A Top 5 UK Bank Prevents Account Opening Fraud and Saves £800,000 in First Three Months
A top 5 UK bank launched a new digital offering for select checking account applicants to receive immediate approval for additional products. Consequently, cybercriminals were exploiting this promotion and conducting various follow-on crimes.
The bank was seeking a solution that would prevent cybercriminals from successfully navigating the application journey to cash out on promotional offerings. By deploying BioCatch Account Opening Protection, the bank was able to more effectively detect and decline fraudulent applications while continuing to offer additional products and services to genuine customers.