How Can Banks Prevent New Account Fraud?

An abundance of compromised data available on the dark web provides criminals plenty of opportunities to commit new account fraud at scale using a combination of identity theft and synthetic identity tactics. Financial institutions (as well as other organizations across different industries) must constantly be on the lookout for fake accounts linked to fraudulent activity.

The three key questions financial institutions must ask during the digital account opening process. They must take steps to ensure:

  • The applicant is a real person.
  • They are not a fraudster.
  • They are someone the organization wants to do business with.

But here’s the challenge: you will likely never meet this person in real life. What if you make the wrong decision and onboard a fraudster? What if criminals access loans or credit cards with no intention of paying it back? How does that impact your ability to serve genuine customers effectively?

In this on-demand webinar, Feedzai’s John Devenyns and Aaron Marks of Thomson Reuters share experience gained from global organizations about he latest new account fraud trends, the often-overlooked consequences of fake accounts, and outline practical strategies to identify and prevent application fraud before it impacts your business.

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Page printed in November 21, 2024. Plase see https://www.feedzai.com/resource/the-hidden-cost-of-new-account-fraud for the latest version.