Protect against false or stolen identities
Financial Institutions must be able to determine when a genuine applicant is opening a new account, or a cybercriminal is using stolen credentials to gain access to funds. While challenging enough, this analysis needs to be performed while providing a frictionless experience to genuine applicants or they will abandon the process, creating lost revenue opportunities. With the onslaught of different tactics like bots and identity theft, these challenges continue to grow in volume and complexity.
The scale of the Account Opening problem
New account fraud happens at the same financial institution as the victim’s genuine account
Financial institutions that experience fraud in the account opening process
New deposit account applications being opened by bots
$ 3.2 B
AO fraud losses in 2022 according to Javelin Strategy
Approve genuine qualifed applications and deny fraudsters
Unlike other forms of fraud, new account (account opening) protection can be limiting due to no historical data or profiles on the applicant. BioCatch ConnectTM allows you to take the billions of sessions BioCatch has analyzed and compare against the application process to determine if fraud exists.
Expert user patterns
Low data familiarity
Bot activity detection
Account opening fraud
in the time of
Digital banking account opening introduces a significant amount of risk to financial institutions and to those whose identities have been stolen. The challenge is creating an application process with little friction to genuine applications but with enough intelligence to stop fraudulent account creation. The right approach protects customers and takes advantage of digital banking growth.
BioCatch’s solution for Account Opening Protection layers data analysis, behavioral intelligence, and historical session data to manage risk across digital channels, limit financial losses, and maintain consumer confidence.
Identity theft fraud
Automated software (bot) fraud