New Account Fraud In Numbers
Total losses attributed to new account fraud in 2021
Average loss per incident from credit card application fraud
Percent of financial institutions that experience fraud in the account opening process
Average loss per victim to identity fraud in 2021
Filter Out Criminals. Focus on Customers.
Through innovative research, a decade of data, and proven results, BioCatch risk models analyze a user’s physical and cognitive digital behavior to distinguish between genuine users and criminals in order to detect fraud and identity theft and to improve customer experience. By profiling user behaviors such as mouse movements, typing cadence, swipe patterns or device orientation, the BioCatch platform, powered by machine learning, identifies statistically observed norms for “good” and “bad” behavior.
How One Bank Uses BioCatch to Reduce Fraud in Account Opening
“We really see that there is a clear difference between real customers and fraudsters. Since implementing BioCatch (Account Opening Protection), a lot of things have improved for the better. We can clearly identify certain fraud cases through BioCatch data. At the same time, we have fewer false rejections.”
Erik Scheil, Head of Fraud, TeamBank
BioCatch Delivers Account Opening Protection to Help Your Organization:
Reduce Fraud Losses
Detect even the most subtle indicators of fraudulent behavior, even if you have never seen the user before.
Learn how a Top 5 UK bank:
- Prevented account opening fraud and saved £800K in just three months following an implementation of an auto-decline process
- Flagged thousands of high-risk applications during the initial proof of concept
- Enhanced downstream mule account fraud controls
Realize Immediate Value
Leverage advanced risk models that deliver immediate insights into fraudulent applications and help you realize instant value.
Learn how a large Asia Pacific bank:
- Detected hundreds of fraudulent account openings immediately following implementation
- Achieved over 90% accuracy rate on new account fraud alerts
- Achieved a better than 1:1 genuine to fraud ratio for credit card applications
- Projected to save over $7M annually in potential fraud losses
Increase Customer Acquisition
Reduce false declines and application abandonment and acquire more new customers with confidence.
Learn how a top challenger bank:
- Prevented more than $1 million in new account fraud
- Reduced the number of applications falsely rejected
- Protected more than $3 million in new revenue
Only BioCatch delivers insights on:
How familiar is the user with the account application process?
Expert User Patterns
Does the user display advanced computer skills compared to the general population?
Low Data Familiarity
How familiar is the user with personal data?
Are there behavioral anomalies present that indicate bot activity?
Do the human-device interactions align with the common behavior patterns associated with users of a certain age group?