A Top-5 U.S. Card Issuer Realizes $10M Annual Uplift by Detecting New Account Fraud and Accepting More Credit Card Applications Using Behavioral Biometrics
A Top-5 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 means of verifying identity including personal data and device reputation.
The issuer adopted the BioCatch behavioral biometrics platform to capture user cognitive and physical digital behavior and leverage real-time risk scores and behavioral indictors within their machine-learning based model. This added a new layer of visibility, enabling them to decipher between legitimate applicants and cybercriminals with a greater level of confidence.