Top Asia Pacific Bank Rapidly Deploys BioCatch Account Opening Protection, Preventing Criminals from Opening Accounts and Saving Millions of Dollars Per Year
A top Asia Pacific bank experienced an increase in lending fraud. After deeper investigation, the bank found that more than 70% of their credit card lending fraud cases were coming from what appeared to be existing “trusted” customers. In this case, cybercriminals were opening new bank accounts with the intention of establishing a relationship with the bank and later applying for credit.
The bank required a solution that would enable them to detect fraudulent bank account openings and reduce losses from subsequent lending fraud. In addition, they needed to be able to deploy quickly in order to minimize further impact to their bottom line and reputation.