There has never been a foolproof fraud prevention solution. Criminals have always had the ability to shift attacks, develop technology, and continue to be a pain in the butt to law abiding consumers and businesses...until now.
Let's face it, we've implemented a ton of solutions that do a great job, but do any of them get to the heart of the fraud problem? Do we all even know what the heart is the fraud problem is? It is an issue of one's moral compass being wrong or non-existent (non-existent being especially true with bot attacks).
So, if we were to apply a moral compass review in various applications, fraud could be eliminated.
This new solution eliminates the reliance on a multitude of other fraud prevention and detection products. The process is simple. Let's take a look at new account origination.
ID fraud is committed by criminals who lack scruples. They have broken moral compasses. Their attempt to submit a new account application would ping the Moral Compass 3000 software to determine 1) if they have a moral compass and 2) if their moral compass is pointing in the right direction.
With this sophisticated technology, the ID fraudster would be sent a rejection notification on the app with something along the lines of "We are sorry your application cannot be completed. We are also sorry you choose to lie and cheat people. Please apply against when you grow up."
Granted, this technology could not extend to scammers scamming innocent people...or could it?
Picture a scammer calling an unsuspecting victim. They want to pose as an IRS agent to get some gift cards from the victim. During the outbound call, the Moral Compass 3000 is initiated. Before disconnecting the call, if could say something like "that is someone's mother or father." We are not only stopping the fraud, we are training the fraudster that it is wrong. How awesome is that!
A social media scammer sends a message to a kid about participating in a card cracking scheme. The MC3000 kicks in and stops the message. "Dude, that is a kid...a kid dude!"
Now you may be wondering, what if the fraudster goes legit? That is the beauty of the MC3000. It only checks the compass at the time of the interaction or application. So if Naughtyscamster961 decides that crime isn't the life for him, no problem. The MC3000 can tell if he is good or bad.
Eliminate all the fraud today with the Moral Compass 3000.
