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Aite-Novarica Features Neuro-ID in their Fintech Spotlight for Q2 2022!

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Exciting news—global research firm Aite-Novarica Group just featured Neuro-ID as an “interesting, emerging and impactful fintech vendor” in their quarterly fintech spotlight! We’re proud to be one of the elite solutions that Aite analysts chose to spotlight, based on our “innovative approaches, unique selling points, and competitive ability to solve wider business challenges from both a business and customer perspective.”

Read this excerpt of the spotlight to get Aite’s analyst takes on the benefits, drawbacks, and future potential of Neuro-ID to solve the Digital Identity Crisis—or check out three of their key quotes below for highlights (fair warning: we’re going to brag a bit, here).

“Neuro-ID provides deep insight into a user’s current motivations, intentions, and emotions by analyzing pre-submit data of their interactions with a digital form. Unlike post-submit data (i.e., data reviewed after the user presses the “submit” button such as name, address, email, phone, SSN, IP address, device), Neuro-ID collects no PII. The intelligence the firm analyzes is not subject to regulatory constraints or stored in a database, compromised, or duplicated..” (pg. 7)

Aite recognized the Neuro-ID approach to behavioral analytics as the trailblazing game-changer it is. 

While traditional fraud stacks rely on a post-submit consortium of PII that is wholly disconnected from the point-in-time user, Neuro-ID’s pre-submit, behavior-based digital intent signal prescreens identity before any PII is collected. So, prior to hitting the consortium of identity data, you get identity decisioning based on:

  • The text, types, and swipe of users relevant to their intent (for example, do they misspell their own name? Forget their own phone number?)
  • Behavior compared to other genuine customers 
  • Behavioral profile of the user
  • The sequence of actions or behaviors
  • Alerts of navigation data that resembles machine-like or bot behavior 

The result is a fraud stack nearly impervious to some of the most nefarious synthetic and fraud ring attacks, without adding any friction to applicant onboarding. As Aite calls it, “this simple concept” of pre-submit data enhancement is trailblazing as a very straightforward, but effective, method to help companies fast-track genuine customers and lock-out fraudsters. 

“Neuro-ID is a young, enthusiastic firm that focuses on being that type of business partner that listens and develops solutions to pain points.” (pg. 10) 

While “young” is maybe a bit generous (we’ve been around since 2014), we are indeed endlessly focused on meeting our customers’ and the marketplace’s needs. That’s why we launched ID Crowd AlertTM and ID OrchestratorTM earlier this year, with the goal of solving the evolving Digital Identity Crisis once and for all. 

ID Crowd Alert monitors the behavior of the crowd to identify fraud rings, bots, and shifts in risk behavior so you can make the best choices of who to fast track and who to escalate within your fraud stack. We built ID Crowd Alert to address the growing need for advanced fraud ring detection, as these attacks are known to thrive on stolen PII—a strategy that doesn't work with ID Crowd Alert.

ID Orchestrator measures how familiar every applicant is with their own PII. It analyzes users’ behavior as they interact with a digital onboarding form or application, looking for those tell-tale signs of unfamiliarity (as we often say around here, behavior can’t be faked). And as Aite analysts found, “By interpreting these behavioral signals, the technology exposes solid evidence showing whether users are familiar with their PII.” (pg 8) 

Aite-Novarica Group believes that the way Neuro-ID continues to develop innovative capabilities is quite exciting. The current market focus is on providing great customer experiences while also containing fraud losses; Neuro-ID’s technology is poised to help firms achieve both these vital goals. (pg. 10)

As digital companies try to improve their customer approval process—which inherently reduces friction during customer onboarding in the process—fraudsters find new vulnerabilities to exploit. How do you open the door to good customers without having it swing open equally in the opposite direction, letting in fraudsters?

Neuro-ID’s pre-submit strategy eliminates the fine dance between fraud and friction. We’ve helped our customers: 

  • Stop $3M in fraud by flagging 1,500 low familiarity applications
  • Prevent $860K of losses during a 2-week fraud ring attack
  • Double their conversion rate by segmenting genuine customers resulting in $7.1M ROI
  • Realize $1M in additional annual revenue by routing genuine applicants appropriately 
  • Reduce their historical fraud rate by 35% when peers were seeing spikes in fraud due to COVID-19

Check out these (and many other) Aite analyst insights in this free report excerpt. Better yet, want to see those results in your own anti-fraud strategy? Talk to one of our experts today.

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