Relying on personal customer data is causing a Digital Identity Crisis.
lost in 2020 from synthetic identity fraud
Average FICO synthetic fraud credit score
Consumer data records breached since 2013
of identity fraud is synthetic fraud
Sources: Federal Trade Commission, 2.22.2022.; FiVerity 2021 Synthetic Identity Fraud Report. Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise Aite’Novarica. The Changing Face of Identity Theft
The Digital Identity Crisis threatens online lending businesses.
Online lending has become indispensable to the landscape of modern business. But as lenders’ digital presence has grown, so has the target on their backs as identity fraud has skyrocketed. Why? Part of the issue is how much personal information is compromised. With more legitimate PII than ever in the hands of fraudsters, it’s increasingly unreliable as a single source of identity verification online.
Identify risk and prevent fraud for online lenders with behavioral analytics.
By reading applicant behavior from digital forms in real-time, behavioral analytics allow online lenders to both improve genuine conversion and identify bad actors in real time, without any PII.
Top lending fintech boosts conversion by 2-3x
A top online digital lender was losing 60% of their best applicants. Top-of-funnel behavioral analytics more than doubled their conversion rate for genuine applicants.
Unsecured lender prevents $3M in annual losses
Segment genuine customers from bad actors before applicants even press submit, and step up identity verification friction only on risky applicants. NeuroID’s behavioral analytics and real-time API can inform decisioning for online lenders and drive down unnecessary data costs.
Online credit card issuer detects $800k fraud ring attack
NeuroID has identified specific behaviors used by organized rings to defraud online lenders. NeuroID’s flagship product, ID Crowd Alert, visualizes, alerts on, and provides day-1 protection from, these fraud ring attacks.
Behavior is impossible to fake.
Behavioral analytics measure how familiar an applicant is with the PII they input. So, instead of relying solely on PII to inform identity, online lenders have a primary identity pre-screen (an applicant’s familiarity with PII) that sits ahead of any PII checks run in a traditional fraud stack, saving lenders money, improving genuine customer conversion and making sure applicants are who they say they are.