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Credit Union Enjoys ROI from First Prevented Fraud Application

Challenge:

With fraudsters using clean fake identities to create new accounts, the credit union had difficulty knowing which customer applications to trust, resulting in deepening manual review queues.

Solution:

The IDVision with iovation solutions helped streamline the manual review process by fine-tuning automated business rules, and identifying fraud and high-risk transactions showing specific device characteristics.

Result:

The credit union saw immediate ROI by stopping more than $1M in fraudulent applications a month and reducing review processes from hours to minutes.

“We have been able to identify many more fraudulent applications using IDVision with iovation, and with less second-guessing. Now, each application that makes it to review takes about five minutes for one department, down from hours for three departments. It’s a lot more streamlined.”

– Jane, Fraud Leader

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