From Overwhelmed to Overhauled:
Jovia’s Strategic Approach to Stopping Fraud Surges

Jovia Financial Credit Union, an 85-year-old Long Island based financial institution serving 200,000+ members with more than $4.5B in assets, expanded nation-wide in 2022. Within 10 months, Jovia’s number of daily applications, fraud, and account closure rates rose drastically.

Unable to separate risky applications from genuine ones in real-time, there were times Jovia was forced to turn off their online application form and stop instant booking of accounts in order to manually review 100% of applications. This cumbersome process created a significant backlog and restricted new customers from onboarding during a critical period of growth. This fraud was triggered by Jovia’s new success, and required a new set of tools to combat.

Jovia needed real-time fraud mitigation that leveraged best-in-class risk checks and expertise so they could return to servicing their customers. So, Jovia turned to Alloy, a leading fraud and identity platform and integrated partner of NeuroID. Within the Alloy solution, NeuroID provides real-time insight into a user’s intentions, be it malicious or genuine, based on their data entry patterns.

In addition to real-time decisioning, NeuroID distinguishes the behavior of genuine
applicants from those who appear risky and shows how they move through the
application to help analyze fraudster behavior. A few months after implementation, NeuroID captured a shift in Jovia’s applicant profile—a 40% uptick in the
number of risky applicants over a single 24-hour period. NeuroID revealed that
these high risk users were much more likely to use an active Jovia referral code
that had been posted on the dark web. Not only did NeuroID catch 1.4% of fraudsters missed by other vendor’s in Alloy’s platform, but they also showed how the attack happened, enabling Jovia to prevent similar approaches in the future.