FRAUDAY Newsletter
August 16th, 2024
Learn how Paycor doubled ROI in just three months with Effectiv's fraud prevention platform.
ISSUE #16 | August 16th, 2024
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Paycor Doubles ROI in Three Months Using Effectiv's Fraud Prevention Platform
Effectiv has successfully partnered with Paycor, a top provider of human capital management software, to enhance their risk management. By leveraging machine learning, Effectiv enabled Paycor to quickly flag suspicious activities and protect financial data at scale. In just three months since integrating Effectiv’s platform, Paycor achieved a 2X ROI, significantly boosting their fraud prevention capabilities. Looking ahead, Paycor plans to expand their use of Effectiv’s tools, including real-time KYC and device intelligence, to further strengthen their defenses against evolving threats.
Ravi Sandepudi, Co-Founder and CEO at Effectiv, emphasized the platformās ability to evolve alongside emerging fraud tactics, ensuring businesses stay protected. Joe Maurits, Director of Compliance at Paycor, praised Effectivās flexibility and agility, noting how the solutionās adaptability and extensive vendor partnerships have been crucial in safeguarding their clients against financial crime.
Data Service Integrations
š¢ Coris MerchantProfiler
Coris MerchantProfiler automates key business checks, driving down merchant risk and fraud. These KYB checks include sanctions screening, business registration, website analysis, and more. Their predictive model significantly decreases manual analysis and greatly increases SMB data accuracy.
šŖŖ Socure Predictive Document Verification
In the world of deep fakes and spoofing, having an accurate data provider to verify ID, biometrics, and PII instantaneously alleviates risk while minimizing friction for good users. With Socure’s Predictive DocV, customers can do just that, reducing customer acquisition costs and increasing conversion rates.
Social Post Highlight
In The News
š¦ Texas firm says it lost $60M in a bank wire transfer scam
Texas-headquartered carbon black company Orion informed investors that it lost $60 million after falling victim to a criminal scheme that resulted in āmultiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties.ā
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š¤ 77% of Consumers Expect Banks to Use AI to Fight Fraud
Real-time payments offer significant benefits, such as instant transaction completion and user authorization, but their adoption is impeded by perceived security risks. One concern is a heightened vulnerability to fraud, given the immediacy and irreversibility of these transactions.
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š Identity Verification for Financial Services: The Complete Guide
In 2023, the Identity Theft Resource Center (ITRC) reported a record-breaking surge in data breaches in the U.S., with a staggering 72% increase from the previous high in 2021. In this blog, we will delve into the essential role of identity verification and proofing processes, breaking down the differences between them.
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š³ JPMorgan fires up biometric payments processing
The biggest U.S. bank is piloting payments processing for biometric transactions, with plans to use it at the hamburger chain Whataburger, which lets customers pay with a face scan.
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Joke of the Month
What did the fraudulent gardener say when caught stealing?
āIām just taking a little pro-seed.”