According to our recent study, the 2018 Capital OneⓇ Protection & Security Survey, more than half of the 1,000 U.S. residents surveyed have experienced some kind of financial theft or fraud. Of those respondents who had experienced financial theft or fraud, 37 percent lost money and 26 percent had a negative financial impact. Additionally, only 23 percent of respondents feel confident in the safety and security of their personal information online.
As the world moves into an increasingly digital environment with more sensitive information being shared online, the need for building fraud-detection tools has only grown in importance. Fintechs and banks alike have been developing new ways to build trusted relationships and help protect consumers from fraud in a constantly evolving fraud environment.
“It’s really about actively trying to detect fraud at the moment it occurs. With the development of new tools and technology, there’s just a much greater opportunity now than there used to be for consumers to stay on top of their information, feel empowered to go after the issue and resolve it,” said Sarah Strauss, Head of Fraud, U.S. Card at Capital One.
Over the course of 2018, Capital One has expanded its suite of digital tools to help quickly detect fraud and empower customers. These tools include:
- CreditWiseⓇ from Capital One: This past July, CreditWise, a credit monitoring tool, introduced three new features to help users protect their credit and quickly detect fraud for free, including a Social Security Number tracker, dual bureau credit alerts and dark web surveillance. These dark web surveillance alerts have maintained over a 90 percent helpfulness rating from users. Since launching these new features, CreditWise has uncovered 1.5 million email addresses on the dark web, helping users quickly identify signs of fraud.
- Card Lock: Card Lock instantly locks your card with a few taps in the Capital One Mobile app if your card is ever misplaced, lost or stolen.
- EnoSM Fraud Alerts: Through Eno, Capital One’s AI-based intelligent assistant, customers are provided with helpful alerts for potential fraud. These alerts are a machine-learning powered solution, automatically alerting customers when we see something suspicious. Eno also applies machine learning to refine our natural language processing capabilities, allowing for a better customer experience. Thanks to these capabilities, we’ve significantly improved the number of suspicious activity alerts that we can act upon – improving our success rate from 85 to 99 percent.
In addition to these homegrown products and tools, we also continue to build our bench of third-party products to help customers differentiate legitimate transactions from potentially fraudulent ones. In some cases, customers do not recognize legitimate purchases, because the merchants’ descriptors or purchase details aren’t clear. To help customers better recognize transactions, Capital One will be rolling out a new technology solution from e-commerce technology provider Ethoca.
Ethoca’s Eliminator will give our U.S. credit card customers access to extended purchase details. In customers’ online credit card statement and Capital One mobile app, customers will see an option to request additional details about a transaction, such as a digital receipt, to review. Ethoca merchant customers participating in the program include some of the largest digital goods brands in the world. By having rich transaction details available, customers can better recognize their transactions, detect potential fraud, and enjoy a new level of clarity about their purchases.
With tools like Ethoca’s Eliminator, Eno Fraud Alerts, Card Lock and CreditWise, Capital One is committed to building simple, human-centered, data-driven tools to help people easily detect fraud for free so that they can improve their financial lives.