Criminals Are Killing Conversion

It’s true. You’ve read as many stories as I have on the increase in fraud attempts, especially in the last 12 months or so.  While FIs of all types try to decrease fraud exposure and limit losses, collateral damage from those efforts can be the decrease in conversion. As I pointed out in my last blog, “Stop Driving Away Good Customers,” customers getting caught in the dragnet and being declined is even worse than the fraud itself.

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Stop Driving Away Good Customers

Getting rejected never feels good – it leaves a mark. But for top companies across the digital space, overtooled fraud systems are doing just that, rejecting otherwise good customers in droves. And this could be the biggest problem we face with digital transformation. As digital first impressions are made at volumes impossible to comprehend, those critical interactions too often fall flat, leaving relationships marred, even severed.

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Please Show Your Work

When I was in school, those four words made me sweat. Mrs. Paul, my ‘Intro to College Math’ professor, would start every test with that statement, “Please remember to show your work.” Math was never my strongest subject and my chicken-scratch writing when I was trying to figure out answers was almost undecipherable. I remember asking Mrs. Paul, “What does it matter if I show my work if I get the answer correct?”

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If You Know What’s Coming, Prepare For It

One of my favorite quotes comes from transcendentalist, Henry David Thoreau.

“When a dog runs at you, whistle for him.”

There are many ways to translate this, but there’s a significant parallel between the impending dog encounter and the increasing wave of fraud we’re seeing, especially in the midst of the pandemic. If you know what’s coming, prepare for it.

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Is That Your Final Answer?

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.”

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Lessons Learned From a Tough Year

I think we all can agree that 2020 has been a tough year all the way around. Plans have changed in the last 8 months (some dramatically so), businesses had to make adjustments faster than ever to meet the demand of an ever-increasing number of prospects forced online, and a new level of fraud complicates everything. So, what did we learn that we can take into 2021 and not just survive, but thrive? Here are my thoughts.

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For Fraud, Take the Path of Smart Resistance, AKA, Smart Friction

Friction is a terrible, horrible, no good, very bad word (apologies to Judith Viorst) when it comes to customer experience, but for personalized verification paths – catching fraud while reducing false positives – smart friction can be your digital ally.

So, what is ‘smart friction’ exactly? Smart friction is a technique that leverages visibility into an online user’s intent, revealed through their real-time behaviors, to drive a ‘friction-right’ customer experience, based on perceived fraud potential. That predictive lens into fraud is exactly what Neuro-ID provides, which is critical to applying smart friction.

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