Streamlined onboarding and account recovery with enhanced fraud-prevention methods for an S&P 500 bank client
With a global customer base made up of tens of millions of active accounts, the company maintains an industry-leading stance in financial technology innovation. This enables them to reach their customers and end users with the best services possible, all while protecting the security of everyone involved. Trust Stamp worked alongside the bank to deploy a new approach to risk management and customer experience in an evolving world of digital finance.
The solution needed to optimize existing resources and provide a tangible impact in addressing the following problems with fraud, seen throughout the online banking space:
Banks are experiencing increasing rates and types of synthetic identity fraud and account takeover attacks due to greater numbers of consumers migrating to digital channels.
In an effort to reduce the incidence of fraud, banks may erroneously flag applications as high-risk, denying even legitimate transactions. Customers must prove their identities to clear these flags, but traditional tools can take over five business days to complete.
Our AI identified three organized fraud rings in 2019 alone! In one sample of 7,915 applicants, we identified 63 unique fraudsters and referred 33 more for investigation
In a sample of existing customers whose accounts were closed for failing legacy authentication methods, 83% of the accounts were reopened
In a sample of new account applicants previously declined for failing legacy identity authentication methods, 81% of the applications were approved
The bank implemented this framework into their onboarding and account recovery processes to enhance security with robust privacy and fraud-prevention measures in the touchpoints that present the most common and potentially disastrous opportunities for successful fraud attempts: when a financial institution and an individual first enter a business relationship, and when a user is unable to provide their existing access credentials.
The customer uses their mobile phone to capture a selfie video; presentation-attack-detection including proof-of-liveness tests analyze authenticityLearn More
The customer captures a photo of their ID; multiple anti-spoofing tests check for print or device display attacks, along with other indicators of falsified documentsLearn More
Trust Stamp's deep neural networks turn any sensitive data into secure tokens that are safe to use, store, and share as privacy-preserving identifiers
New customer enrollments are compared to the entire user base to detect synthetic or stolen identities, for the next level of fraud preventionLearn More
The program was deemed a success and has expanded to other customers and business lines within the bank. In a single year, the customer reported significant and substantial new sales revenue, hard fraud savings and fraud deterrence.
Reduced losses to fraud
Improved sales with faster onboarding
Increased customer retention
Increased efficiency / reduced need for manual verification
Greater card spend
A frictionless, user-friendly verification experience
Authentication completed in minutes
Improved account security and personal data privacy