The new Plaid Beacon network is open to fintech companies, financial institutions of all sizes and Plaid-powered customers and allows them to share information about stolen identities and compromised accounts. By enabling the reporting of instances of fraud and facilitating identity screening, Plaid Beacon aims to counter three common forms of attack: stolen identity, synthetic and account takeover fraud.
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Plaid launches anti-fraud network
“Through a set of APIs [application programming interfaces], Beacon enables real-time, secure information sharing across the ecosystem to mitigate repeat fraud against businesses, protect consumers and create a safer digital finance ecosystem,” Meier said in the post.
