Zoot Enterprises Announces New Fraud Engine Capabilities
Solution improves fraud prevention through business rule tools, data aggregation, testing
March 11, 2013
Zoot, a global provider of advanced loan origination, account acquisition and credit risk management solutions, today announced new fraud prevention capabilities at the CBA LIVE 2013 The Future of Money conference. Zoot’s fraud engine enables financial institutions (FIs) to adapt quickly to new fraud tactics by leveraging flexible business rules development tools, expertise in data integration and frequent testing capabilities.
“Fraud losses are on the rise for U.S. financial institutions, by as much as 30% year over year for many FIs with whom Aite Group has spoken. Thanks to the sophistication of the organized rings behind many of these schemes, FIs have a very difficult task in weeding out the fraudulent applications at the point of origination,” said Julie Conroy, research director, retail banking & payments for Aite Group.
“As the sophistication of fraudulent activity increases and fraud losses escalate, we recognize the need for enhanced prevention measures for lenders,” said Eric Lindeen, marketing director for Zoot Enterprises. “Zoot’s fraud engine aggregates data from both internal bank and external data sources to provide a more comprehensive view of consumers. A single interaction may seem benign but when statistical analysis of thousands of interactions is conducted, fraud schemes are often exposed.”
Zoot’s data and services marketplace has connections to more than 15 fraud prevention data providers and risk management companies, including ID Analytics. Providers of fraud related data can assist FIs in better understanding consumers’ behaviors and their likelihood of fraudulent activity, with information not traditionally available in a consumer’s credit file.
Zoot’s fraud engine enables business users to test different fraud identification strategies on a large scale in a nonproduction testing environment. Retrospective evaluations can also be conducted to determine if a new fraud prevention tactic would have produced a more effective outcome. Additionally, the solution’s flexible business rule development tools allow users to make modifications to decisioning logic quickly as the market changes.
“The incorporation of ID Analytic’s ID Score product into Zoot’s fraud engine allows FIs to find a higher percentage of fraud with their existing review rate and the same level of fraud at a reduced review rate. For example, at a 3% review rate, ID Score can find between 40-45% of fraud activity. Zoot’s fraud engine combined with ID Analytic’s data reduces fraud, protects consumers, and drives cost savings,” said Garient Evans, director of Identity Risk, ID Analytics.
Zoot executives will be available to discuss their fraud engine capabilities at booth number 58 during the CBA Live Conference, March 11-13, 2013 at the JW Marriott Desert Ridge in Phoenix, Arizona. ID Analytics will be hosting a forty-five minute educational webinar titled, “Detailed Insight through Attributes”, a discussion about fraud and compliance attributes best practices. On March 28th at 9:30 am PST, learn how companies can gain the comprehensive insight into identity risk needed to stay ahead of evolving identity-risk threats while preserving a positive customer experience. To register, click here.
Bozeman, Mont.-based Zoot Enterprises, Inc. is a global provider of advanced loan origination, account acquisition, and credit risk management solutions. For more than 20 years the company’s innovative tools and services model has enabled Zoot clients to meet their exact business objectives and adapt quickly to seize market opportunities. Zoot’s rapid, high-volume processing environment has the capacity to process billions of transactions per year. Visit http://www.zootweb.com or call 406.556.7555 for more information. Zoot thought leaders are now featured on zootweb.com/blog.
About ID Analytics, Inc.
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation's largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.