How Aspiration Found 4X More Fraud with 97% Accuracy & Implemented Proactive Prevention with NeuroID
With NeuroID at the top of our funnel, we implemented automatic denial based on the NeuroID risky signal, saving us additional API calls and reviews. And we’re capturing roughly four times more fraud. Having NeuroID’s behavioral data to reinforce our decision-making is a relief.
Josh Eurom, Manager of Fraud Strategy, Aspiration
About
Aspiration
For more than a decade, Aspiration has been empowering individuals to take bold climate action through financial services that support a healthier planet. Their category defining green financial products have been at the intersection of personal finance, technology, and climate-action, revolutionizing the way consumers fight climate change through their everyday spending and saving.
Challenge
Tackling Unseen Fraud for Frictionless Onboarding
As fraud ring attacks started to have more of an impact on Aspiration’s customer service and internal overhead, Manager of Fraud Strategy Josh Eurom knew they had to do better. Josh’s fraud prevention team had great data insights into their fraud attacks, but it was always after the fact. The challenge became closing that gap of unseen fraud and creating proactive prevention, without hurting the customers’ onboarding process.
Solution
Proactive Fraud Prevention
After a three-month trial with NeuroID, Aspiration was able to capture 4x more fraud at onboarding with a 97% confidence rate. By placing NeuroID at the top of their onboarding funnel, Aspiration reduced manual reviews and unnecessary data calls by automatically declining risky applicants and streamlining genuine users. By proactively protecting against fraud, NeuroID gave Aspiration the confidence to assume more risk.
Before NeuroID, we were not automatically denying applications. They were getting an IDV check and going into a manual review. But with NeuroID at the top of our funnel, we implemented automatic denial based on the NeuroID risky signal, saving us additional API calls and reviews. And we’re capturing roughly four times more fraud. Having NeuroID’s behavioral data to reinforce our decision-making is a relief.
Josh Eurom, Manager of Fraud Strategy, Aspiration
Behavior Drives Results
Success with NeuroID’s behavioral analytics has given Aspiration greater confidence in its fraud detection capabilities, which allowed them pursue new customers and lucrative growth opportunities that may have been deemed too risky in the past.
4x
Cost Savings
4X more fraud was caught at on-boarding during a three-month trial.
97%
Fraud Confidence
NeuroID detected fraud during onboarding with a 97% confidence rate.
Reduced Costs
Cost Savings
More accurate rejection at top-of-funnel onboarding, drastically reducing manual review costs and API calls
Read the Complete Customer Story
