Application Fraud is on the rise says a report by a leading credit agency in the UK. Knowingly falsifying personal information to obtain products or services with no intent to pay seems like a natural choice for fraudsters – well, what are the odds of getting caught by filling an application online for a flashy new iPhone? If you get it, great; if you don’t, try again.
By falsifying just a few details, e.g. Kate instead of Catherine and flat 55 instead of Apartment 55, a potential fraudster can gain access to products and services if the first line of defense is weak. Most in house detection systems only go as far as catching the most obvious. Most external bureau systems can cost you an arm and a leg for each new verification. Finding a balance to control fraud and cost yet increase sales is a constant battle for heads of companies.
Keeping simplicity, speed and cost in mind, Team FRS Labs released Referrals Application Fraud Management System in August 2013 – working closely with one of the world’s largest Telecommunication companies. Since then Referrals is proving to be a critical system to defend against repeat fraudsters at one of the largest Telecom companies in the world. The system is used by more than 40 Analysts, from two continents, round the clock, all year round.
Referrals Application Fraud module is a natural extension to our Orpheus Subscription Fraud Management system and it comes with:
- A real time module (that can plug straight into your online or retail store system);
- A near real time module that allows back office Analysts to do a search on the fly while the customer is still waiting for a decision and;
- A batch module that takes all the New Connection applications and does a batch search to match and score fraudulent applicants.
The Referrals Application Fraud engine comes with:
- A built in Data Integrator which can take data feeds from multiple sources;
- A sophisticated matching and scoring algorithm;
- A simple and intuitive user interface;
- Reports to monitor the performance of the system decisions;
- A RESTful API to allow for easy integration with existing online or store applications.
Preventing fraud from occurring in the first place is no doubt the best way to control fraud and Referrals is your perfect partner. Referrals Application Fraud module is available for a low annual subscription which comes with installation, customisations and complete support. If you would like a demo, or references from existing clients, please drop us a line at info@frslabs.com.
