Fraud prevention is a critical concern for businesses across all industries. The ability to stop fraud before it starts can save millions and significantly improve operational efficiency and financial performance. Celebrus and OnMarc have partnered to offer a powerful combination of technologies designed to prevent fraud in real time, ensuring that companies stay ahead of fraudsters, whether in insurance, banking, retail, or beyond.
The Cost of Fraud: A Critical Issue
Fraud impacts any business dealing with financial transactions, customer data, or valuable assets. Retailers face the risk of fraudulent transactions, banks deal with unauthorized account access, insurers must grapple with false claims and premium fraud, and online platforms contend with identity theft. The costs associated with fraud—whether it's chargebacks, lost revenue, reputational damage, or legal liabilities—can be immense.
Even small percentage improvements in a company’s ability to detect and prevent fraud can significantly impact the bottom line. That's why Celebrus and OnMarc have partnered to help tackle this enormous challenge across various sectors, utilizing the most effective technology to augment existing fraud solutions.
Existing Solutions are too Reactive
Today, solutions are designed to target existing offline and batched processes that run overnight. They’re reactive—identifying only existing, known frauds. The data is then processed by the anti-fraud software provider with only the risk score delivered to the business. Without sharing the data, most companies are unable to fully leverage and utilize the granularity and richness of the data to build new propensity models, supplemented by other internal and third-party data sources. Not to mention, black box solutions leave companies at risk and do not allow for transparency and audit trails.
As we see in the news daily, fraud tactics are always evolving so staying ahead of fraud with an agile approach that also enables fraud prevention is imperative. For that, you need real-time data, real-time scoring, and a way to drill down on behaviors that are indicative of potential fraud before it happens.
Fighting Fraud - Better Together
Fraudsters take advantage of increased online invisibility, but in the digital space, users leave significant digital footprints. Celebrus and OnMarc offer a groundbreaking solution to detect and prevent fraudulent activities in milliseconds, by leveraging comprehensive digital data and advanced analytics. Celebrus captures these digital footprints to form the basis of better evidence for all current and future visits. Having been a partner of Celebrus for decades, OnMarc has extensive experience in making this data actionable for their clients. Their track record in digital data and machine learning applications helps organizations turn those digital signals into valuable outputs.
To combat fraud in digital spaces, brands need to rethink their strategies. Gone are the days of relying on scores coming out of platforms with no context, systems that take 6 months to update their models (up to 18 months to get a new model), and post-authentication-only systems. Today’s digital environment demands solutions that are proactive, real-time, and deeply integrated with all available data.
The partnership between Celebrus and OnMarc brings together cutting-edge technologies that enhance fraud prevention capabilities across multiple industries that include:
- Live-Time Digital Identity Profiling:
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- Celebrus captures comprehensive digital footprints from every interaction, across all channels and devices. By continuously building and refining detailed digital profiles in live time, Celebrus offers a complete view of each individual’s digital identity.
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- OnMarc uses these profiles to detect and prevent fraud in real-time.
- Immediate Insights:
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- Celebrus data helps spot suspicious activity as it happens, such as a sudden change in device usage, location, or behavior pattern—all of which are captured within the digital identity. Live-time data prevents fraud at the point of transaction, policy inception, or account creation, enabling immediate action.
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- OnMarc applies best practices based on digital behavior research to spot potential fraud as it is happening.
- Reduced False Positives:
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- By compiling a more accurate and comprehensive view of each customer's interactions across all platforms, Celebrus dramatically reduces the occurrence of false positives. This minimizes unnecessary interventions and enhances the customer experience.
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- OnMarc’s decades-long experience in real-time personalization helps to ensure the best possible customer experience for regular visitors while intervening appropriately depending on the level of fraud suspicion.
- Smart Intervention:
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- Celebrus allows for smart, tailored, and immediate reactions for in-the-moment intervention with advanced digital identity profiling.
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- OnMarc offers a broad range of capabilities to nudge customers in the right direction. Soft fraud requires a soft touch.
- Efficiency Boost:
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- The comprehensive digital identities built by Celebrus helps identify and stop fraudsters at the point of interaction—whether it’s a transaction, claim, or account creation—saving time and money.
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- OnMarc’s extensive experience ensures that we keep a strong focus on the ROI of fraud prevention, while remaining complaint.
Tackling Fraud Challenges Head On
Fraud prevention goes beyond just catching fraudulent activities at the initial stages of interaction, account creation, policy inception, or claim registration. It also involves addressing the issue of repeat offenders who try to avoid detection by slightly altering their personal information. Celebrus and OnMarc excel at identifying these persistent fraudsters and preventing them from exploiting the system. With proven results, you can read our case study to learn how an online retailer detected and prevented £1 million in customer fraud due to identity theft using Celebrus.
With Celebrus and OnMarc, you can prevent fraudulent activities at the point of interaction through live-time digital identity profiling. By leveraging comprehensive data, you can build detailed propensity models for sophisticated fraud detection. This approach reduces fraud-related losses and greatly improves your organization’s financial performance.
Contact us today to learn more!
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