From Overwhelmed to Overhauled: Jovia’s Strategic Approach to Stopping Fraud Surges
Customer Story

From Overwhelmed to Overhauled: Jovia’s Strategic Approach to Stopping Fraud Surges

An 85-year-old Long Island based financial institution serving 200,000+ members with more than $4.5B in assets, Jovia Financial Credit Union expanded nation-wide in 2012. Within 10 months, Jovia’s number of daily applications, fraud, and account closure rates rose drastically. Jovia couldn’t keep up with their own success—they needed real-time fraud mitigation that leveraged best-in-class risk checks and expertise so they could return to servicing their customers instead of fighting fraudsters.

Behavior Drives Results

Integrated with Alloy Identity Risk Solution, NeuroID’s behavioral analytics helped Jovia to:

35%

REDUCE DAILY FRAUD APPLICANT VOLUME

reduction in daily fraud applicant volume

1.4%

IMPROVE FRAUD DETECTION RATE

lift on fraud detection rate

35%

BETTER ADDRESS GROWING PAINS

average increase in daily applications caused new fraud strain before NeuroID stepped in

Behavioral Analytics for a Real-Time World

NeuroID analyzes applicant behavior to accurately detect patterns indicative of fraud rings, automated bots or scripting activity, identity theft, synthetic identity usage, and other third-party fraud risks. Integrated within the Alloy Identity Risk Solution, NeuroID sits at the top of Jovia’s account onboarding fraud mitigation. NeuroID Behavioral Analytics assesses Jovia’s users’ intent in real-time for sub-second decisioning on approve, deny, or review.

Understanding our members’ behaviors, both genuine and malicious, is crucial. We are still in the early stages of leveraging this information, but NeuroID’s insights have already proved valuable.

–  Robin Block, Jovia SVP Organizational Process Management

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