new account fraud

Detecting stolen or synthesized identities to halt new account fraud.

New Account Fraud

A concern to any business processing transactions online, new account fraud is just the first step fraudsters take in going about their activities. Fraudsters use multiple techniques, taking over existing identities and creating fake identities. Either way, these activities result in millions of dollars to retailers and create friction in the payment process -- harming processors, credit card issuers and e-retailers alike.

Our solution uses behavioral biometrics to detect new account fraud by recognizing criminal behavior and being able to distinguish those behaviors from those of normal users. From the initiation process through the banking and payment process, the system is able to stop fraud in real time and prevent down the line losses by stopping it before it even becomes an issue. Monitoring user behavior throughout the initiation process, BioCatch distinguishes between real users and impostors. In addition, BioCatch also detects specific identifiers of systemic fraud attacks.

What BioCatch Brings:

Applying more than 500 unique metrics to analyze the application process, BioCatch can distinguish between human and non-human users. Our platform identifies, in real-time, behaviors such as:

  • Application fluency — Fraudsters repeatedly using compromised or synthetic identities demonstrate a high level of familiarity with the new account opening process.
  • Expert users — Cybercriminals practice a proficiency with keyboard shortcuts and function keys not typically seen with real users.
  • Low data familiarity — Those entering stolen personal information are more likely to cut and paste data that would be intuitive to the legitimate user.

Spot criminal behaviors in the application flow, even if the access is from a new device/IP, while detecting machine/bot activity and lowering manual reviews without deterring legitimate new customers.