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Fraud and KYB Screening



Loss from Account Takeover are usually quick hit and run scenarios. A number of key-stroke logger viruses can infect a customer without them even knowing, usually through one of the social media channels. The virus then sends the data to the “bad guy”, once the information needed i.e. login credentials - customer ID, passwords, security questions/answers they can access the customer bank accounts.
The key is to use a behavioral analytic tool to understand the customer normal pattern of activity and transactions and where/how they access their accounts. Identifying the last updates to a customer profile and what channel was used to make the changes, i.e. customer service call center or online. An Out of Band Authentication (OOBA) can be set up to validate the customer is the customer. A Risk Based approach and rules were written to identify the timing of changes to transactions, along with type of transactions executed to help prevent customer and accounts from takeover attempts.
The client is now screening for more biometric attributes, increasing the knowledge of the customer and ability continue to tune and model points of intrusion to modify the risk tolerances and risk acceptance policies."
Our client, a mid tier Regional Bank, identified an issue with the KYB and Fraud process as it relates to PPP Loan initiative. With limited guidance from the SBA, the Bank duly realized the importance of maintaining some type of cadence around the controls.

Leveraging its’ industry and domain expertise, IntegrAssure built a data syndication product that utilizes both public and private data points to identify accounts that need additional scrutiny. These flagged accounts are then reviewed with in-house or IntegrAssure analysts to determine the ultimate disposition and resolution.

The Product is getting rolled out to various Banks with significant traction. The turnkey pay per click model is extremely cost effective and closes potential risk factors to the Bank. The tool can also be utilized for any and all account activity if the Bank is lacking an overall KYC/Fraud governance model. The loans that have been identified from past onboarding and the regulatory scrutiny will more than pay for itself going forward as a true account opening and loan origination screening solution."

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