NeuroID Saves Elevate $1-2M a Year Through Accurate Fraud Detection and Operational Efficiency Improvements

Elevate, together with the banks that license its marketing and technology services, offers responsible, online credit solutions that help customers build a brighter financial future. The company is committed to rewarding borrowers with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s platform powers a suite of groundbreaking credit products including RISE and Elastic.

Elevate could see fraud rings attacking in real-time but felt helpless to stop them. The rings were probing then striking during the account opening process for some of the key financial solutions for Elevate and the banks it supports—including personal loans and credit cards. The tipping point came in April 2021, when one fraud attack caused significant losses that drove Elevate to take immediate action. This smash-and-grab tactic put Elevate at risk in more ways than one, as attempts to stop fraud rings through additional verifications were adding friction for the company’s legitimate applicants.

After seeing NeuroID behavioral analytics in action, Elevate quickly recognized the power of stopping fraud ring attacks before funding took place. Elevate can now see and segment spikes in suspicious activity simply by understanding how familiar an applicant is with the information they provide. By creating fine-tuned applicant flows based on behavior, NeuroID provides much more insight and security while improving ease of access for genuine applicants. “With NeuroID, if an applicant is flagged as risky from the fraud ring indicator, they immediately trigger increased scrutiny via additional verification,” says Ryan. “The accuracy is very, very high. Since we put in NeuroID, we have not had a significant fraud attack resulting in losses. Based on its accuracy of fraud declines, NeuroID has helped us prevent between $1 and $2 million a year in fraud losses.”