Home / What We Offer / Servicing / Account Update Confirmations
Account Update Confirmations
Updates to consumers’ accounts can be early indicators of account takeover and identity theft, representing a perfect opportunity to engage with your consumer.
Each day consumers make non-monetary updates to their accounts such as: change of address, phone number, email, password or PIN, request for new cards and adding a new authorized user. The variety of self-service channels available provide convenient ways for genuine consumers to maintain their accounts, but also for fraudsters looking to take them over. How do you tell them apart?
Many companies employ strategies that look for suspicious patterns, such as a change of address followed by a new card request or change in PIN. While these strategies are effective, enterprising fraudsters can learn how to avoid them. For example, in 2008, changing an address as a method of account takeover decreased by half while adding a new registered user as the method of account takeover doubled1.
Adeptra works with clients to provide a differentiated consumer experience while also ensuring unprecedented account security support. With these two drivers in mind, Adeptra delivers account update confirmations to consumers when changes are made to their accounts. We look at these data changes and the account history and leverage our internal Adeptra Fraud Watch List to determine the risk of these changes.
Once the risk is understood, Adeptra will align and deliver a communication to the consumer to verify the new data through one of the communication channels (voice, text, email or smartphone alert) that did not change. If the changes are confirmed, Adeptra will update the account and ensure that the processing of the data change is completed. If the consumer does not confirm the recently modified data, the new information is rejected and the account is reviewed for fraud to prevent further inconvenience and to protect the consumer.
In both of these scenarios, Adeptra will automatically complete the processing of the actions to avoid a delay in manual processing. In this way, the consumer is protected against the ramifications of a fraudster taking over his or her account or identity while, at the same time, the institution is protected from a potential fraud loss. Our automated process allows you to accomplish all of this without adding new call center or back office resources to manage any portion of this process.
Automated confirmation messages are an effective way to detect account takeover attempts.
• Confirm account updates in channels that remain unchanged to ensure right party contact
• Provide an automated response channel for consumers to inform you of unauthorized changes
Adeptra enables you to protect your consumers against potential account takeover and identify theft through account update confirmations thus delivering a differentiated consumer experience.
References:
1Javelin Strategy and Research 2010 Identity Fraud Survey Report