Major Card Issuers Partner with BioCatch to Protect Senior Citizens from Fraud and Save $3.5M

There was a need to protect senior citizens from fraud and identity theft across multiple credit card issuers. Through aggregating data across leading card issuers, it was confirmed that 40% of confirmed fraudulent credit card applications had a declared age of 60+. Further analysis showed that the onboarding of new accounts in this age group had a higher likelihood of requiring additional verification steps. This created a high-friction onboarding process and resulted in a large number of abandoned applications and lower customer satisfaction.

A common practice for these credit issuers was to subject applicants, not automatically approved, to go through a manual review and follow up process. While this process is used to vet potentially high-risk applicants, it led to a high number of abandoned or cancelled applications. Issuers needed better protections addressing elder fraud without creating additional steps for genuine elder applicants.