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PaymentSource: Neuroscience giving banks a chance to detect both fraud and friction

Aug 29, 2019 6:09:00 PM / by PaymentSource

PaymentsSource's latest article features our CEO, Jack Alton, discussing how neuroscience gives banks a chance to detect both fraud and friction.

Some excerpts from the article, written by David Heun:

The JavaScript that Neuro-ID deploys within a bank’s fraud detection system helps develop a score in real time of the authenticity of an applicant. Any type of hesitancy, frustration, answer switching or other actions not common in a good applicant, gives the banks reason to pause before approving an application.

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The advancement of neuroscience as a security layer is showing early positive results, said Julie Conroy, research director and fraud expert with Boston-based Aite Group.

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“In looking at the cadence at which data is being entered and how fast the applicant is doing things…that is not just helping catch fraud, but also addressing channel abandonment,” Conroy said.

“This is very useful in application flow today, but these technologies are growing and there is room for improvement and other use cases,” she added. “I think  it is great we are seeing positive results already.”

Click HERE to read article.

Tags: digital customer experience, friction, digital body language, fraud, In the News, synthetic identity, intent, payment source

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Written by PaymentSource