If you are a typical credit card issuer, you are probably charging off a substantial amount in application fraud losses, and dedicating an increasing amount of resources to verification and fraud prevention measures. At one time, application fraud accounted for only a small portion of an issuers total fraud losses. This crime has grown at an alarming rate. A recent FTC survey showed that over 9.9 million Americans annually fell victim to identity fraud costing businesses and financial institutions $48 billion.
ASA's solution to application fraud uses its unique ScorXPRESS® predictive analytics technology to act as a gatekeeper within your credit processing area. Our approach achieves higher fraud detection rates than standard or consortium methods. ScorXPRESS instantly assigns accurate fraud scores to determine whether applications should be approved, reviewed, or declined.
ASA's ScorXPRESS® application fraud detection solution is a predictive model and rules based system for detecting and taking action on many types of fraud, including identity fraud.
Highlights
- Uniquely blends statistics and neural networking technologies together for robust, business specific application fraud models
- Deploys and integrates easily into a wide variety of application processing systems
- Provides a rules assisted option to combat localize problems such as hot-spot fraud, changing perpetrator patterns, and exception processing
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