Finsphere Releases Key Findings Following Proof of Concept Trials with Top Tier Global Banks: Location-Based Analytics Platform LASER Delivers Up to 55% Reduction in False Positive Hit Rate & Other Significant Security & Fraud Management Improvements
Live trials substantiate clear increased benefits and lift to banks for reducing false positives and detecting payment card fraud with implementation of powerful, mobile-enhanced, precision analytic platform. Seamless integration, lower operational costs, and low-to-no impact on customers are also among Finsphere solution differentiators.
- Up to 55% reduction in false positive declines and intrusive customer contacts for card-present transactions (POS, ATM) identified as high risk by incumbent fraud management systems
- Up to 30% increase in fraud detection rates over existing fraud risk models
- Up to 20% increase of value detection rates (the amount of money saved as the result of a correct fraud prediction and/or more timely fraud detection) over existing fraud risk models
"The trial results confirmed that our fraud risk management technology can make a meaningful and significant impact on the day to day operations at major financial institutions,” said Mike Buhrmann, CEO of Finsphere. “Further, a key takeaway from the proof-of-concept trials established LASER as a solution that could be seamlessly integrated with existing fraud management systems. We’re proud to deliver a truly game-changing solution that is architected to simplify integration with those existing systems, while improving upon security, privacy, and data protection."
The live trials further revealed important improvements that directly target customer satisfaction, confidence, and loyalty. LASER fosters a non-intrusive approach, requiring no action on the part of the customer, such as notifying the bank of impending travel, responding to transaction verification calls, receipt of one-time-passwords, or any additional action that interferes with typical financial transactions as they are performed today. This non-invasive approach to security favorably impacts customer confidence and promotes increased card usage.