Payment Processor Pinpoints Thousands of Fraudsters & Saves Millions with NeuroID
A prominent payment processor servicing 3 million commercial U.S. customers needed to optimize a seamless onboarding process that was also efficient for early fraud detection.
Behavioral Expert Series
Behavior Drives Results
NeuroID’s behavioral analytics helped this payment processor to identify:
dormant fraudsters—active accounts tied to hundreds of fraud clusters connected through browser IDs.
in annual savings, based on an analysis of what NeuroID could have prevented in fraud losses and chargeback costs had the solution been implemented in the previous year.
second decisioning on approve, deny, or review, which reduces the pressure on the overall fraud stack.
Human Digital Behavior
NeuroID analyzes consumer behavior using machine learning to accurately detect consumer segments that exhibit fraudulent characteristics indicative of fraud rings, automated bots or scripting activity, identity theft, synthetic identity usage, and other third-party fraud patterns. Now in place as part of the payment processor’s account onboarding fraud mitigation, NeuroID assesses their user’s intent in real time for sub-second decisioning on approve, deny, or review.
This approach has saved the payment processor money on fraud losses, while also reducing the pressure their fraud stack and manual review teams by weeding out fraudsters, faster.