Personal information has been exposed like never before. According to Aite Group, 477 million records were compromised in data breaches in 2015. It is the perfect storm for new account fraud to thrive. The growing availability of consumer data contributing to application fraud is attributed in part to the migration to EMV, which will likely drive further increases in application fraud.
As Financial Institutions continue to foster financial inclusion, shift applications to digital channels, and optimize the customer experience; mitigating new account fraud is a top concern in what is often a faceless environment.
You may also be interested in this white paper on new account fraud, based on research from Aite Group.Click to request the white paper