Fraud Case Study: How Innovis was able to target high-risk accounts for a Top 10 Credit Card Issuer
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What is this case study about?
With the pandemic driving hyper-digital adoption and consumers choosing to stay online, interrogating identities at account opening is more crucial than ever. Credit abuse, synthetic ID fraud and first-party fraud rates are increasing rapidly and have become a larger and larger drain on company profits. Unlike third-party fraud types, these identities often carry accurate information and seemingly legitimate intentions, but as financial institutions tighten up their onboarding policies, finding ill-intentioned consumers and synthetic identities at account opening has never been more important.
Key Highlights:
- How behavioral data and ID elements work together to recognize patterns commonly associated with first-party fraud.
- How financial institutions can benefit from using Innovis data to find high-risk identities that other providers may miss.
- Why it’s possible to identify fraudulent borrowers at account opening without having an exorbitantly high manual review rate.
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