Case Study: A Leading Global Financial Institution Steps Up Its Campaign Against Fraud With Device Identification

When a global financial institution saw a large uptick in fraud in its commercial banking, it realized that transaction monitoring alone was insufficient. The bank needed to do more, but it was lacking some key antifraud capabilities, such as the ability to perform device identification and prevent phishing. Customers were concerned about the bank's online security, but they also didn't want to see their transactions unnecessarily blocked by excessive security. The bank began to see signs that fraud was eroding their brand image and consequently decided to implement 41st Parameter's FraudNet for Account Takeover product. As a result of the implementation, the bank improved its fraud detection rate by 50% and achieved a 19-to-1 return on investment.