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Emailage announce prevention of $20M in fraudulent account opening at LendIT

April 2019 by Marc Jacob

Emailage announced at LendIt Fintech USA, the world’s leading event in financial services innovation, that it has saved one of the top 10 financial companies in the world over £20m by preventing fraudulent account openings.

Financial institutions face the specific challenge of creating a dynamic fraud prevention strategy that helps automate decision making. This fraud prevention strategy must then adapt across use cases and delivery channels, for larger financial institutions, the fraud strategy must work internationally.

Noticing a gap in the market, Emailage created a specalized risk assessment model fine-tuned for the financial industry. Traditional fraud prevention methods are too siloed and slow to adapt to new threats. In a world of one-click payments and instant account opening approvals, real-time is key. Emailage empowers financial institutions to combine transaction risk assessment and online identity validation to help institutions confirm or reject an account. Its aggregated scoring model utilizes the email address as a foundation, enhanced with other data elements designed to fight back against threats facing the financial industry.

As a result, one global financial service provider integrated Emailage’s Risk Assessment model and saw an immediate impact in the form of higher fraud detection and prevention. The solution monitored and evaluated every new account application by analyzing email and IP address, with the financial service provider analyzing data associated with the email address domain, ISP and geolocation information.

After a period of 12 months, 9,894,000 new account applications had been processed with 75,530 cases classified as the highest incidence of risk. These high-risk applications were sent for manual review with the number of confirmed cases amounting to a total of 25,914 applications, saving the business over $20,731,200 in revenue.

Rei Carvalho, CEO at Emailage, commented: “We’re thrilled to be at LendIt among some of the biggest names in the US payments sector. We’re eager to showcase our Rapid Risk solution and discuss how we can shed light on unknown users trying to open fraudulent accounts across the sector.”

LendIt Fintech USA, a gathering of more than 5,000 industry professionals in San Francisco, showcases the leaders in innovation across financial services including the digital banking, fintech, blockchain and lending industries.


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