Neuro-ID unveils two identity screening products to enhance fraud detection

Neuro-ID launched its ID Crowd Alert and ID Orchestrator products to help digital organizations screen identity at scale, optimize orchestration and enhance fraud detection.

Working in tandem with identity platforms and enterprise clients that require the highest levels of identity screening – including KYC, AML and fraud stacks, the products add powerful new visibility into pre-submit behavioral data to deliver better identity decisioning.

“Recent headlines underscore the tidal wave of identity fraud that impacts both large and small companies across the globe. Until now, limited visibility into crowd-level- and applicant-level-behavior has made it impossible to maintain a proper balance between fraud screening without detracting from an exceptional customer experience,” said Jack Alton, CEO at Neuro-ID.

“Our two new products offer a one-two punch to address this imbalance. ID Crowd Alert provides the industry’s first proactive monitoring and alerting for fraud rings and BoT attacks, and our ID Orchestrator product screens applicant-level identity at scale to deliver broad visibility into pre-submit behavior and the manner in which a customer has entered their PII. Together, the solutions help companies stem fraud-related losses while also safeguarding their most valuable asset: the customer onboarding funnel.”

Identity platforms and enterprise fraud systems have been stretched to their limit, unable to keep up with the pace of fraud without hindering the customer experience and sales. According to a recent Aite’Novarica survey, 50% of FI compliance and AML executives reported false positives as their top concern, followed by KYC/CCD onboarding (27%) as their second most pressing pain point.

This leaves genuine applicants being subjected to additional security screening, a costly manual reviews process, or outright rejected due to a lack of data. The situation creates a poor customer experience, which leads to abandonment and less than optimal conversion rates. Thus, the digital identity crisis.

“Neuro-ID’s new products offer another level of intelligence that helps our clients better orchestrate identity verification,” said Alloy CEO and co-founder Tommy Nicholas. “The ability to see risk through the lens of behavior, within pre-submit data, that does not rely on legacy streams of static data, is an important new element for consideration when our clients are determining how best to respond and treat each customer.”

Following a recent $35M Series B round of funding, led by Canapi Ventures, these products use patented behavior analytics and intent detection technology. Neuro-ID continues to boost the performance of legacy systems for fraud detection, identity orchestration and customer experience optimization.