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.
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.
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