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ACCOUNT FRAUD DETECTION AND PREVENTION FOR FINANCIAL SERVICES

Trust Is Everything. Don’t Let Account Fraud Destroy It.

There are many ways to define financial services today—traditional banking, neobanking, fintech—but no matter what it means to you, there’s one common denominator: trust. You earn it by delivering a secure, seamless online experience to every customer and partner, every time. But you can lose it in an instant to fraud. From new account fraud to sophisticated account takeovers, the risks are real. And the consequences can be devastating.

Verosint helps build and maintain trust on your banking platforms, with advanced AI/ML and graphing capabilities to detect fraud risk, deliver fraud intelligence, and prevent fraud—and with minimal friction to the customers and partners who count on you to keep them secure.
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$4.23

Amount banks and financial institutions paid for every $1 lost to fraud in 2022


Source: ABA, November 2023
$1.8B

Cost of synthetic fraud loss in the auto lending industry in the first half of 2023


Source: Motley Fool, 2023
+382%

Change in volume of suspected digital fraud 1H19 to 1H23


Source: Transunion, 2023

Verosint: Fighting Account Fraud Without Frustrating Customers

Fighting fraud in financial services is an ongoing effort that starts with onboarding customers and partners and continues throughout their relationship with your financial services organization. Protecting them against fraud is critical; equally critical is doing it without imposing an undue burden. That means proactively searching for signs of fraud and responding effectively whenever it appears—all without customers and partners being inconvenienced by your efforts.
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That’s why you need Verosint on your side to fight fraud.

Verosint empowers you to:

Use adaptive identity proofing to onboard accounts quickly and securely
Verify accounts in real-time to speed secure access for legitimate customers
Identify and tag bad actors and block them from coming back
Automate verification to eliminate inefficient manual efforts
Focus anti-fraud resources on the most relevant financial fraud risks
Improve fraud analytics with AI/MLfor actionable, real-time insights
Identify indicators of fraud clusters or large-scale fraud easily and early

Verosint: Finding Financial Fraud in All Its Forms

We help banks, neobanks, fintech firms, and other financial services organizations prevent and detect a variety of types of account fraud. The following are among the most common—and most potentially damaging.
Synthetic accounts combine real personal data with fake information, which can make it tough for traditional prevention and detection methods to recognize the fraud. Verosint employs AI and other advanced digital tools to quickly identify and stop these accounts before they cause major damage.
Fake accounts range from botnet-generated accounts to accounts built on stolen credentials. Verosint can find both, using AI-based analysis that is capable of spotting the signs of a fake account starting from the point of registration—and doing it without inconveniencing legitimate users.
Account takeovers rely on stealing legitimate users’ real credentials; that makes them harder to detect than full-blown fake accounts. Verosint combines native data analytics with integrated authentication tools to identify suspicious access attempts and block them.
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