Fueling Growth, Profitability and Security
Insurance companies use ThreatMetrix to verify user identities during policy and account creation, and then to protect those accounts from takeover via unauthorized logins.
As insurers look to expand into new areas such as micro-insurance, usage-based coverage, retail finance and wealth management, they need to contain costs, fend off fraudsters and deliver a fast and efficient digital experience. A key strategy is to move identity assessment and authentication to early in the customer journey.
ThreatMetrix helps insurers achieve profitable growth via digital channels by instantly and transparently recognizing users with up to 95 percent accuracy and by providing an enterprise platform for improved risk decisioning.
Fraudsters use stolen identities to take out fraudulent insurance policies, apply for loans and set up financial accounts. Fraud now costs the industry well over $250 billion annually. False claims alone have gone up 60 percent in just the past four years. And today, one out of every nine new accounts is fraudulent.
ThreatMetrix helps insurers verify and assess the true identities of the people they transact with online, and qualify the risk associated with doing business with them. Now, insurers are able to determine the legitimacy of users opening accounts, even if it’s the first time they’ve ever visited the insurer’s site.
By moving fraud prevention earlier in the customer journey, carriers can improve operational efficiencies and provide the personalized services customers demand.
When we switched to ThreatMetrix we saw an enhancement from your digital identity capabilities. Some of your rules were predicting fraud at 50 percent, which is very, very high.
— Josh Barnsdale, One Call Insurance
A growing number of insurers are offering new digital services. This is making it easier than ever for outlaws to use stolen identity credentials to hijack user accounts, allowing them to transfer or withdraw funds, change beneficiaries or commit other forms of fraud completely undetected.
Today, there are approximately 10 account takeover attempts every second across the globe. In these attacks, victims and insurers can face significant financial loss. For customers, there’s also the hassle of changing usernames and passwords, managing their accounts and even performing basic functions such as requesting proof of insurance cards.
Unlike traditional authentication systems that rely solely on static identity credentials, ThreatMetrix leverages hundreds of dynamic data elements that cannot be stolen or faked. Using global shared intelligence, insurers can instantly recognize and block fraudsters before they can wreak havoc on customer accounts.
ThreatMetrix intelligence gives us greater insight into our client base, allowing us to make better risk decisions and be smarter about adjusting rules based on customer behavior.
— Andrew Vickers, General Manager, Technology Systems, Rabobank
Social engineering, phishing attempts and other schemes can fool customers into becoming accomplices in crimes perpetrated against them. When victims click on links embedded in fraudulent emails, malware and Remote Access Trojans (RATs) can be loaded onto their device.
Once victims are duped, cyber thieves gain access to an otherwise legitimate session to steal login credentials, answers to challenge questions, and other sensitive personal information. They can even bypass device security and take control of the device to siphon off funds when the user is away or distracted. These illegal transactions can be very hard to detect because they appear to be coming from the legitimate user’s account.
ThreatMetrix detects the use of malware, Man-in-the-Middle attacks, RATs and even rooted devices that pose high transaction risks. Through real-time behavioral profiling, ThreatMetrix also detects anomalies that may indicate an account access attempt from a user who isn’t who they claim to be.
ThreatMetrix gives our members the choice of a more proactive security solution to help protect them during online transactions.
— Enis Huseyin, IT Manager, Bankstown City Credit Union
When it comes to engaging today’s digital customer, the more personalized and efficient the experience can be, the better. For this, mobile technology is a game changer.
The reality is that blocking customers when they are in an unexpected location or using a new device is relatively easy, but treating customers like they are cybercriminals is problematic – especially when customer loyalty is at an all-time low.
ThreatMetrix provides sophisticated risk-based decisioning that evaluates device, location, identity and threats. This helps insurers authenticate users instantly and transparently. A mobile software development kit ensures app and device integrity. As a result, insurers are able to streamline and enhance the user experience for legitimate users while stopping fraudsters posing as them.
We see the Mobile banking app as integral to retaining customers in the new open banking landscape of PSD2: if we continue to prioritize that slick customer experience, along with the full-service product offering, we will continue to grow our Mobile customer base.
— Ryan Gosling, Mobile Banking Manager, Lloyds Banking Group
When customers or brokers request a policy quote or are evaluating an annuity, the speed and accuracy of the process and overall customer experience can make the difference between won and lost business.
To facilitate straight-through processes, insurers need to verify the person is legitimate at the very first point of contact, and they need a single and comprehensive view of the customer for better risk decisioning.
ThreatMetrix provides real-time digital identity intelligence at every point in the customer journey. Our standards-based digital identity platform integrates data from multiple sources. Case Management provides the tools to help isolate and resolve transactions requiring additional review.
ThreatMetrix is going to give us the ability to expand more quickly and comprehensively, particularly in new markets.
— Avijit Nanda, CEO, TimesofMoney, USA