Payment Processor Streamlines Customer Onboarding with 97% Decisioning Accuracy from NeuroID
A full-stack payment processing fintech needed to scale their defenses against new fraud challenges brought on by their rapid-scale expansion.
Behavioral Analytics for a Real-Time World
NeuroID analyzes applicant behavior to accurately detect patterns indicative of fraud rings, automated bots or scripting activity, identity theft, synthetic identity usage, and other third-party fraud risks.
With NeuroID’s behavioral analytics at the top of the payment processor’s application review funnel, they can now quickly and confidently kick fraudsters out earlier. This saves time and effort for the payment processor’s review team, leading to increased operational savings, fewer costly step-ups, and overall significantly decreased onboarding costs.
In an analysis of their two onboarding routes (either fast-tracked or declined, based on NeuroID behavioral signals), the payment processor found that only 2% of the declined applicants appeal the decision and that less than 10% of those who are re-evaluated end up approved. They also reported a 97% alignment between the applicants flagged as risky by NeuroID and known fraud outcomes.