New Account Fraud Is a Growing Problem
New account fraud is a concern for financial institutions as they seek to accelerate business in digital channels. Cybercriminals are using multiple techniques to commit new account fraud, including taking over existing identities or creating synthetic identities. In one case, a large financial institution uncovered 70% of new account fraud cases were coming from existing “trusted” customers. This growing problem is expected to cost $3.5 billion in losses to U.S. financial institutions alone in 2021.
When New Customers Are Not
With every data breach or phishing attack, cybercriminals gain access to more data, including Social Security numbers, emails, addresses, phone numbers, and device and network attributes, to commit new account fraud. From applying for credit to opening mule accounts, 85% of financial institutions report experiencing fraud in the account opening process.
How can you trust customers looking to open a new account, especially one you have never seen before?
How Behavioral Biometrics Can Help You
What is the top priority to improve account opening and grow your digital business? See how BioCatch can help you achieve the results you need.