Veracity Analytics – Fact based insights into Trust and Fraud<\/p>\n
When people think about financial “fraud” they tend to bucket people into two categories: \u00a0the honest customer and the fraudster. \u00a0We believe that dichotomy is too simplistic. \u00a0It turns out when we test the accuracy, completeness and truthfulness of all the information a customer is required to submit to purchase a financial product we find that when it comes to financial fraud, there are three types of people that financial institutions encounter.<\/p>\n
Honests – organized, accurate. About XX% of customers fall into this category: \u00a0they complete the application honestly and if they don’t know the answer, they go and get it rather than guessing. \u00a0If they put in ‘place holders’ they don’t ‘forget’ them but correct the application. \u00a0They might occasionally make a mistake but it is typically inadvertent and uncommon. <\/p>\n
Shaders – disorganized, inaccurate. About YY% of a typical financial services customers are in this category. \u00a0They are the ones whose applications contain inaccurate data and almost always the inaccuracy is in the favor<\/p>\n
Fraudsters – organized, deceptive<\/p>\n
because at Veracity we enable our customers to evaluate the accuracy, completeness and truthfulness of every relevant piece of information that they require of customers. \u00a0And since<\/p>\n","protected":false},"excerpt":{"rendered":"
Veracity Analytics – Fact based insights into Trust and Fraud When people think about financial “fraud” they tend to bucket people into […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-115","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"\n