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Grasshopper Bank Closes Fraud Gaps and Maximizes Efficiency with NeuroID
Fraudsters today almost have cleaner identities than normal people. Traditional resources don’t go as far as they used to. NeuroID lets us dig deeper where we couldn’t see before to find what’s really going on.
Kaylee Sandberg, Fraud Manager, Grasshopper Bank
![](https://www.neuro-id.com/wp-content/uploads/2024/04/bg-gray-dots-large.png)
About
Grasshopper
At its launch in 2019, Grasshopper was the first digital commercial bank in the U.S. focused only on small businesses, startups, and other innovation economy investors. Four years later, Grasshopper assets now total more than $600M and their services have expanded to a suite of products tailored to small businesses, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing.
ChallengE
Maintaining Efficiency With a Lean Team
Grasshopper employs only about 100 people, but it onboards 1,200+ new clients a month. With that ratio, efficiency isn’t just a goal—it’s a necessity. But staying lean couldn’t mean compromising on growth. As Grasshopper focused on expansion initiatives, they also noticed a trend of cascading fraud costs related to closing fraudulent accounts. Not adding headcount while experiencing astronomical growth in clients and fraud attacks was a struggle.
Solution
Improved Top-of-Funnel Decisioning Through Behavioral Analytics
By adding behavioral analytics to Grasshopper’s workflow, NeuroID immediately closed the unseen gaps that were keeping the Grasshopper team up at night and added predictive visibility for better decisioning at the top of the fraud funnel. With NeuroID in place, Grasshopper now has constant visibility into crowd trends, allowing them to proactively protect against fraud attacks without sacrificing their team’s efficiency or customers’ experience.
![](https://www.neuro-id.com/wp-content/uploads/2024/04/very-dark-gray-bg.png)
At some point, everyone in the industry is going to realize that NeuroID behavioral analytics are a necessity for safe, frictionless customer onboarding. But before that point, a lot of institutions are going to take some pretty big losses. We didn’t want to be one of them.
Teddy Gordon, Director of Data, Grasshopper Bank
Behavior Drives Results
With NeuroID’s behavioral analytics in place, Grasshopper can make better-informed, cross-departmental decisions to fuel growth.
Reduced Operational Costs
Cost Savings
More accurate rejection at top-of-funnel onboarding, drastically reducing manual review costs and API calls
Reduced User Friction
Improved User Flow
Streamlined customer onboarding through advanced fraud detection tools
Real-Time Fraud Detection
Increased Efficiency
Real-time detection of fraudsters reduced strain on lean team