Recently, I had an opportunity to explain what Neuro-ID does in a way that made so much sense the customer had a huge “aha” moment. I said this, “Fraud detection systems have traditionally relied on what a customer provided as their final answer. Neuro-ID reveals how the customer came to that answer, which, when it comes right down to it, is actually more important.”
Think about that for a minute. Fraud screening typically takes the final set of data submitted on an application, transaction, etc., to run its algorithms, AI models, rules, database lookups, and so on throughout their entire technology stack to try and determine if this customer is legitimate or a fraudster trying to spoof the system. That data can be compromised in several different ways and fraudsters are masters of acquiring, combining and mimicking an actual customer. But they can’t duplicate a real customers’ thought patterns, or change their own for that matter, underlying the way they completed the application form.
When digital customers tap, type and swipe during an interaction, the answers they provide are only part of determining their true intent. How they arrived at those answers, which reflects their state of mind, can be even more revealing as to whether they are a genuine customer or a fraudster. Neuro-ID’s Human Analytics™ unlock deep insight into both the intent and experience of every digital user, providing a new source of data for fraud teams to detect risk and for CX teams to remove friction from legitimate customers.
Based on short-term and long-term memory, the speed, accuracy, number of changes, hesitation, and so on, give an enormous amount of information as to what the customer is trying to do. While this data can help detect fraudsters, it can also help identify good customers along their buying journey. Highlighting which customers really want to buy while they are on the site can have a dramatic effect on conversion and the overall satisfaction of the customer experience.
Want to learn more about Neuro-ID’s Behavior-as-a-Service to enhance your fraud fighting capabilities and identify more good prospects? Contact me for a demo and free 30-Day Behavioral Analytics Assessment.