Next this afternoon, Andera demonstrated FortiFI, a product that aims to discover and flag fraudulent account applications sent to banks:

“It scans applications submitted online to over 500 financial institutions discovering patterns used by fraud rings only visible on an industry-wide scale, and flags applications matching known patterns before an account is opened at the bank. FortiFI is available as both a feature of Andera’s hosted account origination solution and its Software Development Platform (SDK). 

The SDK gives developers instant “plug and play” access to the many services and software components (e.g., ID verification, application risk management, funding risk management, funds transfer, etc.) used by Andera’s popular hosted online account opening solution, reducing the time and cost to bring innovative online services to market.”