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4finance Reduces Fraudulent Loan Applications by 40%

Image for the case study titled 4finance Reduces Fraudulent Loan Applications by 40%
Challenge:

Penetrating new markets and delivering industry-leading customer service had increased fraud liability, yet the company’s ability to stop organized fraud wasn’t keeping pace.

Solution:

Easily accessible via an intuitive and user-friendly interface, IDVision with iovation’s device intelligence helped to reveal connections between devices that were accessing fraudulent accounts, without interfering with the customer experience.

Result:

4Finance saw a 40% reduction in overall fraud rate, strengthened its fraud detection using evidence placed by industry peers, and accelerated the processing of trusted customers’ loan applications.

“Before using IDVision with iovation, fraudsters would submit as many applications from a single device, or a batch of devices, as quickly as they could. Now, we can recognize associated accounts and monitor them much more closely. It’s easy and quick to identify fraudsters’ patterns, associate them with their accomplices, and keep them out of our pockets. It would be close to impossible to do this without iovation’s device fingerprinting technology.”

– Gatis Ilgazs, Fraud Analyst

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