{"id":1334,"date":"2016-02-15T16:25:00","date_gmt":"2016-02-15T16:25:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/?p=106"},"modified":"2022-10-05T12:36:44","modified_gmt":"2022-10-05T12:36:44","slug":"veracityid-stopping-fraud-before-it-starts","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/veracityid-stopping-fraud-before-it-starts\/","title":{"rendered":"VeracityID Stopping Fraud Before It Starts"},"content":{"rendered":"

Financial services industries have made huge investments in identifying and quantifying contractual risk, whether it be insurance loss risk or default risk at origination. \u00a0They’ve also poured enormous resources into identifying fraudulent transactions or claims. What they haven’t spent much time or money on is separating out the portion of risk at application that is attributable to false information, errors and fraudulent intent as opposed to actual loss or payment experience. Yet once you reflect on it, it becomes obvious that the ability to understand and therefore price risk requires that you operate on the basis of fact. \u00a0And it further is obvious that if you can use social cues or predictive indicators to infer the likelihood that an applicant has fraudulent intent that you can develop a much clearer understanding of real underlying risk. \u00a0<\/p>\n

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Yet knowing the truth and inferring intent at the point of application is a large and largely unaddressed innovation opportunity for financial institutions. \u00a0That’s not to say that lies and fraud aren’t priced into credit or underwriting decisions today because they are. \u00a0It’s just they tend to be priced as an undifferentiated part of the loss experience in each segment. That’s because historically it’s been very difficult to figure out truth versus lies in applications and even harder to predict which customers are entering a relationship intending to steal.<\/div>\n
<\/div>\n
That’s where VeracityID comes in. \u00a0We are a (insert definition here). \u00a0Our solution, idFusion is a (insert definition here).<\/div>\n
<\/div>\n
idFusion works by (insert description here) it’s key features<\/div>\n
\n
    \n
  • High quality entity resolution at POS<\/li>\n
  • Large scale predictive social network analytics at POS<\/li>\n
  • Resulting in a comprehensive fusion of internal loss and payment data with external data sources to deliver the most complete validation the applicant’s true status and risk possible before pricing the risk.<\/li>\n
  • Continuous ongoing monitoring of critical origination and risk aspects<\/li>\n
  • Embedded in an end to end improvement process wirh<\/li>\n
      \n
    • Customized workflow,\u00a0<\/li>\n
    • Case management,\u00a0<\/li>\n
    • Reporting and\u00a0<\/li>\n
    • Resolution<\/li>\n<\/ul>\n
    • All delivered by a massively scalable SaaS environment\u00a0<\/li>\n<\/ul>\n
      The benefits of idFusion are:<\/div>\n<\/div>\n
      \n
        \n
      • A sharper pencil – Up front elimination of errors so risk can be priced accurately<\/li>\n
      • Really knowing who your customer is – not just who they say they are<\/li>\n
      • The ability to identify customers with an elevated fraud risk<\/li>\n
          \n
        • To exclude them at the point of origination or<\/li>\n
        • To subject them to higher levels of control and scrutiny during the product lifecycle<\/li>\n<\/ul>\n
        • The ability to identify elevated risk during the product life cycle\u00a0<\/li>\n
            \n
          • By monitoring changes in key origination details<\/li>\n
          • By monitoring changes in the riskiness of customer social networks<\/li>\n<\/ul>\n
          • An end to end management process that empowers employees to See, Act and Learn in a virtuous ongoing process of opportunity identification, innovation and measurement. \u00a0<\/li>\n
          • Easy to implement in almost any financial institution environment\u00a0<\/li>\n<\/ul>\n<\/div>\n
            In sectors like Automotive Insurance idFusion has demonstrated the ability to deliver 3 to 5% of revenue \u00a0annually to the bottom line within 18 months of implementation with the prospect of significantly more over time as the organization learns to exploit idFusion insights. \u00a0Similar results are available to other sectors.<\/div>\n
            <\/div>\n
            If you are curious and want to learn how idFusion can help your business sort between real risks, customer dishonest and errors we can work with you to conduct a Veracity Opportunity Analysis. \u00a0A VOA is a short analytical exercise whereby we tune the idFusion engine to test the origination variables of most concern to you to see just how much\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"

            Financial services industries have made huge investments in identifying and quantifying contractual risk, whether it be insurance loss risk or default risk […]<\/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-1334","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"\nVeracityID Stopping Fraud Before It Starts - VeracityID<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/veracityid-stopping-fraud-before-it-starts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VeracityID Stopping Fraud Before It Starts - VeracityID\" \/>\n<meta property=\"og:description\" content=\"Financial services industries have made huge investments in identifying and quantifying contractual risk, whether it be insurance loss risk or default risk […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/test.veracityid.com\/new\/veracityid-stopping-fraud-before-it-starts\/\" \/>\n<meta property=\"og:site_name\" content=\"VeracityID\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-15T16:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T12:36:44+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/test.veracityid.com\/new\/veracityid-stopping-fraud-before-it-starts\/\",\"url\":\"https:\/\/test.veracityid.com\/new\/veracityid-stopping-fraud-before-it-starts\/\",\"name\":\"VeracityID Stopping Fraud Before It Starts - 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