Fight application fraud more effectively and earlier in the process.
Early-detection analytics is key to identifying banking application fraud.
Balance optimal customer experience, sophisticated third-party data usage and targeted fraud strategies in real-time, to detect fraudulent applications early and accurately, using the power of Featurespace’s invention, award-winning, Adaptive Behavioral Analytics.
As fraudsters use increasingly sophisticated methods to imitate genuine customer behavior and evade traditional fraud detection, Featurespace’s ARIC platform offers a fresh approach to protecting your customers.
ARIC Risk Hub enables significant analytical modelling capability to monitor application data from all angles, empowering risk teams to analyze multiple events simultaneously, at each step of the application process.
Fraudsters are rapidly evolving their tactics to imitate genuine customer behavior and evade detection. Featurespace’s Adaptive Behavioral Analytics enables financial services providers to use real-time machine learning to block and detect fraud.
This enables it to distinguish genuine applicants from fraudsters who are executing first party or synthetic fraud attacks and bring existing data sources into an overarching risk hub.
Because Featurespace’s ARIC platform models customer behavior rather than looking for known bad behavior, it is able to detect and prevent even new types of fraud attacks, protecting against all card fraud typologies, including (but not limited to):
An example of First Party Fraud could be when the person applying for a mortgage misleads the lender in some way to get the approval such as exaggerated income or source of deposit.
An entirely falsified ‘individual’ created over several months (typically) is applying for the loan.
When the details of a genuine individual are used by the fraudster to apply for the loan.
When someone else in the lending chain e.g. a solicitor in a mortgage deal steals the funds.
Did you know, ARIC Risk Hub for Application Fraud is also available as a White Label product?
Provide real-time fraud protection with the very best machine learning to your clients, opening new revenue streams for your business.Learn more about ARIC White Label
As the largest digital only bank in the US and one of the 15 largest banks in the country this bank were open to new fraud types such as synthetic ID application fraud.
85% fraud detection rate improvement over six months
The bank had a set of rules that screened applications for fraud. As the business grew, the bank recognized that its existing process was stretching operational resources and was not flexible enough to provide effective protection.
The bank’s main challenge was handling 87 data feeds that were going into its Deposit Risk Engine and the various screens that investigators had to work to review a case.
The top 25 US Bank carried out a detailed market evaluation, choosing Featurespace following a successful proof of concept as it offered a flexible solution that it could quickly implement. In addition, ARIC Fraud Hub is already being used globally, so the bank could benefit from Featurespace’s expertise in other sectors.
Featurespace are now live across all 87 feeds, all channels (including telephone, mobile, online banking and more) and investigators only have to login to one system.
This means that not only have the analytics had a dramatic impact on the business, but the investigators are also able to save minutes from every investigation.
Credit Reference Agency