Ezbob joins the fight against world’s $5 trillion annual fraud problem

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Global fraud losses larger than UK’s entire GDP with losses rising 56.5% since 2009. Ezbob’s fraud technology combines a proprietary fraud scoring system along with a set of first-class services that allow clients to combine multiple indicators and data points for an enhanced decision. Ezbob’s technology is deployed at some of the world’s largest, global banks.

Ezbob, a leader in the Lending-as-a-Service (LaaS) sector, is set to deploy its fraud technology as part of its Smart Onboarding solution in the coming weeks. Ezbob has always been on the front foot when it comes to helping financial organisations fight online application fraud.

The new, fraud technology is being rolled out together with Ezbob Smart Onboarding in response to rising demand from customers as financial fraud continues to rise throughout the financial ecosystem. The 2019 Financial Cost of Fraud report1 highlights that global losses attributed to fraud stand at $5.127 trillion, which is 80% larger than the UK’s entire GDP.

Fraudsters have developed sophisticated methodologies to impersonate individuals and SMEs meaning that financial institutions may find themselves approving a fraudster for a bank account or for a loan, a mistake that ends up costing them millions.

In order to combat this application fraud, Ezbob uses a combination of in-house proprietary methods, including a fraud scoring engine, and a number of specialist fraud companies that have been selected over the past eight years.

According to Experian’s 2018 Global Fraud and Identity Report2, 88% of all personal banking takes place online, which means that banks rarely ever see their customers physically. The same goes for customer onboarding.

As part of Ezbob’s fraud technology, when a customer fills out an online application, they are requested to provide standard information including unique personal and business details. The system instantly reaches out to multiple data sources via APIs, collects and analyses the results within its fraud scoring engine.

For example, email addresses are checked for date of first activity as well as against a database of high-risk domains. In addition, the applicant’s location is checked using geo-location technologies, so for example if the financial institution’s domicile is in the UK and the system identifies that the applicant is currently in Asia, it’s a red flag.

Tomer Guriel, CEO, Ezbob, said: “The beauty of Ezbob’s fraud module is that it doesn’t hurt the customer experience. Our goal has always been to minimise customer friction, which in the case of applying for a loan means that the questionnaire features as few fields as possible yet still includes all the data points that we use to identify and stop fraud.”

“When the system recognises red flags, instead of automatically declining the applicant, the data is pushed to an underwriter or the organisation’s fraud team for manual review. The benefit to our clients is that they don’t have to go through the lengthy process of researching and taking on multiple fraud companies as vendors. We have done the heavy lifting and signed the contractual agreements with the specialist fraud companies, and in doing so saving clients time and money.”

About ezbob

Ezbob is a UK-based 'Lending-as-a-Service' (LaaS) software provider for banks and other financial institutions. The company's leading product is a digital end-to-end business loan platform.

The automated online platform analyses the applicant's for KYC, AML, sanctions, personal and business information, including links to business bank accounts, online accounting providers, payment service providers, and e-commerce platforms through API integrations. Ezbob compiles this data into a workable client profile in an instant so that its risk engines can make an automated or manually qualified decision, allowing the approved applicants immediate funding.

In August 2019, ezbob was awarded 1st place for its Smart Onboarding solution in the Banker's Tech Projects Awards, which recognise the most innovative, imaginative and successful projects in financial technology from around the world.

Find out more at https://www.ezbob.com

Sources
1.    http://www.crowe.ie/wp-content/uploads/2019/08/The-Financial-Cost-of-Fraud-2019.pdf
2.    https://www.experian.com/assets/decision-analytics/reports/global-fraud-report-2018.pdf

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Simon Hawtin
Ezbob
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