New Account Fraud

Manage fraud risk, banish user friction and win more customers.

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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?

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What BioCatch Brings to New Account Fraud Prevention:

BioCatch Account Opening Protection measures more than 2,000 unique risk indicators to distinguish between good users and bad actors. The BioCatch platform analyzes user behavior associated with the new account opening process to identify fraud including

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    Application Fluency
    How familiar is the user with the account application process?

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    Low Data Familiarity
    How familiar is the user with personal data?

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    Expert User Patterns
    Does the user display advanced computer skills compared to the general population?

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    Age Analysis
    Does the human-device interactions align with the common behavior patterns associated with users of a certain age group?

Watch How BioCatch Protects a New Account Opening

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Actionable Behavioral Insights Start Here

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