The Narmi Team
All Updates CONSUMER ACCOUNT OPENING Business Account Opening

Enhance Your Fraud Prevention Strategy with Next-Gen Behavioral Analytics

AUTHOR: The Narmi Team

At Narmi, we understand that fraud is constantly evolving. It is our responsibility to continue to advance our fraud and risk offerings so banks and credit unions can remain safe and protected. Narmi is dedicated to ensuring that our customers have the most effective fraud prevention tools, without sacrificing user experience. This month, we are highlighting an integration with NeuroID, a leader in fraud detection through behavioral analytics, facilitated by our partnership with Alloy.

What is NeuroID?

NeuroID is a behavioral analytics solution that analyzes user behavior during account opening (and beyond) to detect anomalies and patterns indicating the riskiness of a user fraud. It assesses factors like typing speed, copying and pasting behavior, and navigation patterns to distinguish between trustworthy and risky applicants. It evaluates how familiar the applicant is with the personal information being entered, like:

  • How long does it take the applicant to type in their name, or social security number?

  • Did they copy and paste their information? 

  • Do they exit and return to the application tab? 

  • How many pauses are taken while typing?

What does a "genuine" applicant look like?

A genuine applicant would be able to navigate through the account opening flow with speed and ease, entering few to no mistakes and without leaving the application. NeuroID can detect when information is entered at inhuman speed (such as by bots) or when hesitations are outside the norm expected, accounting for differences in age and other factors. A genuine, or trustworthy, applicant displays behaviors indicating that they are pulling from their long-term memory.

What does a "risky" applicant look like?

A risky applicant on the other hand may cut/copy/paste much of the information, navigate on and off the page (such as if a fraud ring was checking information from another source), and continually pause throughout the application. Think of it as digital body language—NeuroID can tell if someone is acting suspiciously, even if their information is being entered correctly.

Here's what this integration means for our financial institutions: 

Add a new layer of defense against fraud: The behavioral insights from NeuroID can feed directly into the Alloy workflow. It can act as another data point in the fraud prevention suite, identifying potential fraud with real-time data instead of historical data alone. This means a more comprehensive approach to fraud prevention, as NeuroID's technology meticulously tracks and analyzes applicants' unique behavioral patterns.

Leverage real-time behavioral insights: By harnessing the power of behavioral analytics, financial institutions can not only better distinguish between legitimate applicants and fraudulent activity, but also use the information to better understand their applicants and products. Financial institutions will be able to see where applicants drop off, and any potential areas of confusion, allowing for actionable product insights. 

Maintain a seamless user experience: Despite the advanced fraud prevention measures, we've ensured that the integration operates seamlessly on the backend. Applicants will have no impact or disruption to their experience, and there will be no personal information collected, reflecting our commitment to providing a smooth and secure banking journey.

We're excited about the possibilities this integration brings in our ongoing efforts to combat fraud and ensure the safety of our users' financial transactions. If you’d like to learn more and get this enabled for your financial institution, please reach out to your Narmi representative. 

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