In times of stress, fraud attempts always increase. When individuals are under stress to pay bills, they stretch their incomes and/or lie about their employment. They may overstate the value of their home or their assets. It is important that you have great tools to help you identify new account fraud (first party, third party and synthetic, which can be either).”– Kevin Moss
It is important for lenders to have the right strategy in place to effectively segment New Account Fraud. Tools available today can help, but for the most part, these tools rely on data that is out-of-date. The pandemic is highlighting a major gap that has always existed with traditional data, but the current result is paralyzing for some lenders, and can be more like a chasm. Employment, income, and identity verification are all areas of risk that heavily rely on historical data. That information, even only a few weeks old, will provide an inaccurate and out-of-date profile when it comes to fraud and risk.
Understanding the intent of each applicant is the only way to overcome this gap and help identify elevated levels of fraud and risk. Neuro-ID’s Friction Index® Dashboard observes the digital interactions of each applicant and translates them into actionable insight. This provides companies with critical visibility into the current state of their digital customer, to immediately surface high fidelity signals related to fraud, frustration, satisfaction, confidence, and risk. This clear picture of each applicant drives the confidence for FI’s to move ahead with certainty.