October 16, 2018
October 9, 2018
Intrum Justitia has more than 75,000 clients worldwide with local and cross-border credit management support. It offers credit information, sales ledger services and debt management, seeking to maximize cash flow and profitability for its customers. However, Intrum Justitia needed a more effective, automated fraud detection solution to protect its customers from high-risk or fraudulent credit decisions.
With ThreatMetrix, Intrum Justitia was able to streamline its fraud detection process, offering more accurate risk assessments, reducing overall operational costs and fraud losses.
As organized fraud attacks continue to grow worldwide, Intrum Justitia’s customers were exposed to greater risk from fraud syndicates and individuals seeking to capitalize on fraudulent credit. Although the company’s manual system could detect fraud patterns, it wasn’t able to keep pace with the volume of attacks.
Intrum Justitia offers its customers the opportunity to sell online via invoice, providing credit decisioning with debt purchase and payment guarantee. It was therefore imperative that it implemented a more robust solution to prevent fraudsters slipping through the net. The key types of fraud it was experiencing were:
The ThreatMetrix solution is underpinned by the Digital Identity Network, which harnesses global shared intelligence from millions of daily consumer interactions including logins, payments and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations and anonymized personal information.
Digital Identities are created by combining the following key intelligence:
Intrum Justitia could authenticate every credit decision against this trusted and unique online digital identity, checking whether credentials of the applicant correlated with anonymized information held by the Network and providing its customers with accurate and constantly updated risk scores. This had the following key benefits: