Beacon adds bank account insights to help companies strengthen fraud defense

Plaid Beacon, an anti-fraud network for fintechs and financial institutions, has added bank account insights to help companies strengthen their defense against fraud. The addition of these insights will aid in identifying stolen identities, synthetic accounts, and account takeovers (ATO). Companies can now analyze their Plaid-linked accounts for fraud indicators, leveraging the vast Plaid network to improve existing fraud prevention models. Beacon's collaborative nature allows companies to report fraud, enabling others to instantly screen users against this database without revealing personally identifiable information (PII). Over 20 participating companies are using Beacon to reduce fraud incidents and protect millions of consumers.