Top-5 U.S. Card Issuer Realizes $10M Annual Uplift by Detecting New Account Fraud
A top-5 U.S. credit card issuer suffered from millions of dollars in fraud losses caused by the use of stolen personal information or synthetic IDs in the application process. Their existing fraud detection model was based on traditional identify verification methods (i.e. personal data and device reputation). After deploying BioCatch Behavioral Biometrics to their account opening journey, the issuer gained a new layer of visibility that enabled them to decipher between legitimate applicants and cyber criminals with a greater level of confidence.