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Data specialist Jaywing has launched smartfraud; a new tool based on known frauds and other key data which gives organisations an easy to implement postcode level insight to determine consumer fraud potential.
The new product embodies Jaywing's credit and risk profiling experience by enabling organisations to identify consumer fraud, and determine fraud propensity, at every stage of the customer lifecycle. smartfraud's comprehensive analytical capabilities mean it can be used across entire portfolios and in many sectors including financial services, insurance, telecommunications and utilities.
smartfraud has a specific application at every stage of the customer lifecycle to reduce fraud losses:
- Promote: allows organisations to screen prospects before communicating with them, reducing the likelihood of inviting high-risk customer segments to apply for their products, policies, services or to purchase high value goods. This saves potential fraud losses, marketing costs and the cost of processing these applications. Smartfraud can be used to screen mailing lists, door drop sectors and door to door sales walk orders.
- Apply/Quote/Supply: provides a quick and easy to integrate method for pre-screening applications/quotations, this means applicants with the highest potential to be fraudulent can be identified via a quick and easy method either for rejection in order to avoid the time and cost associated with processing the application and carrying out individual fraud checks or for closer investigation. It also provides a quick and easy to integrate way to build fraud risk into quotations, or in the case of telcos and utility providers, offer applicants alternative payment methods or account restrictions.
- Manage: supports the identification of possible account takeover by highlighting discrepancies when a customer informs you of an address change. For example when a change of address is from a low risk of fraud to a high risk of fraud address, signalling the need for additional customer verification. For insurers, insurance claims can be assessed and potentially fraudulent cases identified and flagged for investigation. For telcos a repeat bill request being made may trigger the need for additional customer verification.
- Deliver: for use in lost and stolen processes to check any recent change of address discrepancies and invoke a branch pick up policy for credit cards and other materials, or further verification checks that a genuine change of address took place. For retailers and telcos it avoids goods, handsets or other equipment being lost in transit by checking any billing/delivery address discrepancies. Further verification checks or billing address delivery can be required for only a small proportion of customers, protecting against fraud and keeping purchase processes slick for the vast majority of consumers.
- Collect and Recover: identifies fraud cases in collections, avoiding unnecessary resource being wasted chasing debt that can't be recovered and diverting it to fraud processes.
smartfraud is based on known frauds, combined with other data sources including key lifestyle variables. Users can choose from an 'off the shelf' package or as a range of customised levels to suit your strategic and budgetary requirements. Jaywing can construct a model based on the clients' own fraud cases, leading to even greater accuracy in fraud detection. smartfraud can significantly enhance existing fraud prevention strategies and tools, and easily integrates into existing processes, further strengthening a brand's fraud defences.
Steve Denby, commercial board director at Jaywing comments:
"Fraud is an issue that no financial brand can ignore. Fraud levels continue to rise and as one door closes to fraudsters another one opens; recent rises in account takeover, and Card Holder Not Present fraud prove this point. It is therefore essential that all brands look to every possible defence available at each stage of the customer lifecycle, where potentially fraudulent activity could occur.
"The adage that prevention is better than cure is never more relevant than in the case of fraud; so by using smartfraud as a key element in their fraud defences, organisations can benefit from swift and accurate identification of likely fraud cases, before they even take place."
