{"id":616,"date":"2014-02-11T12:40:45","date_gmt":"2014-02-11T12:40:45","guid":{"rendered":"http:\/\/frslabs.com\/frsblog\/?p=616"},"modified":"2014-11-25T14:20:04","modified_gmt":"2014-11-25T14:20:04","slug":"application-fraud-tackle-it-head-on-using-atreus","status":"publish","type":"post","link":"https:\/\/www.frslabs.com\/frsblog\/2014\/02\/11\/application-fraud-tackle-it-head-on-using-atreus\/","title":{"rendered":"Application Fraud \u2013 Tackle it head on using ATREUS."},"content":{"rendered":"

Application fraud manifests in different ways but the overarching principle that applies to Application fraud is those customers who come in with an intent to defraud the organization \u2013 i.e. applying for products or services for which they have no intent to pay. This is a serious problem and the fraud losses \u2013 mostly categorized as bad debt \u2013 can run into millions of dollars a year. A closer look can reveal customers who genuinely can\u2019t pay and those who won\u2019t pay but clubbed into one. As the \u201ccan\u2019t pay\u201d versus \u201cwon\u2019t pay\u201d distinction is getting ever harder to distinguish, customers who \u201cwon\u2019t pay\u201d tend to slip through the net far too easily, and far too often.<\/p>\n

Application Fraud or First Party Fraud as it\u2019s sometimes referred to in popular literature, is only predicted to increase with the advent of new controls that make it difficult for fraudsters to perpetrate traditional fraud. Chip and Pin credit cards are a case in point \u2013 what else would a fraudster think of when it\u2019s no more profitable to clone a card that has a chip and pin technology. The easiest option is to commit application or subscription fraud.<\/p>\n

Application fraud is pulled off in many ways \u2013 using own identity but with subtle changes in personal details to circumvent normal risk rating rules; creating fake, synthetic or multiple identities that pass off as genuine; stealing identities to obtain new products or services etc. While stringent checks are enforced these days by service providers to avert losses, fraudsters tend to remain a step ahead, constantly testing and getting through the thresholds set by the service providers.<\/p>\n

Tackling Application Fraud manually had some effect in loss prevention. However, this has lost steam as the sheer number of applications \u2013 often via new channels \u2013 has strained the manual process. Quite often even the legitimate customers are put through a long wait before services are approved. Speed of decision at the point of application is the new normal and afraid no manual process can match sophisticated technology to detect high risk customers instantly.<\/p>\n

This brings us nicely to how we can help tackle this menacing facet of fraud.<\/p>\n

Our ATREUS<\/a> Application Fraud Management tool has a sophisticated search and decision engine that can provide instant accept, reject or refer decision. The tool also provides batch capabilities to vet all new connections to ensure no fraudsters accidentally slip through the net and it provides capabilities to filter out fraudulent customers from ever receiving new promotional offers. Atreus now comes with an API for easy integration with store systems and online systems.<\/p>\n

With a built in data integrator to source data from multiple silos and very low cost of ownership, you really should talk to us if Application Fraud is a major problem area preventing you from realising your full business potential.<\/p>\n

Talk to us for a demo of Atreus Application Fraud tool. Read Atreus Application Fraud FAQ<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

Application fraud manifests in different ways but the overarching principle that applies to Application fraud is those customers who come in with an intent to defraud the organization \u2013 i.e. applying for products or services for which they have no intent to pay. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[1],"tags":[51,64,60,63,65,20,31],"yoast_head":"\nApplication Fraud<\/title>\n<meta name=\"description\" content=\"Application fraud manifests in different ways but fundamentally refers to those customers who come in with an intent to defraud the organisation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.frslabs.com\/frsblog\/2014\/02\/11\/application-fraud-tackle-it-head-on-using-atreus\/\" \/>\n<meta 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