Fraud Consortium

The Unit21 Fraud Consortium is a collaborative anti-fraud solution designed to empower financial institutions—including banks, fintechs, and credit unions—by enabling real-time data sharing and fraud detection without compromising user privacy. It aggregates fraud insights from over 75 organizations, allowing members to proactively identify and respond to fraudulent behavior before it escalates. This product is built on patented hashing technology that ensures privacy-preserving record linkage, meaning no personally identifiable information (PII) is shared. Instead, fraud signals are matched using hashed values, enabling secure and compliant collaboration across the industry.

Features

• Real-Time Fraud Label Aggregation: Members contribute fraud labels instantly, alerting the entire consortium when fraudulent activity is confirmed.
• Privacy-Preserving Technology: Uses patented hashing to de-identify user data, ensuring compliance and security.
• Rule-Based Screening: Easily set up rules to screen users against consortium data, with alerts integrated into existing Unit21 workflows.
• One-Click Sharing of Known Bad Actors: Streamline investigations by sharing fraudster data with the consortium during routine case reviews.
• Alerts from Peer Institutions: Receive notifications when another member flags a user, enabling early intervention.
• Known Fraudulent Payment Destination Detection: Identify and block transactions to destinations flagged by the network.
• Holistic Customer Insights: Access data on account tenure, fraud history, and exposure across consortium members.

Capabilities

• Cross-Institutional Collaboration: Enables secure data sharing between banks, fintechs, and crypto platforms.
• End-to-End Monitoring: Supports both onboarding and ongoing customer lifecycle screening.
• Custom Rule Configuration: Allows institutions to tailor fraud detection logic to their specific needs.
• Seamless Integration: Alerts and fraud signals flow directly into Unit21’s existing case management systems.
• Scalable Intelligence Network: Grows stronger with each new member, enhancing fraud detection capabilities across the ecosystem.
• No-Code Setup: Quick deployment with minimal technical overhead—rules can be configured in minutes.

Benefits

• Proactive Fraud Prevention: Detect and block fraud before it impacts your organization or customers.
• Reduced Investigation Time: Save hours of manual analysis with automated alerts and shared intelligence.
• Enhanced Security Without Compromising Privacy: Maintain compliance while benefiting from industry-wide insights.
• Improved Customer Protection: Shield users from scams and account takeovers using collective data.
• Operational Efficiency: Streamline fraud detection workflows and reduce false positives.
• Community-Driven Defense: Leverage the power of a trusted network to stay ahead of emerging threats.