How Aspiration Found 4X More Fraud with 97% Accuracy & Implemented Proactive Prevention with NeuroID
Aggressive fraud ring attacks were increasing internal overhead, with costly impacts cascading into Aspiration’s customer service teams and more. Despite a robust fraud stack, their identity verification tools were missing unseen fraud. Aspiration was determined to enhance fraud prevention without compromising the onboarding experience.
Transforming to Proactive Prevention
Aspiration’s fraud prevention team had great data insights into their fraud attacks, but it always came post-event. In addition, Aspiration faced what they called “unseen fraud” that was invisible to their current tools. The challenge became closing that gap of unseen fraud and creating proactive prevention, without hurting the customers’ onboarding process.
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