Incorporating iovation as the first line of defense eliminates the worst offenders and creates a better experience for good customers
iovation, the provider of device intelligence for authentication and fraud prevention, today announced the availability of a banking case study about how iovation significantly reduced fraud loss and improved the customer experience at account application for one of the 10 largest financial institutions in the United States. The bank, which operates thousands of physical branches across the U.S., says iovation helped them more than double online account bookings and reduced customers’ friction in the application process by half.
“Incorporating device reputation right up front as the first line of defense really made a difference. iovation helped us eliminate the worst of the worst, serve honest customers faster, and reduce the number of questionable applications sent to review,” said the Vice President with the Omnichannel Group at the bank.
Every time a device submits a new account application to the bank, iovation evaluates that device’s reputation and riskiness based on the business rules selected and weighted according to the bank’s needs and appetite for risk. Unrecognized devices are assessed for patterns associated with fraud, including evasion techniques, device anomalies and other factors associated with risky behavior. Applications from devices deemed as trustworthy continue through the real-time process. High-risk devices may be denied instantly. The rest get flagged for manual review.
“Right now, most of our applicants receive a real-time decision,” said the bank’s vice president. “As we fine tune our process, we expect to put more reliance on iovation and reduce our review queue even more. In the same time period, account bookings improved two-fold over the original process. Because iovation helps reduce friction, more customers can confidently be approved in real-time. That’s huge.”
iovation will be sharing how it helped this top 10 U.S. bank reduce fraud at booth 201 at the BAI Payments Connect Conference, which runs until March 9 at the San Diego Convention Center.
To read the entire banking case study, go to http://bit.ly/1nk4xgf.
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.