Sentilink

Synthetic identity theft is a form of financial fraud in which a real person's information, such as their Social Security number or date of birth, is stolen and combined with other falsified personal information to create a new identity. This has become a rising issue all around the world which many use to provide fake information to banks and other financial institutions. To tackle this issue, Max Blumenfeld and Naftali Harris, founded Sentilink in 2017. 

SentiLink is a technology company that helps detect and block synthetic identities by linking them with fraudulent crime rings. It uses real-time application programming interfaces and risk analyst tools to identify fake people and connected fraudulent applications. SentiLink's innovative identity and risk solutions empower institutions and individuals to transact confidently, preventing synthetic fraud, identity theft, and emerging forms of first-party fraud at account opening. Sentilink allows their customers to gain actionable intelligence on their applicants with highly accurate scores and data insights. The staff of experienced fraud analysts assists client teams at every stage, providing better solutions. To avert financial losses, it assists in identifying hidden credit problems and reporting high-risk applications. It also stops first-party and identity fraud, which standard solutions are unable to stop. Together with their team of fraud analysts, customers may access adaptable solutions that are tailored to their compliance and risk requirements. These exceptional services, act as a differentiating factor for their products. Their first service is the Synthetic Fraud Score which is a composite abuse score that targets both first- and third-party synthetic fraud, providing a comprehensive understanding of the fraud's nature. It uses a unique merger logic, combining data from various sources, internal consortium data, and risk specialists' advice, enabling more accurate and efficient detection. Paired with SentiLink’s Synthetic Fraud Score, eCBSV is a highly effective treatment strategy to spot synthetics from otherwise qualified thin file applicants — reducing fraud while also making it possible to approve more legitimate consumers. Another service is the ID Theft Score which allows clients to surface identity theft with an accurate score based on exclusive fraud labels and a more thorough comprehension of new strategies to detect more harmful activities. SentiLink's ID Theft Score is a complete tool that assists customers in catching more fraud. Along with this, customers can recognize when fraudsters have the phone or email associated with an application and take appropriate action without causing more trouble. Facets is another solution that lets customers improve models with features that provide a more transparent picture of identities and wider insight into the whole amount of account opening activity throughout SentiLink's network. Through insights, users may provide risk teams a more comprehensive understanding of the risk associated with incoming applications based on input information, then use specially designed signals to make accurate judgments. Along with offering services for credit cards, consumer, auto, and small business loans that help banks and lenders stop credit abuse, Sentilink also offers specialized services for credit unions and banks that aid in preventing application fraud early on and making it simple for customers to access deposit accounts.

Sentilink's primary source of income is identification verification. Their revenue increases as they handle more data. In addition to licensing costs, clients often pay usage fees for identity checks. Sentilink's first goal was to enhance financial fraud detection, but it has now grown to accomplish much more, generating about $25 million in income over the previous several years. About 200 people work for the company, which oversees over 300 clients, including seven of the top fifteen banks in the US, six of the biggest credit unions, and significant fintech firms like Plaid and Ramp. The organization has completed over 323 million identification verifications. 

Sentilink has raised a significant amount of money since its founding in 2017 from investors including Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others. The business has presently garnered over $85 million in investment, which it is using to invest in cutting-edge and improved methods of identifying and stopping identity and synthetic fraud. Numerous other businesses using the same strategy operate in the same industry, including Socure, Drata, and Merge. Sentilink's close rival, FiVerity, ranks higher in the categories of fraud recovery rate and rate of fraud detected and stopped. Despite this, Sentilink is superior at lowering fraud losses. Sentilink's largest rival is Socure, which since its founding in 2012 has raised over $723 million in total investment. Along with that, it possesses an upper hand in many crucial services when compared with Sentilink. Such scams have become commonplace in a world where artificial intelligence and technology rule. Therefore, finding a solution to this issue will be revolutionary and benefit several financial institutions globally.

Click here to access Sentilink's website.