enable inclusive, frictionless customer experiences.Q: How did Ekata become part of Mastercard?
Ekata was acquired by Mastercard in 2021 for $850 million. This acquisition aimed to advance Mastercard’s digital identity verification efforts and strengthen its multi-layered approach to security. The integration combines Ekata’s identity verification data, machine learning technology, and global experience with Mastercard’s fraud prevention and digital identity programs.Q: What are some of the key products and solutions offered by Ekata?
Ekata offers a suite of APIs and SaaS solutions, including the Pro Insight SaaS solution for manual fraud review, high-scale and low-latency APIs for transaction monitoring and customer onboarding, and the Identity Network and Identity Graph. These solutions help businesses make informed decisions about customer identities and risk levels in real-time.Q: How does Ekata’s technology support real-time decision-making?
Ekata’s APIs and SaaS tools use the power of the Identity Network to return comprehensive identity risk scores and detailed information on customer data elements in real-time. This enables businesses to make quick and accurate risk decisions during online account openings, payments, and other digital interactions.Q: Are Ekata’s services compliant with international data protection regulations?
Yes, Ekata’s services are compliant with international data protection regulations, including GDPR. Ekata has established a comprehensive privacy and data protection program to ensure compliance with applicable data protection laws and to protect the rights of data subjects.