Neobank Card Fraud Case Study: What the Novo Example Shows About Card Risk Measurement

Card fraud in neobanks doesn’t start at the transaction—it builds across onboarding, login, funding, and behavior signals. The Novo case shows why measuring only chargebacks is flawed. Strong fraud systems balance loss prevention with user experience by tracking false positives, recovery rates, and lifecycle signals. The goal isn’t blocking more—it’s making smarter decisions with less friction.