Online credit applicants can fool you with any number of tricks to get their fraudulent or stolen identities approved and confirmed for credit, while leaving you holding the bag for losses. You can spend time, money and duplicative tool verifications in an attempt to protect your business. But these fraudsters are clever, they will repeatedly hit you for approved applications, and they can disguise themselves in a thousand ways.
Instead of verifying and re-verifying identity information of fraudulent applicants, consider this: Verifying the reputation of the device being used to submit the application. When a fraudster connects to your business, the computer being used can be instantly evaluated for its criminal history.
Device fingerprinting coupled with the device's reputation helps identify the bad guys in the acquisition channel, so you don't have to rely on other fraud detection tools that drive up the cost to decision an application. Working in conjunction with existing fraud detection techniques, a device fingerprinting solution gives you a more complete solution for fighting identity theft and other forms of fraud that plague the financial services industry.
Check out this white paper to learn what iovation has to offer in terms of emerging fraud prevention solutions.