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Welcome back to Product Minute—our biweekly series spotlighting new product capabilities and use cases that drive customer value. We’re sending this one a bit later than usual following the long weekend—thanks for bearing with us!
This week, we’re spotlighting a powerful capability to help financial institutions detect bots and reduce fraud during digital account opening: NeuroID behavioral analytics.
Applicable Products: Consumer Banking Products (Credit Cards, Personal Loans, Auto Loans and Deposit Accounts)
The Challenge:
During digital account opening, financial institutions face a significant problem: making critical decisions based solely on often compromised Personally Identifiable Information (PII). This reliance can lead to:
Fraudulent Account/Loan Opening: Bad actors can easily compromise PII, leading to fraud losses.
Missed Fraud: Existing fraud and risk tools may miss sophisticated fraud attempts.
The Solution:
NeuroID provides real-time behavioral signals to improve decision-making during digital application. It analyzes user behavior in real-time during online interactions, like filling out an application, to determine if the user is genuine, neutral, or risky (e.g., a bot or a fraudster). It focuses on how a user inputs information rather than what information is inputted, without collecting or storing Personally Identifiable Information (PII).
Solution Highlights:
Real-time Behavioral Signals: Provides real-time behavioral signals delivered via API to inform identity decisioning during account opening.
Pre-Submit Assessment: Assesses familiarity with inputted PII and assigns behavioral intent flags (risky, neutral, genuine) before application submission.
Frictionless and Passive Monitoring: Completely invisible to the applicant, as they fill out forms as they normally would.
Additive Value: Enhances existing fraud stacks and maximizes return on current identity investments.
No PII Collection: Does not collect, store, or share applicant PII, ensuring privacy and compliance.
Want to learn more? Reach out to your Customer Success Manager or schedule time with our team.
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