This top US bank was using three fraud detection tools, which had overlooked 10,000+ fraudulent accounts. In a one-month trial, the bank’s existing solutions detected roughly 2,000 bad accounts, while Transmit Security found over 12,000 in the same time period.
The bank now relies on Transmit Security Risk, Trust, Fraud, Bots & Behavior Detection service to run continuous risk and trust assessments, powered by machine learning, contextual analysis and multi-method detection.
With hundreds of detection technologies, including privacy-age device fingerprinting, in a single API, the bank was able to:
- Reduce new account fraud by 98%
- Reduce false positives by 90%
- Reduce operational costs by 80%
See the full case study to find out how they did it.
