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Identity theft fraud

Identity theft fraud is a type of financial crime where a perpetrator illegitimately obtains and uses an individual's personal and financial information to carry out fraudulent activities. These criminal activities may include unauthorized access to bank accounts, opening new accounts, or transferring funds through a money laundering scheme. 

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Problem overview

Identity theft causes significant financial losses and damages customer trust. The rise in digital transactions significantly amplifies these risks. Prioritizing fraud protection measures, including behavioral intelligence, is paramount for banks to protect customer assets and confidence while maintaining the organization's reputation. There are several tactics that criminals may use to gather someone's personal information for identity theft. 

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This involves reaching out to a victim and appearing to be from a reputable organization, such as a bank or credit card company, to trick them into revealing their personal information.


Malicious software can be installed on a person's computer or mobile device without their knowledge and used to capture personal information by logging keystrokes, spying on their activity, or accessing files and data stored on the device.

Dark web

Purchasing personal information on the dark web involves acquiring or even purchasing illicitly obtained personal data for fraudulent activities.

Identity theft has many fraudulent uses

There are several use cases in which criminals steal someone's personal information for financial gain.

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Opening accounts

Cybercriminals use stolen information to open accounts in another person’s name. These accounts can be bank accounts, credit card accounts, or loans under the victim's name.


Accessing existing accounts

Cybercriminals use the stolen information to gain access to a victim's existing accounts, often draining the account or running up substantial debts.


Money laundering

Cybercriminals use stolen identities to obscure the origins of illicitly gained money to move funds through a victim’s account to make it appear legitimate.


Your mobile device is an extension of you

The use of mobile devices has grown exponentially in the past decade, with nearly 5.5 billion unique mobile phone users globally and more than 300 billion apps expected to be downloaded in 2023.

This white paper gives an inside look at how behavioral data is being leveraged to detect mobile malware, including the latest TeaBot variant, and how global banks are using it to successfully prevent account takeover.

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Additional account opening
use case

Automated software (bot) fraud

Bot financial fraud poses significant risks to both individuals and organizations, including financial loss, damage to reputation, and potential legal complications. Preventing it requires strong fraud protection capabilities that go beyond credential, device, and network analysis. 

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Request an intelligence briefing

Join us for a 30-minute deep dive with a BioCatch expert to learn the latest tactics, techniques, and procedures (TTPs) fraudsters use to scam your customers
and harm your brand.

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