When a user begins the application process at your site, you are at risk for application manipulation and identity fraud. The insurance and online lending industries both frequently contend with application fraud. It’s critical to gain insight into the patterns of behavior that fraudsters display when applying in order to stop them before a loan or policy is issued. You need to understand the difference between customers you can trust and fraudsters working deliberately to manipulate your system. Device-based intelligence gives you the edge you need to recognize and stop fraud.
Online loan or policy applications create unique opportunities for fraudsters.
Application manipulation—when a user fraudulently changes information to gain more favorable terms—is an issue that device-based fraud prevention can detect and flag for risk. Fraudsters also target online applications using stolen identities. In the online lending space this often leads to loan default.
We identify high risk device behavior patterns to stop fraud
Our Fraud Prevention solution identifies specific patterns of device behavior that indicate risk during the application process. Device-based intelligence is often the first line of defense against application fraud because it effectively identifies and recognizes all internet-enabled devices that visit your site. If a device has a known history of fraud, you’ll immediately know the type of high risk behavior it’s been involved with plus any links it has to other accounts or devices.
Our multi-layered approach effectively stops frauds during the application process because we:
Detect and flag suspicious devices (web and mobile)
Identify high-risk locations and networks
Detect location masking to reveal a fraudster’s true location
Uncover evasion detection strategies
Track velocity risks like multiple new devices per application
Provide insight from client-shared fraud and our device reputation service
Customize rules to target high risk behavior
Use our business rules editor to flag patterns of fraudulent behavior specific to application fraud. Every type of fraud has its own high risk patterns. Easily set-up custom business rules to flag suspicious transactions. Rules can be added, adjusted or deleted on the fly, with immediate impact.
Stop application fraud before it starts.
Contact us to find out how our online fraud prevention service can help.