As the effects of the COVID-19 pandemic ripple through the global economy, financial institutions are left with the challenge of maintaining a high quality and flexible experience for their consumer and small business customers, while at the same time managing losses and risk exposure to an acceptable level.
In recent weeks, SentiLink has expanded the scope of our customer success and product efforts towards helping our partners with not only detecting synthetic accounts being opened in real-time, but also by offering a screen of their existing loan books for accounts they may have opened prior to working with us.
In an environment that demands the ability to create options, this provides several immediate strategic benefits to Chief Risk Officers:
Thus far, we have observed high ROI: these portfolio scrubs typically yield synthetic fraud detection rates of 25bps-50bps of accounts. When tailored to non-performing (delinquent or defaulted) populations, 300bps-600bps of those accounts are typically identified as synthetic.
Given the value this has provided to several of our partners, we have decided to offer this service to additional institutions who may be looking for ways to boost their risk management efforts with clear, actionable, fast results.
Within one business day of receiving data, we provide:
If this is something your institution could use to help with navigating your risk strategy over the next few weeks, contact us at firstname.lastname@example.org.